U.S. President Donald Trump imposed a series of sweeping tariffs on imports from various nations, slapping a 14 percent tariff on goods coming from Nigeria, in a bold move on Wednesday evening.
According to 2023 data from the Observatory of Economic Complexity (OEC), Nigeria’s exports to the U.S. amounted to $6.29 billion, primarily composed of crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilizers ($167 million).
Over the past five years, Nigerian exports to the U.S. have grown at an annualized rate of 1.59 percent, up from $5.81 billion in 2018.
The announcement came after U.S. stock markets had initially closed higher but soon fell in response to the new tariffs, raising concerns about a global trade war and unsettling businesses.
Trump defended the tariffs, expressing confidence that the U.S. economy would improve as a result, and he reiterated that this move was essential for the country’s dominance on the world stage.
Following his speech, he signed the new tariffs into law through an executive order.
The order sets a baseline 10 percent tariff on all imports, with reciprocal tariffs imposed on over 60 countries.
Trump also emphasized that nations seeking exemptions would first need to reduce their own tariffs on U.S. goods.
While the general tariff will go into effect on April 5, higher tariffs will start being applied to certain countries as early as April 9.
Notably, the U.S. government claims that Nigeria imposes a 27 percent tariff on U.S. goods, along with other trade barriers and currency manipulation factors.
As a result, the 14 percent retaliatory tariff was imposed on Nigerian imports.
Countries such as China and Mexico, already dealing with previous tariff hikes, will see additional charges as part of the new global trade measures.
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