Dr. Ngozi Okonjo-Iweala, the Director-General of the WTO has acknowledged that President Donald Trump’s Tariffs slammed on more than a hundred countries, will have substantial implications for global trade and economic growth prospects of member nations .

In a position statement on the U.S. tariffs, Dr. Ngozi Okonjo-Iweala, said:

“The WTO Secretariat is closely monitoring and analysing the measures announced by the United States on April 2, 2025.

Many members have reached out to us and we are actively engaging with them in response to their questions about the potential impact on their economies and the global trading system.

While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections.

I’m deeply concerned about this decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade.

It Is important to remember that, despite these new measures, the vast majority of global trade still flows under the WTO’s Most-Favored-Nation (MFN) terms.

Our estimates now indicate that this share currently stands at 74%, down from around 80% at the beginning of the year.

WTO members must stand together to safeguard these gains.Trade measures of this magnitude have the potential to create significant trade diversion effects.

I call on Members to manage the resulting pressures responsibly to prevent trade tensions from proliferating.

The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment.

I encourage Members to utilize this forum to engage constructively and seek cooperative solutions.”

Dr Jumoke Oduwole, the Honourable Minister of Industry, Trade and Investment , says that the Federal Government of Nigeria will continue trading with America not minding the recent tariff measures announced by the Government of the United States of America in which it imposed a 14 percent tariff on Nigerian exports.

‎‎In a Position Statement on U.S. Tariff Measures the Minister noted: ” While these developments potentially impact global trade negatively, under the ‎Administration of President Bola Ahmed Tinubu and the Renewed Hope Agenda, Nigeria remains firmly committed to building economic resilience and accelerating export diversification.‎‎

The statement reads:” The Federal Government of Nigeria considers the United States a valued trade and investment partner, bound by shared values and mutual economic interests. ‎‎The U.S. Ambassador’s visit to the Honourable Minister of Industry, Trade and Investment on March 26, 2025, reaffirmed our joint commitment to strengthening economic ties that benefit both economies. ‎‎

In response to the recent tariff announcements, Nigeria remains actively engaged in consultations with U.S. counterparts and the WTO, approaching evolving trade dynamics with pragmatism and a commitment to mutually beneficial solutions.‎‎

Since May 2023, Mr President has remained actively committed to attracting and retaining much-needed investments from old and new friends of Nigeria.‎‎

The FGN is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes, including expanding alternative market access opportunities and ensuring off-take diversification to reduce and mitigate trade risks.‎‎

Nigeria’s exports to the United States over the last 2 years has consistently ranged between $5–6 billion annually.‎ A significant portion—over 90%—comprises crude petroleum, mineral fuels, oils, and gas products. ‎‎

The second-largest export category, accounting for approximately 2–3%, includes fertilizers and urea, followed by lead, representing around 1% ‎of total exports (valued at approx $82 million). ‎

Dr Oduwole reiterated that her ministry “is approaching this moment with pragmatism and purpose—turning global and regional trade policy challenges into opportunities to grow our non-oil export footprint and build a more resilient economy.

Nigeria also exports smaller quantities of agricultural products such as live plants, flour, and nuts, which account for less than 2% of our total exports to the U.S.‎

While oil has long dominated Nigeria’s exports to the US, non-oil products—many previously exempt under AGOA—now face potential disruption.‎‎

Dr Oduwole acknowledged that Nigeria’s exports to the US, especially non-oil products previously exempted under the African Growth and Opportunity Act (AGOA)—now face potential disruption.‎‎“

A new 10 percent 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 destabilising challenges to price competitiveness and ‎market access, especially in emerging and value-added sectors vital to our diversification agenda.‎‎

Dr Jumoke emphasized that SMEs building their business models around AGOA exemptions will face the pressures of rising costs and uncertain buyer commitments. ‎‎

She , however, maintained that this development would strengthens Nigeria’s ‎resolve to boost its non-oil exports by strengthening quality assurance, control, and traceability in Nigerian exports to meet global standards and improve market acceptance into more economies across the globe. ‎‎

”It also signals for Africa—and Nigeria in particular—the urgent need to enhance intra-African trade through the African Continental Free Trade Area ‎(AfCFTA), reinforcing the case for Nigeria’s accelerated implementation of the AfCFTA, deepening regional integration, and leveraging frameworks like the Pan-African Payment and Settlement System (PAPSS) to lower trade costs and promote intra-African trade.,’ said Dr Oduwole.‎‎

Dr Oduwole reiterated that her ministry “is approaching this moment with pragmatism and purpose—turning global and regional trade policy challenges into opportunities to grow our non-oil export footprint and build a more resilient economy.

The new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has officially taken over the reins of the company from his predecessor, Mr. Mele Kyari.

In a brief handover ceremony held at the NNPC Towers on Friday, the GCEO commended Kyari for his contributions to the growth of NNPCL and his sterling service to the nation.

Ojulari disclosed that the objective of his management was to consolidate on the successes of his predecessor and take the company to the next level.

He said though the targets set for his management were quite enormous, he would be relying on the co-operation of the management and staff of the company, as well as the counsel of his predecessor to achieve set targets.

“I will be counting on your support. I will need it. I will be coming around to seek your counsel,” Ojulari told Kyari.

Earlier in his remarks, Kyari congratulated Ojulari and thanked the management and staff of the company for their support while in office.

He pledged to do everything within his power to support the new management to succeed, stressing that he was only a call away.