A recent bilateral trade agreement between the United States and Nigeria has reduced tariffs on steel billets of uniform circular cross section (HS Code: 7207.11), facilitating increased exports from the US to Nigeria. The agreement aims to strengthen industrial ties.
2023-10-15
Impact: This is expected to increase US exports of steel billets to Nigeria by 15% over the next year, benefiting US manufacturers and Nigerian construction sectors.
Nigeria Implements Quality Standards for Imported Steel Billets
Nigeria's Standards Organisation of Nigeria (SON) has introduced stricter quality control measures for imported steel billets, including those from the US under HS Code 7207.11, to ensure safety and compliance in construction projects.
2023-09-22
Impact: US exporters may face delays and additional costs to meet Nigeria's new quality standards, potentially affecting trade volumes in the short term.
US Steel Billets Face Logistics Challenges in Nigerian Ports
Congestion at Nigerian ports, particularly in Lagos, has delayed the clearance of US steel billet shipments (HS Code: 7207.11), causing supply chain disruptions for Nigerian importers.
2023-08-30
Impact: Delays could temporarily reduce the reliability of US steel billet supplies to Nigeria, prompting importers to explore alternative sources.
Policy Updates
US-Nigeria Trade Tariff Reduction on Steel Products
The US and Nigeria have agreed to lower tariffs on specific steel products, including billets of uniform circular cross section (HS Code: 7207.11), as part of a broader trade enhancement initiative. The tariff reduction is set at 5% and will be effective from November 2023.
Date: 2023-10-10
Nigeria Updates Import Regulations for Steel Billets
Nigeria has updated its import regulations, mandating additional certification for steel billets (HS Code: 7207.11) to ensure compliance with local safety and quality standards. US exporters must now provide detailed documentation starting October 2023.
