In response to the recent imposition of 15% tariffs by the United States, Nigeria is intensifying efforts to diversify its global trade partnerships.
Gatekeepers News reports that Minister of Industry, Trade, and Investment, Jumoke Oduwole, confirmed that the country is pursuing new markets and trade alliances beyond the U.S., reaffirming its commitment to ongoing economic reforms rather than engaging in reactive trade confrontations.
The tariffs, which took effect on August 1, were part of a sweeping executive order from former U.S. President Donald Trump. They affect Nigeria and several other African countries.
In 2024 alone, the U.S. exported goods worth $4.3 billion to Nigeria, while Nigeria’s key exports to the U.S. including crude oil and fertilizer were valued at over $5 billion, according to data from the National Bureau of Statistics (NBS).
Despite the economic strain anticipated from these tariffs, Nigeria is leveraging its strategy to expand trade with alternative partners.
The minister highlighted increased activity under the African Continental Free Trade Area (AfCFTA), with non-oil exports such as cocoa, fertilizer, and lead recording strong performance. Exports to other African countries rose by 24% year-on-year in the first quarter of 2025.
Beyond Africa, Nigeria is bolstering trade relations with countries like Brazil, China, Japan, and the United Arab Emirates.
These efforts are complemented by domestic policies aimed at supporting Nigerian businesses with improved market access and financing.
Oduwole also reiterated the importance of the U.S. as a strategic partner and noted the launch of a new commercial investment initiative between both countries in June, focusing on sectors such as infrastructure, agriculture, and digital trade.
Highlighting broader economic progress, the minister dismissed the label of Nigeria being a country of “potential,” stating that the nation is already delivering tangible results.
She attributed this progress to key reforms such as the liberalisation of the foreign exchange system, the removal of fuel subsidies, and the upcoming overhaul of the tax system slated for early 2026.
According to her, Nigeria’s monetary, fiscal, and trade policies are now aligned to attract investment and drive sustainable growth.
