Nigeria Prioritizes Domestic Reforms Over US Tariffs, Says Minister

Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has stated that the country will not respond reactively to the recently announced 15% tariffs by the United States. Instead, her focus remains on implementing long-term reforms that prioritize the nation’s strategic interests and support domestic investors. During an interview with Arise News, Oduwole emphasized that the administration led by President Bola Ahmed Tinubu is committed to its developmental agenda, known as the Renewed Hope eight-point plan.

Oduwole characterized the new U.S. tariffs as part of a changing global trade environment but reiterated that Nigeria’s strategy is focused on stability, capital mobilization, and the growth of the private sector. “The U.S. will remain one of our strategic trading partners,” she noted, referencing the commercial investment partnership launched on June 24, 2023. The Minister recently hosted the U.S. ambassador to discuss progress on this initiative.

Acknowledging some criticism from the U.S. regarding trade facilitation, Oduwole asserted that Nigeria is proactively addressing these concerns as part of its internal reforms. “We’re already addressing many of these systemically for our own good — first of all, for Nigeria,” she stated. She highlighted the administration’s efforts to stabilize monetary policy and facilitate foreign exchange repatriation, affirming that positive outcomes are forthcoming.

Strengthening Regional Trade Relations

Oduwole also pointed to Nigeria’s increasing collaboration within West Africa, particularly with the Republic of Benin. She recently led a high-level delegation to Cotonou to reinforce trade agreements established during President Tinubu’s visit in December 2023. The aim of these discussions is to create seamless border operations between the two nations.

“The idea the two presidents had was to basically make our borders completely seamless,” she remarked. The memorandum of understanding, which is expected to be finalized by Q1 2026, encompasses four key areas: trade in goods, trade in services and private sector engagement, customs and trade facilitation, and establishing a legal framework.

During the visit, the Nigerian delegation, which included officials from Customs and the Foreign Affairs Ministry, inspected the Beninese seaport and a joint border post. Oduwole stressed the importance of ensuring that goods can be tracked and that measures are in place to combat smuggling. “The collaboration between our two customs is actually a model that is going to be used across the other three thematic areas,” she explained.

Fostering Domestic Investment

The Nigerian Minister reiterated that the country’s trade and investment strategies will prioritize domestic capital mobilization alongside foreign direct investment. “We’re leading champions in the AfCFTA, particularly in the area of digital trade,” she stated. Oduwole emphasized the government’s commitment to building trust with local investors while also seeking to expand partnerships globally.

At the recent Domestic Investors Summit, discussions focused on critical issues such as access to capital and markets. “After you’ve fixed the macroeconomic terrain, you now have to bring the trust to ensure capital can come here to partner with local capital and ensure the cost of capital comes down,” she noted.

Ongoing reforms in Nigeria’s tax, banking, and monetary policies signal a broader economic shift, according to Oduwole. She pointed out the government’s efforts to improve the tax infrastructure and the ongoing consolidation within the banking sector as indicators of positive change.

With numerous engagements already held this year, including hosting the Africa Venture Capital Association and the Afreximbank Annual General Meeting, Oduwole is optimistic about the groundwork being laid for sustainable growth in Nigeria. “By the time we’re in Q1 of 2026, I expect that we’d have seen a significant shift in how capital is being catalyzed, particularly in the Nigerian economy,” she concluded.

Confident in the administration’s direction, she remarked, “President Bola Ahmed Tinubu is a very smart businessperson, even before being a politician. When you look at the Renewed Hope agenda… this economy is moving in the right direction. Even the strongest critics will admit that whatever the lag, we’re in the right direction — and the best is yet to come.”