U.S. President Donald Trump has imposed a 15 percent tariff on imports from Nigeria, alongside several other African nations, under a sweeping executive order.
The directive is part of a move targeting over 60 countries.
Some nations, including Nigeria, South Africa, Algeria, and Ghana, face tariffs of up to 30 percent under the new regime.
Trump’s announcement triggered a scramble among world leaders to renegotiate trade terms with the United States, as his administration pushes forward with what analysts describe as one of the most aggressive protectionist strategies in recent history.
Reacting to the development, Akin Dawodu, Head of Sub-Saharan Africa at Citigroup, expressed concern that the tariffs could speed up Africa’s gradual shift toward non-Western trade blocs.
“The continent’s already fragile trade relationship with the U.S. may weaken further, potentially strengthening ties with China, the EU, and Gulf states,” he said in comments published by Bloomberg.
In Nigeria, the currency market registered a mild reaction. The naira slipped slightly to ₦1,555 per dollar at the official window, down from ₦1,550 the previous day. However, the parallel market held firm, with the rate unchanged at ₦1,533 per dollar.
Despite the mounting uncertainty, Nigeria’s equities market posted gains. The All Share Index on the Nigerian Exchange (NGX) climbed 1 percent to close at 141,263.05 points, while the overall market capitalisation increased to ₦89.373 trillion, up from ₦88.425 trillion.
