Nigeria, US reaffirm trade ties amid evolving tariffs

Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, on Monday held a strategic meeting with the outgoing U.S. Ambassador Richard M. Mills Jr., focusing on aligning both nations on shared commercial goals, deepening bilateral economic ties, and reviewing key trade and investment frameworks.

Also at the meeting was the incoming U.S. Consul General to Nigeria, Rick Swart.

Oduwole acknowledged that Nigeria’s tariff on trade with the United States has moved from 14 per cent to 15 per cent, clarifying that despite this adjustment, the country remains a favourable environment for U.S. investors.

She emphasised the scale of duty-free machinery, equipment, and services entering Nigeria from the U.S., and underlined the mutually beneficial nature of the commercial exchange. 

The minister highlighted the ongoing business-to-business engagements stemming from the commercial investment partnership launched on June 24, 2025, which continue with momentum and are set to culminate in a ministerial meeting on November 20, 2025. This underscores the enduring relationship between the two nations and their shared commitment to economic collaboration.

Oduwole reiterated Nigeria’s dedication to advancing food sovereignty, digital trade, and competitiveness under President Bola Ahmed Tinubu’s “Nigeria First Policy and Intervention” initiative.

She noted that recent monetary, fiscal, and trade reforms have yielded measurable results in stabilising the economy and setting it on a growth trajectory.

In his remarks, Ambassador Richard M. Mills Jr. reaffirmed the United States’ goal to deepen its trade relationship with Nigeria, Africa’s largest commercial market, highlighting the substantial U.S. investments already in the country.

According to Mills Jr., the incoming Consul General, Rick Swart, would play a vital role in furthering the agenda.

Commenting, Swart pledged to advance the principles of free and fair trade that benefit businesses on both sides and reaffirmed the U.S. government’s commitment to expanding investment and trade opportunities with Nigeria, in alignment with broader strategic goals.

During the meeting, both countries committed to building on their long-standing commercial relationship with renewed energy and aligned priorities