Onitsha, Anambra, Nigeria – April 10, 2025 – The United States Trade Representative (USTR) has voiced concerns over Nigeria’s existing import ban on 25 different product categories, highlighting the negative impact on American exporters. The statement, released on Monday via the USTR’s X platform, comes at a time of escalating global trade tensions following the imposition of tariffs by the Trump administration.
According to the USTR, Nigeria’s restrictions on a wide range of goods, including beef, pork, poultry, fruit juices, medicaments, and spirits, are significantly limiting market access for U.S. businesses and curtailing potential export opportunities. The statement emphasised that “these policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market.”
The USTR’s reaction coincides with growing unease over the sweeping tariffs recently imposed by the Trump administration on various countries worldwide. Last week, Nigeria faced a 14 percent tariff on its exports to the United States as part of these broader trade measures.
The immediate impact of these global trade developments was felt in the Nigerian stock market on Monday, which witnessed its most significant single-day drop in recent times. Investors reportedly lost approximately N659 billion as the Nigerian Exchange’s All Share Index (ASI) plummeted by 1.23 percent, marking its largest daily decline this month. Major stocks like Oando and Honeywell Flour Mills contributed significantly to the market downturn, with Oando experiencing a 10 percent decrease and Honeywell Flour Mills falling by 9.98 percent. Consequently, the NGX All-Share Index (ASI) and equities market capitalisation fell to 104,216.87 points and N65.488 trillion, respectively, bringing the Nigerian market’s year-to-date return down to +1.25 percent.
The global trade landscape is further complicated by reactions from other nations affected by the U.S. tariffs. China, for instance, has vowed to retaliate against the threatened 50 percent tariffs by President Trump, escalating the trade war that has already caused substantial losses in global markets.
In response to these external pressures, Nigeria’s Minister of Finance, Wale Edun, stated on Monday that the Federal Government intends to bolster non-oil revenue streams to mitigate the adverse effects of the U.S. tariffs. Edun also assured that the Economic Management Team (EMT) would convene to assess the likely impact of the 14 percent tariff on Nigerian exports to the United States and subsequently formulate recommendations to cushion its effect on the national economy. Speaking at an event organized by the Ministry of Finance Incorporated, Edun acknowledged that Nigeria could be negatively impacted by a potential oil price plunge resulting from the global trade tensions. However, he emphasized the government’s intensified efforts to increase oil production and significantly boost non-oil revenues as a countermeasure.
The intertwined issues of Nigeria’s import ban and the newly imposed U.S. tariffs highlight the increasing complexities and potential challenges facing international trade relations between the two nations. As the global trade environment remains volatile, both countries will need to navigate these challenges carefully to minimize economic disruptions.
