U.S. President Donald Trump has introduced new tariffs on imports, including a 14% tariff on goods from Nigeria. This decision is part of his broader trade policy, which sets a general 10% tariff on all imports and higher rates for specific countries.
According to 2023 data from the Observatory of Economic Complexity (OEC), Nigeria exported goods worth $6.29 billion to the U.S. The top exports included:
- Crude petroleum ($4.73 billion)
- Petroleum gas ($920 million)
- Nitrogenous fertilizers ($167 million)
Over the past five years, Nigeria’s exports to the U.S. have increased at an average rate of 1.59% per year, growing from $5.81 billion in 2018 to $6.29 billion in 2023.
Trump’s executive order imposes a “baseline” 10% tariff on all imports, along with specific rates for over 60 countries. Some tariffs took effect immediately, including a 25% tariff on foreign-made automobiles. The 10% baseline tariff begins on April 5, while higher rates for individual countries start on April 9
The U.S. government reports that Nigeria imposes a 27% tariff on U.S. goods. Citing trade barriers and currency issues, Trump introduced a 14% retaliatory tariff on Nigerian imports.
Other countries, such as China and Mexico, already dealing with previous tariffs, have been hit with even higher rates.
These new trade policies are expected to impact global trade and could affect Nigeria’s export revenue. It remains to be seen how Nigeria and other affected nations will respond.
