Nigerian Businesses Urged to Seize Opportunities in $20 Trillion U.S. Market
In a rallying call to Nigerian entrepreneurs, the Executive Director and CEO of the U.S.-Nigeria Business Council, Titus Olowokere, has urged local businesses to look beyond trade barriers and embrace the vast opportunities in the $20 trillion American market.
Speaking against the backdrop of potential protectionist trade policies, including hypothetical 14% tariffs on Nigerian exports, Olowokere said such challenges could be converted into catalysts for growth through innovation, strategic adaptation, and international collaboration.
“The U.S. isn’t just a market,” he said. “It’s an ecosystem of opportunities. But to thrive, we must pivot strategically, creatively, and collaboratively.”
Key sectors highlighted for immediate impact include cocoa, textiles, tech, cashew processing, and the growing cultural export economy. Nigeria exported $300 million worth of cocoa in 2023, much of it to the U.S. chocolate and confectionery industry, which is worth $20 billion annually. Thanks to the African Growth and Opportunity Act (AGOA), over 6,800 goods—including cocoa—qualify for duty-free access, offering exporters a vital edge.
“Processing cocoa locally into powder or butter not only adds value but reduces the volume subject to tariffs,” Olowokere advised.
Already, international interest is building. U.S. artisanal chocolate brand Chocolala has indicated plans to source 200 metric tons of Nigerian cocoa annually, valued at $1.2 million, exclusively from sustainable and traceable suppliers.
The fashion and textile sector is also riding a wave of momentum. With the U.S. fashion market valued at $400 billion, Nigerian designs like those of Deola Sagoe are gaining traction. Sales of Ankara fabric surged by 25% on e-commerce platform Etsy in 2024, reflecting rising demand for African-inspired styles.
E-commerce is proving to be a game-changer for Nigerian small and medium-sized enterprises (SMEs). Platforms like Amazon and Shopify are helping them bypass traditional export barriers. In 2023, Lagos-based Adire Textiles struck a $500,000 deal with a U.S. retailer via Etsy, absorbing tariff costs by targeting high-end markets with premium pricing.
Meanwhile, Nigeria’s tech sector continues its upward trajectory—unencumbered by tariffs. In 2024, Nigerian fintech exports rose by 40% to hit $150 million. With increasing U.S. demand for cost-effective software solutions, companies like Paystack and Flutterwave are rapidly gaining ground.
“Digital exports are immune to tariffs,” Olowokere noted. “This is a space where Nigeria can truly dominate.” He cited a recent $1 million contract between a U.S. logistics startup and Nigerian developers as proof of the country’s growing appeal as a tech outsourcing hub.
Other sectors such as cashew processing are not left out. Nigeria’s $250 million cashew industry is tapping into the U.S.’s $135 billion snack food market. By roasting cashews locally, exporters cut down shipping weight and costs, making their products more competitive—even with added tariffs.
The cultural economy is also booming. Sales of Nigerian beadwork on Amazon climbed 30% in 2024, largely driven by demand from the diaspora community in cities like Atlanta. These cultural exports are helping bypass traditional barriers while showcasing Nigeria’s rich heritage.
To sustain this momentum, Olowokere is calling on the Nigerian government to simplify export procedures, enhance quality control systems, and foster investor confidence.
“Government and the private sector must work hand-in-hand,” he said. “If we want to play big, we must think big.”
With current U.S.-Nigeria trade valued at $10 billion annually, the room for growth is immense. Olowokere believes the moment is ripe.
“The opportunity is not just economic,” he concluded. “It’s symbolic. It’s about proving that African businesses can compete and win on the world stage.”
In the words of the U.S.-Nigeria Business Council: “Beyond tariffs lies opportunity. Beyond uncertainty lies prosperity. For Nigerian businesses, the future is now.”
