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
Royal African Society marks 125 years of Africa – Britain Businesses
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
• Arunma Oteh, Chairperson of the Royal African Society
The Royal African Society has marked 125 years anniversary of Africa and Britain businesses and investments at a ceremony held at the London Stock Exchange.
The Wednesday event brought together the Emir of Kano, Muhammadu Sanusi II; President and Chief Executive Officer of Africa Finance Corporation, Samaila Zubairu; Chief Executive Officer of British International Investment, Leslie Maasdorp; Founder and Chief Executive Officer of Flutterwave, Olugbenga “GB” Agboola; Director and Chief Executive Officer of the Royal African Society, Stella Okotete; and other business, diplomatic and policy leaders.
Chairperson of the Royal African Society, Arunma Oteh, said that the organisation had spent 125 years fostering partnerships between both regions.
Oteh said that the celebration was aimed at deepening collaboration between Africa and the UK while promoting investment, innovation and shared prosperity.
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
Business
US subjects imports from Nigeria to 12.5% tariff
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The United States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit the importation of goods produced with forced labour.
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The measure was announced in a statement posted on the website of the Office of the United States Trade Representative on Thursday.
Nigeria is among the countries subject to the 12.5 per cent tariff, while India, Indonesia, Malaysia, Mexico and the United Kingdom will face a lower 10 per cent rate after adopting or committing to implement bans on imports linked to forced labour.
The move follows investigations launched by the USTR in May 2026 into 60 of the United States’ largest trading partners under Section 301 of the Trade Act.
According to the agency, it received more than 1,600 written submissions, held public hearings involving over 100 witnesses, and consulted more than 45 governments before announcing the tariffs.
Business
MTN Nigeria asks customers to trade old SIM packs for prizes
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
MTN Nigeria has invited customers to bring in old SIM packs, recharge cards, booster cards, dongles, and MTN-branded phones in exchange for prizes.
The telecom giant is running the campaign the under the hashtag #YelloMoments.
MTN launched the campaign on Wednesday, July 23, via its official social media pages, telling followers that items kept in drawers over the years could be worth something.
Customers who participate will also be featured on what MTN described as a “Memory Wall.”
Collection centres across Nigeria
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
In Lagos, customers can visit MTN Plaza at No. 1 Awolowo Road, Falomo, Ikoyi, or the office at 43 Allen Avenue, Ikeja. In Abuja, the collection point is at No. 4, Medeira Street, Maitama.
In Kano, it is at 2, Civil Centre Road. In Jos, Plateau State, the centre is at Plot 3119, Royalfield Road.
In Asaba, Delta State, the location is KLM 129, Benin–Asaba Expressway. In Port Harcourt, Rivers State, customers can go to 234, Old Aba Expressway, Opposite Hannah Fast Food.
In Ibadan, Oyo State, the drop-off point is at MTN Regional Office 1, Olubadan Avenue and Up/Zartech Road, Oluyole Estate.
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