US kicks against Nigeria's import ban - Daily Trust (2025)

In a post on its official X account, the USTR said: “These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market.”

Nigeria is part of countries including India, Thailand, Kenya, Algeria, and the European Union that the U.S. accuses of maintaining restrictive policies that collectively block billions of dollars in potential American exports.

The impact on U.S. businesses, particularly in agriculture, healthcare, and consumer goods, is significant.

The USTR emphasized that Nigeria’s ban directly affects U.S. exporters of agricultural products like meat and poultry, as well as processed goods such as fruit juice and spirits.

Pharmaceuticals and medicaments are also on the list, reducing access for American healthcare companies seeking to enter or expand in Nigeria.

“These policies not only reduce export opportunities but also undercut the global competitiveness of U.S. industries,” the USTR added.

Meanwhile, on Wednesday, US reciprocal tariffs became effective on numerous countries including Nigeria.

Washington slapped 14% tariffs on the country’s exports, but the President Bola Tinubu-led administration has decided to stand down on any retaliation.

Reacting to this, Senior Market Analyst at FXTM, Mr. Lukman Otunuga, in a statement said it remains to be seen whether this was a strategic move to prevent further tariffs from the United States.

The statement read in part: “Nevertheless, these tariffs may impact growth given how Nigeria’s exports to the US have ranged between $5-6 billion annually.

“One could argue that Nigeria is somewhat insulated given how over 90% of exports are comprised of crude oil and gas products. Nevertheless, growing concerns around Trump’s trade war tipping the global economy into a recession is a major risk for emerging markets.

“Beyond trade developments, Nigeria remains exposed to volatile oil prices. Last week, Brent and WTI both recently logged their steepest weekly losses in over a year. Oil prices remain pressured by deepening trade tensions and OPEC+ announcing an unexpectedly large supply boost. Crude oil has shed over 13% this month, dragging year-to-date losses closer to 15%. Such a development may complicate the government’s ability to implement the 2025 budget based on oil prices at $75 a barrel.

“The sharp selloff in oil could mean more pain for the Naira which is among the worst performing emerging market currencies. Naira has shed 4% year-to-date versus the dollar and may extend losses if lower oil translates to falling foreign exchange reserves.

“On the data front, Nigeria will reveal its latest inflation figures in mid-April. Back in February, the annual inflation rate dropped to 23.2% to its lowest level since June 2023 while food inflation also cooled to 23.5% – its lowest rate since September 2022. While the decline in CPI has been attributed to a technical adjustment, further signs of cooling price pressures could spark discussions around potential CBN rate cuts in the second half of 2025.”