By John Umeh
Nigeria is intensifying efforts to diversify its export markets following the recent imposition of fresh tariffs by the United States on selected Nigerian goods. Minister of Trade and Investment, Jumoke Oduwole, disclosed this during an interview on CNN’s Quest Means Business. She confirmed that the government is in advanced talks with partners across Asia, Africa, and Europe to secure alternative destinations for the country’s exports.
Impact of U.S. Tariffs
The new U.S. tariff regime, which took effect this month, targets several key Nigerian export products, including agricultural commodities, processed foods, and certain manufactured goods. According to the Trade Ministry, the measures threaten to increase export costs, erode competitiveness in the American market, and shrink foreign exchange earnings if swift counterstrategies are not implemented.
Government’s Diversification Plan
The Minister emphasized that the tariffs have reinforced Nigeria’s resolve to reduce overreliance on any single market.
“Our focus is to expand Nigeria’s trade footprint. While the U.S. remains an important partner, we are actively seeking entry and expansion in high-demand markets across Asia, Africa, and Europe,” the Minister stated.
He revealed that discussions are ongoing with countries such as India, China, the United Arab Emirates, Germany, the United Kingdom, and South Africa, as well as members of the African Continental Free Trade Area (AfCFTA), to secure preferential trade agreements, improve logistics corridors, and enhance market access.
Leveraging Regional Trade Opportunities
The African market, particularly under the AfCFTA framework, is seen as a strategic alternative, offering tariff-free access to over 1.3 billion consumers. The Ministry is also targeting European countries where Nigerian goods such as cocoa, cashew, leather, and textiles have growth potential. In Asia, booming demand for agricultural raw materials, liquefied natural gas, and specialty products is opening new doors for exporters.
Support for Local Exporters
To cushion the impact on local producers, the government is rolling out an Export Expansion Support Program, which includes:
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Subsidies for freight costs to distant markets.
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Assistance in meeting international quality and packaging standards.
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Credit facilities to enable manufacturers scale up production for diversified markets.
Private Sector Collaboration
The Minister urged Nigerian exporters to embrace innovation, improve product quality, and take advantage of government-negotiated trade routes. He also called for closer collaboration between the Nigerian Export Promotion Council (NEPC), chambers of commerce, and private investors to make Nigerian goods more competitive globally.
Looking Ahead
While acknowledging that the U.S. tariff move poses immediate challenges, the Minister expressed optimism that it will accelerate Nigeria’s long-term trade diversification goals. “Every challenge is an opportunity. This is our moment to build resilience, find new markets, and strengthen Nigeria’s position in global commerce,” he said.
