The Federal Government of Nigeria has responded to the recent imposition of a 14% tariff on Nigerian exports by the United States, stating its commitment to mitigating the impact while accelerating economic diversification.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in a statement released on Sunday, April 6 noted that the new tariff on key export categories may impact the competitiveness of Nigerian goods in the U.S. market.
While oil has long dominated Nigeria’s exports to the U.S., non-oil products—many of which were previously exempt under the African Growth and Opportunity Act (AGOA)—now face potential disruption.
“For businesses in the non-oil sector, these measures present destabilising challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda,” the statement read.
“SMEs building their business models around AGOA exemptions will face the pressures of rising costs and uncertain buyer commitments,” it added.
However, the government views the development as a catalyst to fast-track export diversification and improve compliance with international standards.
“We are approaching this moment with pragmatism and purpose—turning global trade challenges into opportunities to grow our non-oil export footprint and build a more resilient economy,” said Dr. Oduwole.
She added that the administration of President Bola Tinubu has rolled out policy, financing, and infrastructure measures to support Nigerian businesses.
These include expanding alternative export markets outside the U.S., enhancing quality control and traceability for Nigerian goods, and strengthening trade diplomacy to secure favourable terms.
U.S. President, Donald Trump had announced a baseline 10% tariff on all U.S. imports, alongside country-specific reciprocal tariffs. As a result, Nigeria’s exports to the U.S. are now subject to a 14% tariff.
According to the statement, Nigeria’s exports to the U.S. have averaged between $5–6 billion annually over the past two years, with crude oil and mineral fuels accounting for over 90%. Non-oil exports—such as fertilizers, urea, lead, and agricultural products—make up less than 5% of total shipments.
Data from the National Bureau of Statistics indicates that Nigeria’s trade with the United States stood at a combined ₦31.1 trillion between 2015 and 2024. Total imports within this period were ₦16.4 trillion, representing 8.7% of Nigeria’s global exports.
