Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has stated that the country will not adopt a reactionary stance in response to global trade challenges, including the newly introduced 15% tariffs by the United States.
Oduwole said during an interview on Arise News on Monday.
She emphasized that the Tinubu administration is committed to long-term reforms aimed at safeguarding Nigeria’s strategic interests and strengthening support for local investors.
“We’re not reactionary — we’re focused on what is best for Nigeria.
“Our response is to continue with what this administration with the Renewed Hope eight-point agenda has focused on,” she stated.
She characterized the new U.S. tariff as part of a changing global trade landscape but reaffirmed that Nigeria’s strategy remains anchored on stability, capital attraction, and promoting private-sector development.
“The U.S. will remain one of our strategic trading partners,” she said. “We have a commercial investment partnership which we launched on the 24th of June. In fact, the ambassador was in my office today with his team, just looking at the progress on that.”
She acknowledged that some of the U.S. criticisms on trade facilitation were valid but stressed that Nigeria is already addressing them through its ongoing domestic reform efforts.
“You would know that we’re already addressing many of these systemically for our own good — first of all, for Nigeria.
“Even the strongest critics will admit that President Bola Ahmed Tinubu has been able to stabilise our monetary policy, FX repatriation… and the best is yet to come,” she noted.
Dr. Oduwole also pointed to Nigeria’s growing engagement within West Africa, noting a deepening bilateral relationship with the Republic of Benin. She recently led a high-level delegation to Cotonou to advance trade agreements initiated during President Tinubu’s visit in December 2023.
“You know that we’re leading champions in the AfCFTA, particularly in the area of digital trade,” she said. “We’re currently not just solidifying and having a warm handshake with our traditional business partners — we’re also looking for other markets and other business partners around the world.”
