In the wake of the14 per cent import tariffs imposed on Nigerian goods by the United States, the Federal Government is adopting a more pragmatic approach that will shield the economy, including but not limited to deepening the non-oil sector and building a resilient economy.

Responding to the US tariff hike in a statement yesterday, Minister of Industry Trade and Investment, Dr. Jumoke Oduwole, acknowledged the recent tariff measures announced by President Donald Trump. She said the tariff hike would impact SMEs building their business models around African Growth and Opportunity Act (AGOA) exemptions, noting that they would face the pressures of rising costs and uncertain buyer commitments.

The development, she said, would strengthen 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 will also, according to the minister:

“Signal 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”.

Dr Oduwole, whose ministry is responsible for Nigeria’s trade policy, said the country “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”.

While noting that the developments potentially impact global trade negatively, she said Nigeria remained firmly committed to building economic resilience and accelerating export diversification.

With respect to the US’ recent tariff announcements, the Minister said Nigeria remained actively engaged in consultations with US counterparts and the World Trade Organisation (WTO), approaching evolving trade dynamics with pragmatism and a commitment to mutually beneficial solutions.