The Federal Government has reaffirmed its commitment to economic stability and investor confidence in the face of new trade restrictions imposed by the United States on Nigerian exports.
Minister of Industry, Trade and Investment, Jumoke Oduwole, stated in a recent CNN interview that Nigeria\’s economy remains on a steady growth path, driven by ongoing reforms and strategic market diversification under President Bola Tinubu’s economic agenda.
This comes after U.S. President Donald Trump announced a new 15 per cent tariff on Nigerian exports, effective from midnight (Eastern Time). Despite this development, Oduwole maintained that Nigeria would not issue a reactive response but would stay the course of reforms already underway.
“Even the toughest critics would agree that President Bola Tinubu has stabilised the economy. Monetary, fiscal, and trade policies are now aligned to deliver value for investors,” she said.
According to PUNCH Online, trade between Nigeria and the United States remains largely balanced, with the U.S. exporting $4.3 billion worth of goods to Nigeria in the past year, while importing mainly crude oil, fertiliser, and other commodities.
Oduwole emphasized that the government is intensifying efforts to expand non-oil exports and deepen regional and international trade relationships. She highlighted the African Continental Free Trade Area (AfCFTA) as a key focus area, along with increased export volumes to countries such as Brazil, China, Japan, and the UAE.
“Our response is strategic, not reactionary,” the minister said. “We remain focused on the eight-point agenda of President Tinubu. We will continue to support domestic investors and expand market access for Nigerian businesses.”
Non-oil exports reportedly grew by 24 per cent year-on-year in Q1 2025, with Nigerian products such as fertilizer, lead, and cocoa gaining traction in emerging markets. The minister also pointed to the launch of a commercial investment programme in June targeting key sectors including infrastructure, agriculture, and digital trade.
Key structural reforms, such as foreign exchange market stabilisation, fuel subsidy removal, and an upcoming tax infrastructure overhaul scheduled for early 2026, are among the government’s strategies to enhance investor confidence and long-term economic resilience.
While acknowledging that the new tariff could influence global trade patterns, Oduwole stressed Nigeria’s readiness to leverage emerging opportunities through South–South trade and broader export diversification.
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