By Joke Kujenya
NIGERIA’s WIDE-ranging import restrictions on 25 product categories have drawn a sharp response from Washington, with United States (U.S.) officials warning of reduced market access and lost export revenue for American firms across key sectors.
The United States Trade Representative (USTR) said on Monday that U.S. agricultural, pharmaceutical, beverage, and consumer goods exporters face mounting obstacles due to Nigeria’s import policies.
Products such as beef, pork, poultry, fruit juices, medicaments, and spirits are among the restricted items.
“These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market,” the USTR said via its official X account.
The standoff comes as global economic tensions escalate following a new wave of U.S. tariffs on international exports. Last week, the Trump administration announced fresh duties ranging from 10 to 65 per cent on imports from several countries. Nigeria’s exports to the U.S. were slapped with a 14 per cent tariff.
The tariff announcement triggered turmoil on the Nigerian stock market. On Monday, the Nigerian Exchange saw its sharpest drop in recent months, with investors losing approximately N659 billion. The All Share Index (ASI) fell by 1.23 percent, closing at 104,216.87 points from the previous 105,511.89.
Oando and Honeywell Flour Mills led the losses, with Oando plunging by 10 percent to N37.80 and Honeywell sliding 9.98 percent to N10.19. Market capitalisation dropped to N65.488 trillion from N66.147 trillion, slashing the year-to-date return to +1.25 percent.
Meanwhile, China has vowed to retaliate against similar U.S. tariffs, escalating fears of a broader global trade war. Beijing on Tuesday warned it would “fight to the end” in response to a proposed 50 percent hike on Chinese goods by the Trump administration.
Finance Minister Assures of Nigeria’s Effort to Revive Economy
Back in Abuja, Nigeria’s Minister of Finance, Wale Edun, addressed the situation at a corporate governance forum organised by the Ministry of Finance Incorporated (MOFI).
He confirmed the government would intensify efforts to shield the economy from external shocks triggered by the tariff hike.
Edun said the Economic Management Team (EMT) would assess the impact of the 14 percent tariff on Nigerian exports to the U.S. and develop measures to mitigate any fallout.
He emphasised that Nigeria’s exposure lies mainly in global oil price volatility rather than direct export tariffs. “Therefore, it’s the oil price effect that may affect Nigeria,” he explained. “There’s global uncertainty at a huge level, so nobody knows exactly what will happen.”
Edun also disclosed that the U.S. had exempted oil and mineral exports from the new tariff regime. Given that these commodities make up the vast majority of Nigerian exports to the U.S., the economic impact could be cushioned—if volumes are maintained.
“Nigeria’s exports to the U.S. stood at N1.8 trillion, N2.6 trillion, and N5.5 trillion between 2022 and 2024,” he said. “Oil and mineral exports accounted for 92 percent, or N5.08 trillion. Non-oil exports contributed just N0.44 trillion.”
To minimise risks, the government plans to ramp up oil production and boost non-oil revenue through improved tax collection, Customs performance, and innovative non-debt financing strategies.
Speaking on MOFI’s drive for enhanced governance in State-Owned Enterprises (SOEs), Edun said sound corporate practices are crucial for economic resilience and long-term value creation, especially in an era marked by fiscal uncertainty and structural reform.
He stressed that SOEs—active across energy, infrastructure, telecommunications, and financial services—must be repositioned through transparency and accountability to meet their development potential.
“Poor financial stewardship and governance deficiencies have limited the impact of SOEs,” he said. “We must transform them into engines of growth, efficiency, and trust.”
