Trump’s 14% Tariff on Nigerian Exports: Impact and Implications

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US President Donald Trump has imposed a 14% reciprocal tariff on Nigerian exports, citing what the White House claims is a 27% tariff levied by Nigeria on US goods. Known as the "Liberation Day" tariffs, this move is part of Trump’s global strategy to address trade imbalances.
With key Nigerian exports such as crude oil, cocoa, and agricultural goods facing higher costs, growing concerns about reduced demand could threaten Nigeria’s $10 billion yearly exports to the US. This development also raises questions about Nigeria's status under the African Growth and Opportunity Act (AGOA), which grants duty-free access to the US market.
Oladipo Ajayi, Head of Fixed Income & FX at Chapel Hill Denham, examines whether this tariff policy is an effective way to correct trade imbalances, its potential impact on Nigeria’s GDP and foreign exchange reserves, and how the country can diversify its export markets by pivoting towards Europe or Asia.
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