Nigeria eyes new trade partners as US tariffshit-Minister

Nigeria is actively seeking new trade partners beyond the United States following the reintroduction of 15 per cent import tariffs by former US President Donald Trump, according to Minister of Industry, Trade and Investment, Jumoke Oduwole.

Speaking on CNN’s Quest Means Business, Oduwole said Nigeria would not engage in reactive trade policies but would instead stay focused on its economic transformation agenda.

“Nigeria remains responsive, not reacting. We’re focused on our reforms — on President Bola Tinubu’s 8-point agenda,” she said.

On August 1, the US imposed a sweeping 15 per cent tariff on select imports from Nigeria and several African countries. Data from the National Bureau of Statistics (NBS) shows that Nigeria exported goods worth over $5 billion to the US in 2024, including crude oil and fertiliser, while importing $4.3 billion in American goods.

Acknowledging potential strain on the economy, Oduwole stressed that Nigeria’s strategy involves expanding access to new markets and reducing over-reliance on the US.

“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.”

Oduwole said Nigeria is bolstering trade with Brazil, China, Japan, and the UAE, while enhancing support for local businesses.

“We have demand for urea fertiliser in Brazil. We’re looking at partnerships across Asia and the Gulf,” she said.

She reaffirmed ties with the US, saying, “We launched a commercial investment programme with the US in June, focused on infrastructure, agriculture, and digital trade.”