The Federal Government has confirmed that several of Nigeria’s oil and non-oil exports are likely to suffer negative impacts following new tariffs imposed by U.S. President Donald Trump on Nigerian exports.

The new trade policy, which is expected to strain bilateral trade relations, may significantly reduce the competitiveness of Nigerian goods in the American market.

This was acknowledged by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in a statement sent to our correspondent in Abuja.

The minister, in a personally signed statement issued on Sunday, offered the government’s first official response, coming three days after the U.S. announcement.

Recall that Trump had announced, in a decision heavily criticized by the European Union and exporting nations, that “countries seeking to sell goods to the United States would now face taxes as high as 50 per cent.”

Economic analysts explained that the policy could drive up consumer prices, reduce the standard of living, hamper industrial productivity, disrupt international trade, and ultimately diminish U.S. demand for Nigerian oil one of the country’s key exports.

According to the minister, “Nigeria’s exports to the United States have averaged $5–6 bn annually in the last two years.”

The policy announcement, delivered during a ‘Make America Wealthy Again’ event at the White House Rose Garden, signals a sharp departure from decades of free-trade principles that have shaped the global economy since the end of World War II.

In response to the development, the minister highlighted that the newly imposed tariff on key export categories could undermine the competitiveness of Nigerian products in the U.S. market and disrupt operations in the non-oil sector, particularly in terms of price competitiveness and market access.

Oduwole said, “Nigeria’s exports to the United States in the last two years have consistently ranged between $5 and $5–6 bn 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 fertilisers and urea, followed by lead, representing around one per cent of total exports (valued at approx. $82m).

“Nigeria also exports smaller quantities of agricultural products such as live plants, flour, and nuts, which account for less than two per cent 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 per cent tariff on key categories may impact the competitiveness of Nigerian goods in the U.S. For businesses in the non-oil sector, these measures pre-destabilise 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 in more economies across the globe.”

For Advert, Event Coverage/Press Conference Invite, Story/Article & Other Media Services
Contact Us On WhatsApp
Send Email To: citizennewsng@gmail.com
Visit Citizen NewsNG To Read More Latest And Interesting News Across Nigeria And The World