Despite the introduction of a 15 percent tariff on Nigerian exports to the United States, both nations have reiterated their commitment to strengthening bilateral trade and investment ties.

This renewed dedication came after a strategic meeting in Abuja between Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, and U.S. diplomats Richard M. Mills Jr., the outgoing Deputy, and Rick Swart, the incoming U.S. Consul General to Nigeria.

The main focus of the discussions was the shift in the trade landscape following a July 31 executive order by U.S. President Donald Trump, which officially included Nigeria among nearly 40 countries facing increased tariffs under a revised reciprocal trade policy. The new tariff rate, rising from 14 percent in April to 15 percent, took effect on August 7.

Oduwole acknowledged the 1 percent increase in tariffs but stressed that Nigeria remains a favourable destination for U.S. investments. She highlighted the significant volume of duty-free machinery, equipment, and services entering Nigeria from the U.S., underscoring the mutually beneficial nature of the trade relationship.

She also pointed to the ongoing business-to-business engagements stemming from the commercial investment partnership launched on June 24, noting that these efforts would culminate in a ministerial meeting on November 20, further solidifying the economic collaboration between the two nations.

Oduwole reiterated Nigeria’s commitment to advancing food sovereignty, digital trade, and competitiveness under President Bola Ahmed Tinubu’s “Nigeria First Policy and Intervention” initiative. She highlighted the tangible results of recent monetary, fiscal, and trade reforms, which have helped stabilise the economy and set it on a path to growth.

Mills reaffirmed the U.S.’s interest in maintaining strong trade links with Nigeria, Africa’s largest economy and a crucial commercial partner.

He also noted the pivotal role that the incoming Consul General, Rick Swart, would play in advancing U.S. trade and investment priorities in the region.

Swart, in his first formal remarks since taking office, pledged to champion fair and balanced trade between both nations. He emphasised the U.S. government’s commitment to fostering economic opportunities that benefit both American and Nigerian businesses.

Both sides agreed to navigate the new tariff regime through continued dialogue and strategic engagement, reinforcing the long-standing economic partnership between the two nations.