“To maintain a trade surplus, a majority of imports from the US will need to be sourced locally, highlighting the case for transforming Nigeria from a consumption economy to a producing economy where most of its raw materials for production are sourced locally.”
President Trump’s 14% tariff on Nigerian exports to the US has raised concerns over declining competitiveness and export revenues, experts say. FSL Securities’ Victor Chiazor warns Nigerian exporters may seek new markets as US demand drops, noting Nigeria exported N3.51tn goods to the US in Q4’2024. “Exporters must raise prices or find alternative partners,” he said.
CPPE’s Muda Yusuf, however, downplayed immediate shocks, citing Nigeria’s 10% US trade exposure but flagged risks of imported inflation. Trump’s “Liberation Day” tariff hike targets trade imbalances, vowing to “supercharge America’s industrial base.” Analysts urge Nigeria to boost local production and diversify trade ties to mitigate impacts.
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