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The Federal Government says new tariffs imposed by the U.S. pose a destabilizing challenge to Nigerian trade.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, made this known in a statement Sunday, citing potential disruption to oil and non-oil exports.
She noted that Nigerian exports to the U.S. average 5 to 6 billion dollars annually. The tariffs, introduced by President Trump, affect goods previously protected under the African Growth and Opportunity Act, and small businesses are expected to suffer most.
Dr. Oduwole said rising costs and uncertainty will hit competitiveness. The new policy allows tariffs of up to 50%, marking a shift from decades of free trade.
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