LagosExplorer reports: Speaking on CNN on Thursday, Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, said President Bola Tinubu’s bold economic changes have helped stabilise the country’s economy and set it on a path of steady growth, even as the United States prepares to place a 15 per cent tariff on Nigerian exports. She noted that “even the toughest critics would agree” that Tinubu has aligned government policies to give investors more confidence.
The new tariff, announced by U.S. President Donald Trump, will start at midnight Eastern Time and could affect Nigeria’s crude oil, fertiliser, and other exports to the U.S., a key trade partner. Last year, trade between both countries was almost balanced, with the U.S. selling $4.3 billion worth of goods to Nigeria while buying billions in energy and raw materials.
Oduwole made it clear that Nigeria will not react in a rush. Instead, the government will stick to Tinubu’s eight-point economic plan—focusing on helping local businesses grow and finding new markets for Nigerian goods. She pointed out that non-oil exports rose by 24 per cent in the first quarter of 2025, showing that diversification efforts are already working.
She revealed that Nigeria is boosting trade within Africa through the African Continental Free Trade Area (AfCFTA) while building new partnerships with Brazil, China, Japan, and the UAE. Products like Nigerian fertiliser, lead, and cocoa are already in high demand in emerging markets.
The minister also listed key reforms designed to attract more investment, including stabilising the foreign exchange market, removing fuel subsidies, and introducing a new tax system in early 2026.
While admitting the U.S. tariff could change the way global trade works, Oduwole stressed that it is also an opportunity for Nigeria to strengthen trade with other developing nations and reduce reliance on a single market.
She said the long-term goal is clear—make Nigeria’s economy strong enough to withstand global challenges and keep it growing for years to come.