Business
Nigeria Committed to Trading with U.S. Despite Tariff Threats to Export Goods
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.
Business
CBN approves Union Bank, Titan merger
The bank has assured customers that there will be no disruption to existing services, account details will remain unchanged, and customers will continue to access a full suite of products and services seamlessly.
The Central Bank of Nigeria has approved the merger of Union Bank of Nigeria with Titan Trust Bank Limited,.
This is disclosed in a statement from the bank’s Chief Brand and Marketing Officer, Olufunmilayo Aluko.
Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets.
The new institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.
With an expanded footprint of over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, Union Bank is poised to deliver enhanced value across retail, SME and corporate segments.
Union Bank’s Managing Director and Chief Executive Officer, Yetunde Oni, described the development as “a pivotal moment in our 108-year journey and a launchpad for delivering greater value to our customers.
By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”
The Chairman of the Board of Directors, Bayo Adeleke, added: “This is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.”
The bank has assured customers that there will be no disruption to existing services, account details will remain unchanged, and customers will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions.
Bayo Ojulari, Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), has announced that he and his management team are currently under serious threat.
Ojulari said his offense is the reforms he has introduced in the oil and gas sector in line with the mandate given to him by President Bola Tinubu to turn around the moribund refinery.
He raised this alarm on Thursday, lamenting that some powerful elements are plotting to remove him from the seat.
The NNPCL boss raised the alarm when he received the delegation of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, led by its President, Comrade Festus Osifo, at the company’s headquarters, Abuja.
Details shortly…
Business
Govt, stakeholders to explore industrial policy at W’Africa Manufacturing summit
The collaboration will take centre stage at the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025, scheduled for October 2025, in Lagos.
•The Minister of State for Industry, John Enoh
The Federal Government has committed to exploring strategies for implementing the new National Industrial Policy to scale industries and transform West Africa’s economic future, alongside manufacturing stakeholders at an upcoming summit.
The collaboration will take centre stage at the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025, scheduled for October 2025, in Lagos.
The Minister of State for Industry, John Enoh, at a press conference on Wednesday in Lagos, declared that Nigeria will build its industrial policy on past executive orders targeted at promoting local content, but with a stronger push through the Nigeria First policy.
He said, “The previous administrations have tried to enable industrial growth by coming up with various executive orders.
Those include Executive Orders Three and Five, which were targeted at matters about public procurement and giving priority to Nigerian-made goods.
With the announcement of the Nigeria First policy, what becomes of it will be a function of what this administration does.”
Enoh noted that the Ministry of Industry, Trade, and Investment would follow up on the policy with a nationwide campaign to promote patronage of Nigerian goods and services.
He explained, “The hope is that in the next few months, we’re going to start a national campaign on buying made-in-Nigeria goods and services to follow up the presidential pronouncement of the Nigeria First policy.
We found out that the country could earn about N3tn more in the short term if we can run a successful campaign that can also shift the attitudes of Nigerians.
(The Punch)
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