By Sola Ojo, Abuja
Nigeria’s Federal Ministry of Industry, Trade and Investment responded on Sunday to the United States’ new 14% tariff on Nigerian exports.
In a statement, Trade Minister Dr Jumoke Oduwole said the country will tackle this challenge with pragmatism, aiming to boost non-oil exports and strengthen economic resilience under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Oduwole highlighted the US as a key partner, with bilateral trade reaching N31.1 trillion from 2015 to 2024.
“The Federal Government of Nigeria acknowledges the recent tariff measures announced by the Government of the United States of America, including imposing a 14% tariff on Nigerian exports,” she said.
“While these developments potentially impact global trade negatively, Nigeria remains firmly committed to building economic resilience and accelerating export diversification.”
She noted potential hurdles for non-oil exports.
“A new 10% tariff on key categories may impact the competitiveness of Nigerian goods in the US.
“For businesses in the non-oil sector, these measures present destabilising challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda,” the minister explained.
She outlined Nigeria’s response. “Government is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes,” Oduwole said.
This includes seeking alternative markets and diversifying off-take to cut trade risks.
The minister detailed export trends. “Nigeria’s exports to the United States over the last 2 years has consistently ranged between $5–6 billion annually.
“A significant portion—over 90%—comprises crude petroleum, mineral fuels, oils, and gas products,” she said.
Non-oil items like fertilisers (2–3%), lead (1%, valued at $82 million), and agricultural goods (<2%) face new pressures, especially those once exempt under AGOA.
Oduwole stressed ongoing diplomacy.
“The US Ambassador’s visit to the Honourable Minister of Industry, Trade and Investment on March 26, 2025, reaffirmed our joint commitment to strengthening economic ties that benefit both economies,” she said.
Nigeria is consulting with US counterparts and the WTO to find mutually beneficial solutions.