U.S. President Donald Trump has announced sweeping tariffs, including a 10% baseline tax on imports from all countries and higher rates for nations with trade surpluses with the U.S., such as Nigeria.
This move could severely impact Nigeria’s exports, particularly crude petroleum, which accounted for $4.73 billion of its $6.29 billion trade with the U.S. in 2023. The U.S. had a $3.29 billion trade deficit with Nigeria, making the country a target for these tariffs.
The tariffs come at a critical time, as the U.S. recently began importing jet fuel from Nigeria’s Dangote Refinery, with six vessels carrying 1.7 million barrels arriving this month. Other major Nigerian exports affected include petroleum gas and nitrogenous fertilizers.
Trump, who declared a national economic emergency to justify the tariffs, claims they will protect U.S. industries from what he calls decades of exploitation. He also announced a 34% tariff on Chinese imports, 20% on the EU, 25% on South Korea, 24% on Japan, and 32% on Taiwan.
The new trade policy could significantly alter U.S.-Nigeria relations and disrupt Nigeria’s oil-dependent economy.
