The US imported $643.1 million price of products from Nigeria within the first two months of 2025, only one month earlier than the implementation of recent tariffs by the Trump administration.
The tariffs, set to take impact on April 9, 2025, have raised issues over their potential impression on Nigeria’s commerce, though oil and minerals are exempted.
Information from the US Worldwide Commerce Fee revealed a 32.4% lower in Nigeria’s imports to the US, from $951.6 million within the first two months of 2024 to $643.1 million in 2025. February 2025 noticed imports fall to $286.3 million from $423.6 million in the identical month the earlier 12 months.
Regardless of this decline, Nigeria’s commerce stability improved considerably, displaying a surplus of $44.3 million within the year-to-date figures for 2025, reversing the deficit of $158.8 million seen in 2024. The nation’s exports in February 2025 had been $473.6 million, a slight lower from $501 million in February 2024.
Crude oil, which accounted for 64.31% of Nigeria’s exports to the US within the first two months of 2025, remained the dominant commodity, with $413.6 million price of oil exports, although this marked a pointy lower from January.
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Whereas analysts stay involved in regards to the impression of recent tariffs on Nigeria’s agricultural and manufacturing sectors, the Finance Minister, Wale Edun, downplayed their potential impact.
He famous that Nigeria’s oil and mineral exports, which type the majority of its exports to the US, are exempt from the brand new tariffs, making the impression on the economic system “negligible.” He acknowledged, nonetheless, that the federal government is intently monitoring the worldwide state of affairs.
In associated information, consultants have expressed issues that the tariffs might weaken Nigeria’s competitiveness within the US market, particularly for non-oil merchandise, probably disrupting commerce relations.
The Nationwide Bureau of Statistics reported that Nigeria’s whole commerce with the US amounted to ₦31.1 trillion between 2015 and 2024, with a commerce surplus of ₦1.64 trillion.
The brand new 14% tariff imposed by the US on Nigerian exports is a part of the broader world commerce tensions underneath the Trump administration.
