By Adedapo Adesanya

Nigeria will focus on economic resilience and accelerating export diversification, the Minister of Industry, Trade and Investment, Mrs  Jumoke Oduwole, said in response to the United States’ new 14 per cent  reciprocal tariff on the country’s exports.

In a statement on Sunday, the Trade Minister said the nation would tackle this challenge with pragmatism, aiming to boost non-oil exports and strengthen economic resilience under President Bola Tinubu’s Renewed Hope Agenda.

Recall that last week, President Donald Trump slammed a 10 per cent baseline tariff on countries trading with the US. Nigeria received a 14 per cent levy and experts say this could affect its foreign exchange earnings as well as importation of wheat and cars.

Addressing the matter, Mrs Oduwole said the US remains a key partner, with bilateral trade reaching N31.1 trillion from 2015 to 2024.

“The Federal Government of Nigeria acknowledges the recent tariff measures announced by the Government of the United States of America, including imposing a 14% tariff on Nigerian exports,” she said.

“While these developments potentially impact global trade negatively, Nigeria remains firmly committed to building economic resilience and accelerating export diversification,” the Minister stated.

She highlighted the hurdles for non-oil exports.

“A new 10 per cent tariff on key categories may impact the competitiveness of Nigerian goods in the US.

“For businesses in the non-oil sector, these measures present destabilising challenges to price competitiveness and market access, especially in emerging and value-added sectors vital to our diversification agenda,” the minister explained.

“Government is implementing a range of interventions in policy, financing, infrastructure, and diplomacy to help Nigerian businesses remain competitive amidst regional and global tariff hikes,” Mrs Oduwole said as she outlined Nigeria’s response.

This includes seeking alternative markets and diversifying off-take to cut trade risks.

She detailed export trends, noting that, “Nigeria’s exports to the United States over the last 2 years has consistently ranged between $5–$6 billion annually.

“A significant portion—over 90 per cent—comprises crude petroleum, mineral fuels, oils, and gas products,” she said.

Non-oil items like fertilisers (2–3 per cent), lead (1 per cent, valued at $82 million), and agricultural goods (<2 per cent) face new pressures, especially those once exempt under the African Growth and Opportunity Act (AGOA), which was signed into law in 2000.

The Minister said Nigeria is also exploring ongoing diplomacy including consulting with US counterparts and the World Trade Organisation (WTO) to find mutually beneficial solutions.

“The US Ambassador’s visit to the Minister of Industry, Trade and Investment on March 26, 2025, reaffirmed our joint commitment to strengthening economic ties that benefit both economies,” she said.

By Dipo Olowookere

About $197.71 million has been injected into the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) to boost liquidity.

This intervention by the apex bank is expected to strengthen the Naira in the different segments of the forex market after coming under pressure in the past few days as a result of the new import tariffs imposed on countries, including Nigeria, by the President of the United States, Mr Donald Trump.

Business Post reports that on Friday, the Naira depreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 1.45 per cent or N22.49 to settle at N1,573.23/$1 versus Thursday’s exchange rate of N1,550.74/$1, and in the parallel market, it lost N10 to sell for N1,570/$1 compared with the N1,560/$1 it was transacted a day earlier.

To ease the pressure on the domestic currency, the central bank sold fresh $197.71 million to authorised FX traders between Thursday and Friday.

“The Central Bank of Nigeria (CBN) has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several emerging markets and developing economies.

“These developments were as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.

“Crude oil prices have also weakened – declining by over 12% to approximately $65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria.

“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71 million through sales to authorised dealers.

“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.

“The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.

“All authorised dealers are reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties,” a notice from the Director of Financial Markets Department at the CBN, Ms Omolara Omotunde Duke, said.

By Dipo Olowookere

The Debt Management Office (DMO) has revealed that the total public debt stock of Nigeria increased by 48.58 per cent or N47.32 trillion to N144.67 trillion ($94.23 billion) as of December 31, 2024, from N97.34 trillion ($108.23 billion) in the preceding year.

In a report released on Friday, the agency disclosed that the rise in the domestic and foreign debts was due to the borrowing of funds by the government in the period under review.

Business Post reports that external debt of the total debt accounted for 48.59 per cent at N70.29 trillion ($45.78 billion), while the domestic component was 51.41 per cent at N74.38 trillion ($48.45 billion).

A breakdown showed that for the total foreign borrowings, the federal government accounted for 43.49 per cent at N62.92 trillion ($40.98 billion), while the 36 states of the federation and the Federal Capital Territory (FCT) accounted for 5.10 per cent at N7.37 trillion ($4.80 billion).

As for the domestic debt, the federal government contributed 48.67 per cent at (N70.41 trillion ($45.86 billion) and the states and the FCT contributed 2.74 per cent at N3.97 trillion ($2.59 billion).

Analysis showed that in 2023, the external debt was N38.22 trillion ($42.50 billion) before rising in one year by 83.89 per cent to N70.29 trillion ($45.78 billion) in December 2024, while the local debt stood at N59.12 trillion ($65.73 billion) as of December 2023 before jumping by 25.77 per cent in 12 months to N74.38 trillion ($48.44 billion).

Since the current administration of Mr Bola Tinubu assumed office on May 29, 2023, it has sourced funds from local and external sources through treasury bills, Naira-denominated and Dollar-denominated bonds to finance its budget deficits.

However, much has been done to cut down Nigeria’s revenue-to-debt service ratio to 65 per cent from 97 per cent, according to Mr Tinubu in November 2024.