In her statement, Ms Oduwole highlighted that Nigeria's major export to the US was oil and other minerals
The Nigerian government has avoided retaliation on the 14 per cent tariffs imposed on the country's exports by US President Donald Trump. Instead, Nigeria said it would approach the World Trade Organisation (WTO) for a beneficial solution to all parties.
"In response to the recent tariff announcements, 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," Trade Minister Jumoke Oduwole said in a statement.
PREMIUM TIMES reported Mr Trump's announcement of a 10 per cent tariff on exports to the US for almost all the countries of the world. He then imposed higher tariffs on 60 named countries with Nigeria getting 14 per cent, the second highest in West Africa. Some of those countries like China and Canada have either threatened or announced retaliatory tariffs while the WTO has called for calm.
In her statement, Ms Oduwole highlighted that Nigeria's major export to the US was oil and other minerals.
"Nigeria's exports to the United States over the last two years has consistently ranged between $5-6 billion 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 2-3 per cent, includes fertilizers and urea, followed by lead, representing around 1 per cent of total exports (valued at approx $82 million)," she said.
"Nigeria also exports smaller quantities of agricultural products such as live plants, flour, and nuts, which account for less than 2 per cent of our total exports to the US."
The minister also acknowledged what experts had told PREMIUM TIMES that small agro-allied businesses that were benefiting from AGOA (a former US policy to encourage agricultural imports from developing countries) will also be affected by the new tariffs.
Read the minister's full statement below.
Federal Ministry of Industry, Trade and Investment - Position Statement on U.S. Tariff Measures
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. While these developments potentially impact global trade negatively, under the Administration of President Bola Ahmed Tinubu GCFR and the Renewed Hope Agenda, Nigeria remains firmly committed to building economic resilience and accelerating export diversification.
The Federal Government of Nigeria 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 Honourable Minister of Industry, Trade and Investment on March 26, 2025 reaffirmed our joint commitment to strengthening economic ties that benefit both economies.
In response to the recent tariff announcements, 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.
Since May 2023, Mr President has remained actively committed to attracting and retaining much-needed investments from old and new friends of Nigeria. The FGN is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes, including expanding alternative market access opportunities and ensuring off-take diversification to reduce and mitigate trade risks.
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. The second-largest export category, accounting for approximately 2-3%, includes fertilizers and urea, followed by lead, representing around 1% of total exports (valued at approx $82 million). Nigeria also exports smaller quantities of agricultural products such as live plants, flour, and nuts, which account for less than 2% of our total exports to the U.S.
While oil has long dominated Nigeria's exports to the US, non-oil products--many previously exempt under AGOA--now face potential disruption. 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 present distabilizing challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda.
SMEs building their business models around AGOA exemptions will face the pressures of rising costs and uncertain buyer commitments. This development strengthens Nigeria's resolve to boost its non-oil exports by strengthening quality assurance, control, and traceability in Nigerian exports to meet global standards and improve market acceptance into more economies across the globe. It also signals for Africa--and Nigeria in particular--the urgent need to enhance intra-African trade through the African Continental Free Trade Area (AfCFTA), reinforcing the case for Nigeria's accelerated implementation of the AfCFTA, deepening regional integration, and leveraging frameworks like the Pan-African Payment and Settlement System (PAPSS) to lower trade costs and promote intra-African trade.
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"According to Dr Jumoke Oduwole, the Honourable Minister responsible for Nigeria's Trade policy, the Federal Ministry of Industry, Trade and Investment is approaching this moment with pragmatism and purpose--turning global and regional trade policy challenges into opportunities to grow our non-oil export footprint and build a more resilient economy."
Signed
Dr Jumoke Oduwole MFR
Honorable Minister
Federal Ministry of Industry Trade and Investment.
