US Tariff places Non-oil Exports – Commerce Minister
The Federal Authorities of Nigeria has lastly responded to the current imposition of a 14% tariff on Nigerian exports by america by stating its dedication to mitigating the influence whereas accelerating financial diversification.
The Minister of Trade, Commerce and Funding, Dr. Jumoke Oduwole, in an announcement which was launched on Sunday, mentioned that the brand new tariff on key classes might influence the competitiveness of Nigerian items within the U.S.
It mentioned whereas oil has lengthy dominated Nigeria’s exports to the US, non-oil merchandise—many beforehand exempt underneath the African Development and Alternative Act (AGOA) now face potential disruption.
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“For companies within the non-oil sector, these measures current destabilising challenges to cost competitiveness and market entry, particularly in rising and value-added sectors very important to our diversification agenda.
“SMEs constructing their enterprise fashions round AGOA exemptions will face the pressures of rising prices and unsure purchaser commitments,” it added.
The federal government, nevertheless, mentioned it sees this as a catalyst to fast-track export diversification and enhance compliance with worldwide requirements.
“We’re approaching this second with pragmatism and goal—turning international commerce challenges into alternatives to develop our non-oil export footprint and construct a extra resilient economic system,” mentioned Dr. Oduwole.
She mentioned the President Bola Tinubu administration has rolled out coverage, financing, and infrastructure measures to assist Nigerian companies adapt, together with: Increasing different export markets exterior the U.S.; Enhancing high quality management and traceability for Nigerian items; and Strengthening commerce diplomacy to safe beneficial phrases.
