U.S. President Donald Trump on Wednesday evening announced a new set of global tariffs, including a 14% duty on goods imported from Nigeria.
The decision is part of a broader policy aimed at reshaping America’s trade relationships and reducing the trade deficit.
According to data from 2023, Nigeria exported $6.29 billion worth of goods to the U.S., with crude petroleum leading at $4.73 billion, followed by petroleum gas at $920 million and nitrogenous fertilizers at $167 million.
Over the past five years, Nigerian exports to the U.S. have grown modestly, increasing from $5.81 billion in 2018 to $6.29 billion in 2023.
Before Trump’s announcement, U.S. stock markets had closed on a positive note, but the news of the tariffs caused concerns among investors and businesses.
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The new trade policy raised fears of further economic disruptions, as companies assessed the impact on supply chains and pricing.
Trump defended the move, stating that it was necessary for America’s global economic position.
Shortly after his speech, he signed an executive order enforcing the new tariffs.
The order sets a standard 10% tariff on all imports, with additional, country-specific rates for over 60 nations.
Nigeria’s 14% tariff was implemented as a response to what the U.S. government described as restrictive trade policies and currency issues.
Some countries were hit even harder.
China now faces a 34% tariff, India 26%, South Korea 25%, and Vietnam 46%, among others.
Meanwhile, a separate 25% tariff on foreign-made automobiles was scheduled to take effect just hours after the announcement.
While the baseline 10% tariff will be enforced starting April 5, the higher rates on individual countries, including Nigeria, will take effect from April 9.
