U.S. President Donald Trump’s newly imposed 14 per cent tariff on Nigerian exports has sparked alarm among economic experts and trade associations, with fears that the policy could cripple Nigeria’s $10 billion annual trade with the United States.
Some Analysts in an exclusive chat with The Punch say the tariff which was announced on Wednesday during Trump’s “Make America Wealthy Again” event, poses a grave threat to key sectors like oil exports and agricultural trade. They warn it could inflate prices for consumers, stifle manufacturing, and deepen Nigeria’s economic vulnerabilities.
“This policy risks disrupting the longstanding trade partnership under the African Growth and Opportunity Act,” said Sheriff Balogun, President of the Nigerian-American Chamber of Commerce.
“Nigeria has exported about $277 billion worth of goods to the U.S. since 2000, mostly crude oil. This move could derail that trajectory.” He added.
Trade figures show Nigeria’s exports to the U.S. currently hover between $10 billion and $12 billion annually, though recent years have seen volatility. With the U.S. being a significant buyer of Nigerian oil, economists are predicting a sharp fall in oil earnings, potentially worsening Nigeria’s fiscal outlook.
Experts further caution that the tariff could trigger retaliatory measures and fuel a wider global trade war, undermining investor confidence and development prospects in emerging markets like Nigeria.
