By Ifeoluwa Odunayo
The Federal Government has vowed urgent steps to shield Nigerian businesses from the impact of the new fourteen percent tariff imposed by the United States on exports from Nigeria, with a clear focus on protecting non oil sectors and pushing for greater economic diversification.
In a statement released on Sunday, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, admitted the tariff threatens to strain many Nigerian enterprises, especially small and medium scale businesses that have long relied on benefits under the African Growth and Opportunity Act.
Annual exports to the United States currently stand between five and six billion dollars, with crude oil and mineral fuels accounting for over ninety percent of this volume.
However, non oil products such as fertilisers and agricultural goods now face fresh hurdles in an already competitive global market.
Dr Oduwole assured Nigerians that the Tinubu administration is intensifying efforts to open new export frontiers, strengthen quality standards, and engage both American and World Trade Organisation officials to seek favourable resolutions.
She further highlighted Nigeria’s commitment to boosting intra African trade through platforms like the African Continental Free Trade Area and the Pan African Payment and Settlement System.
“Our response is strategic and forward looking. We will not only protect our businesses but also leverage this challenge to strengthen our position in regional and global trade,” Dr Oduwole declared.
