Nigeria’s Minister of Trade, Industry, and Investment, Jumoke Oduwole, has explained how the government plans to deal with the economic impact of new trade tariffs introduced by U.S. President Donald Trump.
Speaking on national television, she assured Nigerians that the country is prepared to respond effectively.
She mentioned that Nigeria will focus on expanding exports through the African Continental Free Trade Area (AfCFTA) and supporting businesses run by women and small-scale entrepreneurs.
Oduwole admitted that the U.S. remains an important trade partner, especially because of the African Growth and Opportunity Act (AGOA), which has helped boost Nigeria’s oil exports.
However, she noted that some industries, such as fertilizer production, could be affected by global trade changes caused by the new tariffs.
She stressed that small and medium-sized businesses, which make up nearly half of Nigeria’s economy but are not included under AGOA, may be more at risk.
To protect them, the government is working on opening up new global markets in over 250 countries.
A major part of the government’s plan is to use the AfCFTA to grow trade within Africa, particularly for businesses led by women and young people.
This move is aimed at strengthening the informal sector and helping small businesses earn foreign exchange by trading across the continent.
Oduwole also pointed out that Africa’s small share in global trade, around 3 to 5 per cent, means the continent might not feel the full effect of global trade wars.
She warned, however, that Africa should still be cautious to avoid being harmed by retaliatory measures from larger economies.
Despite the uncertainties, she reaffirmed the Tinubu administration’s commitment to long-term economic planning.
This includes encouraging digital trade, improving free trade zones, reforming taxes to support small businesses, and building stronger trade relationships with countries like the U.S., U.K., China, Brazil, Japan, and the UAE.
According to her, these steps are essential for Nigeria to respond confidently and effectively to global trade challenges.
