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 places suspicious BVNs on 24-hour watchlist
These provisions are set to take effect from 1 May 2026.
Photo: Olayemi Cardoso , CBN Governor
To combat fraud, the Central Bank of Nigeria (CBN) has unveiled new regulations aimed at strengthening fraud control and digital banking security across the country.
These provisions are set to take effect from 1 May 2026.
In a circular issued to all banks, other financial institutions and payment service providers, the apex bank details amendments to the Revised Regulatory Framework for Bank Verification Number (BVN) operations and additional requirements for instant payment services.
Under the new BVN framework, financial institutions are required to maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions.Any BVN placed on this list will remain there for a maximum of 24 hours, during which the account holder will be contacted to provide clarification.
The circular also sets age restrictions for BVN enrolment, limiting registration to individuals 18 years and above, and restricts phone number amendments linked to BVNs to a single change.
Access to BVN databases will now be exclusively for CBN-licensed financial institutions, with the central bank retaining the right to grant access in extenuating circumstances under existing laws.
Business
Indorama, Nigerian Breweries and Genesis Power plan 45,000 tons rPET Plant in Lagos
The initiative aims to meet fast rising demand for recycled content, reduce plastic waste and create local value through improved collection systems.
Indorama Ventures Public Company Limited, Nigerian Breweries Plc and Genesis Power and Energy Solutions Ltd have entered a strategic partnership to establish one of Africa’s largest state-of-the-art recycled PET (rPET) production facilities in Nigeria.
Located in Lagos, the site represents an investment to develop a facility capable of producing up to 45,000 tons of food grade rPET resin yearly, with start up targeted in the first half of 2027, a statement by the partners said.By converting post consumer PET bottles into high quality recycled material for packaging applications.
The initiative aims to meet fast rising demand for recycled content, reduce plastic waste and create local value through improved collection systems.
The project is expected to support recycling capacity in Nigeria, subject to regulatory approvals, technical validation and operational implementation.
Together, the partners aim to establish commercially viable rPET operations that enable responsible growth and long-term environmental impact.
Commenting on the landmark partnership, Executive President of Petchem and Chairman of ESG Council at Indorama Ventures, Yash Lohia, said: “This partnership marks a defining milestone in our global recycling journey. By establishing our largest recycling facility to date and one of the largest rPET sites in Africa, we are bringing Indorama Ventures’ global expertise, proven technologies and long-term vision for circularity to a region with immense growth potentials.
This investment reflects our belief that scaling sustainability solutions locally is essential to building resilient, sustainable packaging systems that deliver lasting environmental and economic value.”
Chairman and CEO of Genesis Energy, Akinwole II Omoboriowo, said: “This compelling initiative demonstrates Genesis’s commitment to deploying capital to climate-resilient investments by leveraging clean energy as a strategic nexus to advancing viable economic opportunities.
The investment is also a testament to how cross-sector partnerships can enable sustainable industrial development. By combining circular economy principles with resilient infrastructure and energy solutions, the initiative supports long-term environmental impact and local value creation.”
Business
CBN restricts mobile banking apps operation to one device
In the circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, said ” Implementation of the above provisions will take effect from July 1, 2026.”
The Central Bank of Nigeria on Friday restricted the operation of mobile banking applications (apps) to one device.
This was contained in a circular to all banks and other financial institutions and payment service providers (PSP) announcing additional guidance for the operations of instant payments (IP) in Nigeria.
In the circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, said ” Implementation of the above provisions will take effect from July 1, 2026.”
The circular read: “The Central CBN in line with its mandate of promoting financial system stability hereby issues additional guidance for the operations of Instant Payments in Nigeria.
All Financial Institutions (FIs) offering Instant Payment (IP) shall provide the following additional functionalities: Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.“Migration to another device shall trigger automatic re-activation and authentication.
“Customers shall have the option to opt-out of opt-in to IP service at any time and for any given period.
This process shall be subject to Multi-Factor Authentication (MFA) control. Default setting shall be Opt-in upon on-boarding a new customer.
“In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer.“
However, customers can physically visit the financial institution to effect transfer during this period.
“Voluntary Transaction Limit: Subject to the existing maximum limits of N25 million for individuals and N250 million for corporates, customers shall have the option to adjust the limits as needed.
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