By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: NACC Decries New 14% US Tariff, Warns of Threat to Nigeria’s AGOA Duty-Free Trade Benefits
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
EconomyNews

NACC Decries New 14% US Tariff, Warns of Threat to Nigeria’s AGOA Duty-Free Trade Benefits

Oluwadara Akingbohungbe
By Oluwadara Akingbohungbe
Published: April 4, 2025
Share
3 Min Read
SHARE

The Nigerian-American Chamber of Commerce (NACC) has expressed concern over the United States’ imposition of a new 14% tariff on Nigerian exports under the African Growth and Opportunity Act (AGOA). This development threatens the duty-free trade benefits previously enjoyed by Nigerian exporters.

NACC President Oluwatoyin Akomolafe highlighted that the additional tariff could significantly hinder Nigeria’s export potential to the U.S. He emphasized that the chamber plans to engage with the U.S. government through meetings and memoranda to negotiate more favorable trade terms for Nigeria. Akomolafe stressed the importance of reducing Nigeria’s reliance on oil exports and diversifying into other sectors to mitigate the impact of such tariffs.

The AGOA, established in 2000, was designed to provide Sub-Saharan African countries, including Nigeria, with duty-free access to the U.S. market for thousands of products. However, the recent imposition of tariffs by the U.S. administration has raised concerns about the future of this trade agreement. Analysts suggest that these tariffs indicate a shift towards more protectionist trade policies, which could jeopardize the renewal of AGOA, set to expire in September 2025.

In response to these challenges, the NACC has been proactive in seeking solutions to enhance Nigeria’s trade relations with the U.S. The chamber has organized trade delegations and encouraged sector groups to embark on missions aimed at promoting Nigeria’s interests. Additionally, the NACC has entered into partnerships, such as the memorandum of understanding with the United States-Africa Trade Desk (USATD), to establish frameworks for cooperation and improve market access for Nigerian enterprises.

- Advertisement -

Despite the opportunities presented by AGOA, Nigerian exporters have not fully capitalized on the benefits. NACC officials have pointed out that a lack of information and government support has hindered effective utilization of the trade agreement. They advocate for increased awareness and capacity-building initiatives to enable Nigerian businesses to take full advantage of AGOA’s provisions.

The imposition of the 14% tariff underscores the need for Nigeria to diversify its export base and strengthen economic cooperation with international partners. The NACC remains committed to advocating for favorable trade policies and supporting Nigerian businesses in navigating the evolving global trade landscape.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:AGOANACCTradeUS Tarrif
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
Previous Article Wike’s Ex-Deputy, 3 Lawmakers Skip Rivers NASS Visit
Next Article Nigeria’s Power Grid Under Strain: $35 Million Debt Pile from West African Neighbours

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?