The Federal Government has acknowledged the adverse impact of the newly imposed tariffs by US President Donald Trump on Nigeria’s oil and non-oil exports, which could potentially disrupt trade relations and affect the competitiveness of Nigerian products in the US market.
A statement by the Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, who responded to the tariff decision, admitted that the policy would undermine the competitiveness of Nigerian goods, especially in sectors reliant on market access and price competitiveness.
According to the minister, Nigeria’s exports to the United States have averaged 5–6 billion dollars annually in the last two years.
The minister also noted that smaller businesses, particularly SMEs that rely on the African Growth and Opportunity Act exemptions would feel the brunt of the new tariff, with rising costs and uncertain buyer commitments likely to make market access even more difficult.