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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