{"id":117295,"date":"2025-04-12T11:38:30","date_gmt":"2025-04-12T10:38:30","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117295"},"modified":"2025-04-12T11:38:30","modified_gmt":"2025-04-12T10:38:30","slug":"non-oil-exports-at-risk-as-nigeria-plans-policy-shift-amid-us-tariff-hike","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/non-oil-exports-at-risk-as-nigeria-plans-policy-shift-amid-us-tariff-hike\/","title":{"rendered":"Non-Oil Exports at Risk as Nigeria Plans Policy Shift Amid US Tariff Hike"},"content":{"rendered":"<div style=\"text-align: justify;\">Daniel Adaji<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Nigeria\u2019s non-oil exports face mounting pressure as the federal government races to counter the impact of new U.S. tariff measures.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The United States, under a sweeping global trade regime introduced by President Donald Trump, has imposed a 14 per cent tariff on Nigerian exports, prompting key stakeholders to sound the alarm over the future of the country\u2019s export diversification efforts.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Economic Management Team (EMT), chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, convened an emergency meeting this week, signalling a potential policy shift to protect Nigeria\u2019s fragile non-oil export base.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Director of Information and Public Relations at the Finance Ministry, Mohammed Manga, confirmed the meeting and outlined efforts to assess the fiscal and economic implications of the U.S. decision.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Although crude oil \u2014 which comprises over 90 per cent of Nigeria\u2019s annual $5\u2013$6bn exports to the U.S. \u2014 remains unaffected directly by the tariffs, non-oil sectors are not as fortunate.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Fertilizers, lead, and agricultural products such as nuts and flour, which make up less than 5 per cent of total exports, are now vulnerable to price distortions and market uncertainty.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cWhile oil has long dominated Nigeria\u2019s exports to the U.S., non-oil products\u2014many previously exempt under AGOA\u2014now face potential disruption,\u201d Manga said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In response, the EMT has set up a special sub-committee to conduct a detailed review of both the direct and indirect economic impacts of the tariffs, as well as the ongoing drop in global commodity prices.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The sub-committee includes representatives from the Federal Ministry of Finance, the Ministry of Budget and Economic Planning, and the Central Bank of Nigeria (CBN) and has already held its inaugural meeting.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The development comes at a precarious time for the Tinubu administration\u2019s Renewed Hope Agenda, which places significant emphasis on economic diversification and expanding non-oil revenue sources.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, acknowledged the looming challenges but expressed cautious optimism that the policy shock could ultimately spur Nigeria to deepen its non-oil export base.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cWe consider the United States a valued trade and investment partner,\u201d Oduwole said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cHowever, these new tariffs underscore the urgency of building resilience into our economy and accelerating export diversification,\u201d she added.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In a research note dated April 9, 2025, U.S. investment bank J.P. Morgan advised investors to exit Nigerian T-bills, citing increasing macroeconomic risks. The bank linked its caution to falling oil prices and renewed global trade tensions, warning that these factors could further undermine Nigeria\u2019s economic stability.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">With oil prices trending below $60 per barrel and international buyers reassessing their positions, Nigeria\u2019s dependence on a narrow export base is once again under the spotlight.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The current scenario, experts argue, may force the country to fast-track reforms and revamp its export infrastructure or risk a collapse in non-oil trade.<\/div>\n<div class=\"yj6qo\" style=\"text-align: justify;\"><\/div>\n<div class=\"adL\" style=\"text-align: justify;\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji Nigeria\u2019s non-oil exports face mounting pressure as the federal government races to counter the impact of new U.S. tariff measures. The United States, under a sweeping global trade&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":117296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Non-Oil Exports at Risk as Nigeria Plans Policy Shift Amid US Tariff Hike - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/non-oil-exports-at-risk-as-nigeria-plans-policy-shift-amid-us-tariff-hike\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Non-Oil Exports at Risk as Nigeria Plans Policy Shift Amid US Tariff Hike - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Daniel Adaji Nigeria\u2019s non-oil exports face mounting pressure as the federal government races to counter the impact of new U.S. tariff measures. 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