The Minister of Industry, Trade and Investment Jumoke Oduwole, says the recent trade tariff policy of the United State Government will seriously affect the competitiveness of Nigerian exports to the country, particularly the non-oil sector.
The minister made the remark in a statement at the weekend, a major response by the federal government to the newly imposed trade tariff by the US President Donald Trump.
Two weeks ago, President Trump imposed wide-ranging tariffs on the countries trading with the US, including Nigeria which the leader of the biggest economy in the world, imposed 14 percent on all of its products coming to his country.
The action has been met with wide spread condemnation, as some affected countries have, in a counter measure, imposed higher tariffs on US exports.
Business experts have lamented that Nigeria will serious feel the brunt of the new US trade war against its trading countries globally, saying a full-blown global trade spat has been set by President Trump.
According to Oduwole, the new US trade regime will seriously affect all the exports from Nigeria, essentially in the non-oil sector, adding that to be mostly hit are sectors reliant on market access and price competitiveness.
Oduwole said, “A significant portion (of Nigeria’s exports) — 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).
“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 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 present destabilising challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda.”
Checks indicate that Nigeria’s exports to the United States have hit over $6 billion annually since 2023.
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