NACC reacts to 15% US tariff increment, stressing brighter sides for Nigerian exporters as government adopts consultation over retaliation
The Nigerian-American Chamber of Commerce has reacted to the 15% US tariff increment with cautious optimism, insisting that Nigeria must look beyond challenges and unlock opportunities within the global trade space.
At a roundtable held on August 20, 2025, at Four Points by Sheraton, the Nigerian American Chamber of Commerce (NACC), in collaboration with the Nigerian Export Promotion Council (NEPC), gathered top exporters and stakeholders to deliberate on the recent 15% tariff increase imposed by the United States on Nigerian goods.
The plenary session, which was moderated by Kola Odunlami, Director Strategy, PricewaterhouseCoopers (PwC), had the representative of the Honorable Minister of Industry, Trade and Investment, Federal Republic of Nigeria and Akintunde Olagoke Folorunsho, Director, Market Access, Nigerian Export Promotion Council (NEPC).
Others were Engr. (Dr.) Jani Ibrahim, President, Nigerian Association Of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA); Dr. Adesuwa O. Erediauwa, Senior Fellow/Coordinator, Bashir Adeniyi Centre for International Trade and Investment (BACITI) of the Nigerian Institute of International Affairs (NIIA), as panelists.
Representing the Minister of Trade, Industry and Investment, special adviser Tochukwu Nwachukwu explained that the government is prioritising consultations over quick retaliation. He stressed that Nigeria would remain responsive, not reactive, while safeguarding its economic interests.
According to him, wide engagements have already been held with exporters, large corporations, Customs, the Central Bank of Nigeria, and the Economic Management Team.
Since March, the minister has also met the U.S. Ambassador in Abuja and held multiple sessions with the U.S. Trade Representative and Department of Commerce.
While negotiations for a comprehensive trade deal remain slow, the government is also reviewing its tariff structures as part of broader economic reforms.
Nwachukwu noted that Nigeria is simultaneously strengthening ties with new partners such as the UAE, Brazil, Japan, and China, while leveraging opportunities within the African Continental Free Trade Area (AfCFTA).
Adding a positive perspective, Prof. Bamidele Ayemibo of 3T Impex Consulting argued that the tariff hike still leaves Nigeria with one of the lowest comparative tariffs, alongside key exemptions that could benefit exporters.
Echoing this, NACC President Alhaji Balogun stressed that the tariff challenge presents hidden advantages.
“Nigeria is not the only country affected, but surprisingly, opportunities exist for our exporters. Some of our products attract lower tariffs than our competitors, and this can help us grow exports,” he said.
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Balogun concluded that the roundtable was part of proactive solutions to help Nigerian exporters navigate global trade disruptions while seizing strategic growth opportunities.
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Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
