By Tochukwu Bliss, Abuja
The federal government, yesterday, said it is in talks with the United States (U.S.) and the World Trade Organisation (WTO) regarding the recent tariff measures announced by the U.S. Government, including imposing a 14% tariff on Nigerian exports.
Minister of Industry, Trade and Investment, Jumoke Oduwole, in a statement on Sunday in Abuja, said Nigeria is actively engaged in consultations with U.S. counterparts and the WTO.
“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.
U.S. President, Donald Trump, had announced that exports from Nigeria to the U.S. will now attract a 14% tariff, announced during the “Make America Wealthy Again” event, as part of a broader strategy aimed at rebalancing global trade and addressing perceived unfair trade practices.
Responding to the announcement, Ms. Oduwole, also expressed the federal government’s commitment to building economic resilience and accelerating export diversification.
She said: “The Federal Government acknowledges the recent tariff measures announced by the government of the United States, including imposing a 14% 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 visit to the ministry recently, reaffirmed our joint commitment to strengthening economic ties that benefit both economies.
The government is also expanding alternative market access opportunities and ensuring off-take diversification to reduce and mitigate trade risks.
Attracting investments
The Minister said that since May 2023, President Bola Tinubu, has remained actively committed to attracting and retaining much-needed investments from old and new friends of Nigeria.
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 has consistently ranged between $5billion and $6billion annually.
“A significant portion of over 90% 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 s,” she said.
The Minister also informed that 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 African Growth and Opportunity Act (AGOA), now face potential disruption.
She added that “A new 10% tariff on key categories may impact the competitiveness of Nigerian goods in the U.S. for businesses in the non-oil sector.”
These measures, she maintained, present destabilizing challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to the diversification agenda.
She further noted that the small and medium-size enterprises (SMEs), building their business models around AGOA exemptions also risk pressures of rising costs and uncertain buyer commitments.
She, therefore, emphasised the urgent need to enhance intra-African trade through the African Continental Free Trade Area (AfCFTA), while assuring of the Ministry’s commitment to ensuring a strong conducive business environment.
