Jumoke Oduwole
By Abayomi Grace
Nigeria is exploring alternative markets beyond the United States in response to the recent imposition of a 15% import tariff by former U.S. President Donald Trump. Minister of Industry, Trade, and Investment, Jumoke Oduwole, emphasized that Nigeria remains committed to its economic reforms and won’t be drawn into reactive trade disputes.
The country is strengthening trade ties with countries like Brazil, China, Japan, and the United Arab Emirates. “We have demand for urea fertilizer in Brazil. We’re looking at partnerships across Asia and the Gulf,” Oduwole said. Nigeria’s non-oil exports, such as fertilizer, lead, and cocoa, are performing well, and exports to the rest of Africa under the African Continental Free Trade Area (AfCFTA) have increased by 24% year-on-year in the first quarter.
Oduwole described the U.S.-Nigeria trade relationship as “mostly an energy trading relationship” and noted that Nigeria is waiting to see what happens with the African Growth and Opportunity (AGOA) Act in September. Despite the tariffs, Oduwole reaffirmed Nigeria’s commitment to the US as a “strategic trading partner” and highlighted the launch of a commercial investment program with the US in June, focused on infrastructure, agriculture, and digital trade.
Nigeria’s strategy involves expanding access to new markets and reducing over-reliance on the US. The country’s trade minister emphasized that Nigeria remains responsive, not reacting, and is focused on its economic transformation agenda under President Bola Tinubu’s 8-point agenda. The monetary, fiscal, and trade policies in Nigeria are now aligned to deliver value for investors ¹ ² ³.
– *Trade Diversification*: Nigeria is exploring new trade opportunities with emerging economies in Asia, Latin America, and Africa.
– *AfCFTA*: Exports to the rest of Africa under the AfCFTA have increased by 24% year-on-year in the first quarter.
– *US-Nigeria Trade*: The US exported goods worth $4.3 billion to Nigeria last year, while Nigeria’s exports to the US were valued at over $5 billion.
Overall, Nigeria’s trade sector is showing resilience and adaptability in the face of global economic challenges. The country’s focus on diversifying its trade portfolio and strengthening economic ties with other nations is expected to drive growth and investment in the long term.
