The United States President, Donald Trump, announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
According to 2023 data published by the Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion to US.
The main exports were crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
Over the past five years, according to the OEC, Nigeria’s exports to the US have increased at an annualised rate of 1.59 percent, from $5.81 billion in 2018 to $6.29 billion in 2023.
Stocks had closed higher before Trump’s announcement but later buckled under the weight of the new order, disrupting business decisions and raising fears of a global trade war.
Trump said he was optimistic the numbers would improve, maintaining that the decision was critical for America’s restoration as the world’s sole superpower.
After delivering his speech, Trump signed the executive order.
The executive order imposes a “baseline” 10 percent tariff on all imports as well as individualised reciprocal tariff rates on over 60 countries.
He told foreign leaders “who will soon be calling to ask for exemptions from these tariffs” to drop theirs first.
Parts of the order had different implementation timelines, with some beginning as early as in a few hours.
“Effective at midnight, we will impose a 25-percent tariff on all foreign-made automobiles,” Trump noted
The “baseline” 10 percent tariff would start on April 5, while higher rates on various partners would begin on April 9.
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According to the US government, Nigeria charges 27 percent tariffs to the US. The report included currency manipulation and trade barriers as contributors to the amount.
In retaliation, Trump imposed a 14 percent retaliatory tariff on Nigeria.
Countries like China and Mexico already grappling with previously imposed tariffs were hit with additional rates.
