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Trade minister reveals Nigeria is exploring alternative markets as US tariffs takes effect

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Nigeria is expanding its trade partnerships beyond the United States in response to the recent imposition of a 15 percent import tariff by former U.S. President Donald Trump. Minister of Industry, Trade, and Investment, Jumoke Oduwole, disclosed this during an interview on CNN’s Quest Means Business.

On August 1, Nigeria and several other African countries were affected by the tariff hike, which followed an executive order by Trump. According to data from the National Bureau of Statistics (NBS), the U.S. exported goods worth $4.3 billion to Nigeria in the past year, while Nigeria’s exports primarily crude oil, fertiliser, and other commodities, exceeded $5 billion.

“Nigeria remains responsive, not reacting. We’re focused on our reforms on President Bola Tinubu’s 8-point agenda,” Oduwole said, noting that the country will not be drawn into reactionary trade disputes.

Addressing concerns about the impact of the new tariff on Nigeria’s economy, Oduwole acknowledged the challenges but emphasised Nigeria’s proactive strategy in widening its market reach.

“It’s mostly an energy trading relationship. We’re also waiting to see what happens with the African Growth and Opportunity (AGOA) Act in September,” she said.

“Non-oil exports such as fertiliser, lead, some cocoa, and other commodities are performing well. Exports to the rest of Africa under the AfCFTA are up 24% year-on-year in Q1. The world is a big place. We are not just focusing on the US.”

She highlighted Nigeria’s growing trade ties with countries like Brazil, China, Japan, and the United Arab Emirates, while reaffirming support for domestic industries.

“We have demand for urea fertiliser in Brazil. We’re looking at partnerships across Asia and the Gulf,” the minister said.

“The President is focused on supporting Nigerian businesses with market access and access to capital.” Oduwole described the U.S. as a “strategic trading partner” but stressed that Nigeria is working to diversify its global trade footprint.

“We launched a commercial investment programme with the US in June, focused on infrastructure, agriculture, and digital trade,” she said. “… the world is a big place. We have old friends, and we’re making new ones.”

On the broader economic landscape, Oduwole argued that the use of the word “potential” to describe Nigeria’s economy is no longer sufficient. “The word potential is overused. Nigeria is delivering now. Even the toughest critics agree President Tinubu has stabilised the economy,” she said.

She cited key reforms under the current administration, including foreign exchange liberalisation, fuel subsidy removal, and an ongoing overhaul of Nigeria’s tax infrastructure expected to be completed in early 2026. Oduwole added that “monetary, fiscal, and trade policies in Nigeria are now aligned to deliver value for investors.”

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Business

UK bans over 100 jobs from foreign recruitment to curb migration

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August 30, 2025

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The United Kingdom Government has unveiled sweeping new restrictions on overseas recruitment, blocking more than 100 occupations from being filled by foreign workers in a bid to reduce net migration.

The Home Office announced the decision in a statement on X on Saturday, August 30, describing it as part of efforts to prioritise British workers and reshape the country’s visa system.

“Cutting net migration means getting the fundamentals right. More than 100 occupations are no longer eligible for overseas recruitment – opening up more jobs for British workers. A fairer, skills-focused system is now taking shape,” the statement read.

The move is the latest immigration reform under Prime Minister Sir Keir Starmer, who came into office on July 5, 2024, after Labour’s landslide victory, replacing Conservative leader Rishi Sunak.

While ministers argue the changes will create opportunities for UK residents, critics have warned the restrictions could deepen labour shortages, particularly in sectors such as health and social care that have relied heavily on overseas staff.

The Home Office has yet to publish the full list of affected occupations.

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GTCO injects N365.9bn into GTBank to meet CBN capital requirement

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1 day ago

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August 29, 2025

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Guaranty Trust Holding Company Plc has injected N365.9bn into its banking subsidiary, Guaranty Trust Bank Limited, to meet the new minimum capital requirement set by the Central Bank of Nigeria for commercial banks with international authorisation.

The company, in a statement filed with the Nigerian Exchange Limited and the London Stock Exchange on Friday, said the capital injection was executed through the issue and allotment of 6,994,050,290 ordinary shares of 50k each by the bank to the holding company by way of a rights issue.

“Through this capital injection, the share capital of GTBank has been increased from N138,186,703,485.78 to N504,037,107,058.45 and ensures the bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria,” the statement partly read.

It added that the transaction was funded through the two-phased equity capital raising programme approved by shareholders of the holding company at its 2024 Annual General Meeting and subsequently executed in line with regulatory approvals.

Following the completion of the capital injection, GTCO confirmed that it continues to hold 100 per cent of the entire issued and paid-up share capital of GTBank.

It also noted that none of the directors of the holding company has any interest, direct or indirect, in the bank.

According to the statement signed by the Group General Counsel and Company Secretary, Erhi Obebeduo, the additional funds will be deployed for growth and expansion across strategic areas.

“The additional equity capital will be deployed by GTBank primarily for branch network expansion and asset growth (loans/advances and investment securities portfolio), fortification of its information technology infrastructure and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking presence,” the company stated.

“The additional equity capital will be deployed by GBank primarily for branch network expansion and asset growth (loans/advances and investment securities portfolio), fortification of its information technology infrastructure and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking p r e s e n c e,” the statement partly reads.

Guaranty Trust Holding Company made history on Thursday by becoming the first West African financial institution to have its shares listed on the London Stock Exchange.

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Business

Access Holdings appoints Innocent Ike new GMD/CEO

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2 days ago

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August 28, 2025

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Access Holdings Plc has appointed Mr. Innocent Ike as its substantive Group Managing Director/Chief Executive Officer, effective August 29, 2025, following regulatory approval.

The announcement, contained in a statement released on Wednesday and signed by the company secretary, Sunday Ekwochi, comes hours after Roosevelt Ogbonna resigned from the company’s board in compliance with new corporate governance rules issued by the Central Bank of Nigeria.

Ike takes over from Ms. Bolaji Agbede, who has steered the company in acting capacity for the past 18 months after the death of former Group CEO, Herbert Wigwe, in 2024.

She will now return to her role as Executive Director, Business Support.

According to the statement, Access Holdings Chairman, Aigboje Aig-Imoukhuede, said Ike’s appointment signals a new phase for the group.

He said, “We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede.

“Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities. While regulatory requirements necessitate this change, we are grateful for the strong foundation that has been laid.”

Under Agbede’s leadership, the company achieved major milestones, including workforce stability, the execution of a N351bn rights issue, and the seamless hosting of two annual general meetings.

Speaking on the appointment, Ike said, “I am honoured to take on the role of Group Managing Director/Chief Executive Officer and excited to work alongside the talented team at Access Holdings.

“I look forward to building on the strong legacy established by Herbert Wigwe and Bolaji Agbede, and driving our vision forward, ensuring we continue to deliver exceptional value to our shareholders and stakeholders.”

Ike, a graduate of the University of Lagos and Best Graduating Student in Accounting in 1988, is a Fellow of both the Chartered Institute of Bankers of Nigeria and the Institute of Chartered Accountants of Nigeria.

He is also a certified IFRS expert.

With over 30 years’ experience in banking and financial services, Ike previously spent a decade at Access Bank, rising to General Manager before serving as Managing Director/CEO of Polaris Bank from 2020 to 2022, where he introduced VULTe, the bank’s award-winning digital platform.

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