The Federal Government has acknowledged the recent tariff measures announced by the U.S. Government, including imposing a 14 per cent tariff on Nigerian exports.
This is contained in a statement signed by Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, on Sunday in Abuja.
The News Agency of Nigeria (NAN) reports that the U.S. President, Donald Trump, announced that Nigerian exports to the U.S. will now be subjected to a 14 percent tariff.
The decision was made during a ‘Make America Wealthy Again’ event in the Rose Garden on Wednesday.
It is part of a broader strategy aimed at rebalancing global trade and addressing perceived unfair trade practices.
The newly introduced 14 per cent tariff marks a significant shift in U.S.-Nigeria trade relations, with the U.S. government citing an ongoing trade imbalance.
Oduwole, responding to the recent tariff announcement, said that Nigeria remained actively engaged in consultations with U.S. counterparts and the World Trade Organisation (WTO).
She said that the Federal Government remained firmly committed to building economic resilience and accelerating export diversification.
“The Federal Government acknowledges the recent tariff measures announced by the government of the United States, including imposing a 14 per cent tariff on Nigerian exports.
“The Federal Government considers the United States a valued trade and investment partner, bound by shared values and mutual economic interests.
“The U.S. Ambassador’s recent visit to the ministry reaffirmed our joint commitment to strengthening economic ties that benefit both economies.
“Nigeria remains actively engaged in consultations with U.S. counterparts and the WTO, approaching evolving trade dynamics with pragmatism and a commitment to mutually beneficial solutions,” she said.
The minister said that since May 2023, President Bola Tinubu has remained actively committed to attracting and retaining much-needed investments from Nigeria's old and new friends.
She said the Federal Government was implementing a range of interventions in policy, financing, infrastructure and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes.
“The government is also expanding alternative market access opportunities and ensuring off-take diversification to reduce and mitigate trade risks.
“Nigeria’s exports to the U.S. over the last two years have consistently ranged between five and six billion dollars annually.
“A significant portion, over 90 per cent, comprises crude petroleum, mineral fuels, oils and gas products.
“The second-largest export category, accounting for approximately two to three per cent, includes fertilisers and urea, followed by lead, representing around one per cent of total exports.
” This is valued at approximately 82 million dollars,” she said.
Oduwole said Nigeria also exported smaller quantities of agricultural products such as live plants, flour and nuts, which account for less than two per cent of total exports to the U.S.
According to her, while oil has long dominated Nigeria’s exports to the U.S., non-oil products, many previously exempt under the African Growth and Opportunity Act (AGOA), now face potential disruption.
“A new 10 per cent tariff on key categories may impact the competitiveness of Nigerian goods in the U.S. for businesses in the non-oil sector,” she said.
The minister said that the measures present destabilising challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to the diversification agenda.
She added that Small and Medium-sized Enterprises (SMEs) building their business models around AGOA exemptions would face rising costs and uncertain buyer commitments.
She said the development would boost its non-oil exports, meet global standards, and improve market acceptance in more economies worldwide.
She, however, emphasised the urgent need to enhance intra-African trade through the African Continental Free Trade Area (AfCFTA) and added that the ministry was committed to ensuring a strong, conducive business environment.