Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, yesterday, hinted that the recent tariff announcements by the United States could potentially impact Nigeria’s $6 billion annual exports to that country going forward. Oduwole disclosed this in a position statement on the U.S. tariff measures.
Nigeria’s exports to the U.S. consistently stood between $5 billion and $6 billion annually over the last two years.
Specifically, the minister said while oil had long dominated Nigeria’s exports to the U.S., non-oil products previously exempt under the African Growth and Opportunity Act (AGOA), a U.S. trade law that provides eligible sub-Saharan African countries with duty-free access to the American market for over 1,800 products, “now face potential disruption”.
AGOA is aimed at boosting economic growth and promoting economic and political reform in the region. Oduwole also pointed out that a new 10 per cent tariff on key categories of goods might affect the competitiveness of Nigerian goods in the U.S. (Thisday)