The Federal Government of Nigeria has acknowledged the recent imposition of a 14% tariff on Nigerian exports by the United States, stating its commitment to mitigating the impact while accelerating economic diversification.
In a statement signed by the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, which was released on Sunday, the government noted that while oil has long dominated Nigeria’s exports to the US, non-oil products—many previously exempt under the African Growth and Opportunity Act (AGOA) now face potential disruption.
It added that the new 10% tariff on key categories may impact the competitiveness of Nigerian goods in the U.S.
“For businesses in the non-oil sector, these measures present distabilizing challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda.
“SMEs building their business models around AGOA exemptions will face the pressures of rising costs and uncertain buyer commitments,” it stated.
