The Minister of Industry, Trade and Investment, Jumoke Oduwole, has said Nigeria’s economy remains on a steady growth trajectory, driven by ongoing reforms and growing investor confidence, despite the United States’ decision to impose a 15 per cent tariff on Nigerian exports.
Speaking in an interview with CNN on Thursday, Oduwole said the country would stay focused on diversifying its markets and strengthening domestic investment in line with President Bola Tinubu’s economic agenda.
Naija News reports that the new tariff, announced by US President Donald Trump, will take effect at midnight (Eastern Time).
Trade between both countries remains largely balanced, with the US exporting $4.3bn worth of goods to Nigeria last year while importing mainly crude oil, fertiliser and other commodities from Africa’s largest economy.
“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,” Oduwole noted on Thursday.
In response to President Trump’s declaration, she stated that Nigeria would not respond hastily to the tariff but would instead press ahead with reforms and market expansion.
“Nigeria remains responsive; we’re not reacting. We’re focused on our eight-point agenda of President Bola Tinubu. We will continue to support domestic investors and expand market access for Nigerian businesses,” she said.
While describing the US as a strategic trading partner, the minister said the government was deepening its African Continental Free Trade Area integration strategy and boosting non-oil exports, which rose by 24 per cent year-on-year in the first quarter of 2025.
“It’s mostly an energy trading relationship, but we are waiting to see what happens with AGOA in September.
“We are also growing exports to other African countries and expanding partnerships with Brazil, China, Japan and the UAE,” she added.
Oduwole noted that Nigerian fertiliser, lead, cocoa and other commodities are in high demand in emerging markets. She said the government’s commercial investment programme, launched in June, is targeting infrastructure, agriculture and digital trade.
She listed recent reforms, including foreign exchange market stabilisation, removal of fuel subsidy, and a major tax infrastructure overhaul slated for early 2026, as measures aimed at strengthening investor confidence.
While acknowledging that the tariff could reshape global trade flows, Oduwole said Nigeria would seize the opportunity to boost South–South trade and diversify its export destinations.
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