The United States imported $643.1m worth of goods from Nigeria in the first two months of 2025, according to a report by Ireport247new. This was just a month before the new tariffs were implemented by the Trump administration. They were set to take effect on April 9, 2025.
Despite a decline in imports, Nigeria’s trade balance on customs imports for February 2025 improved significantly, rising to $187.2m from $77.3m in February 2024. This represents an increase of 142.2%. On a year-to-date basis, the US trade balance moved from a deficit of $158.8m in 2024 to a surplus of $44.3m in 2025, marking a recovery of 127.9%.
Crude oil accounted for approximately 64.31% of the total imports from Nigeria to the US, valued at $413.57m in the first two months of 2025. The data shows that the total volume of crude oil imported from Nigeria during this period was 5.3 million barrels.
The new 14% tariff imposed by the US on Nigerian exports may have a negligible effect on the Nigerian economy. This is because oil and mineral exports are excluded. However, concerns have been raised about the potential impact on other sectors, such as agricultural and manufacturing goods.
Nigeria’s Minister of Finance, Wale Edun, believes the 14% tariff will have a minimal effect on the economy. This belief is due to the exclusion of oil and mineral exports. However, economic experts warn that the policy could weaken the standard of living. It could slow down manufacturing activities. Moreover, it might hinder international trade.
The implications of this development are far-reaching. If the tariff is implemented, Nigerian exports to the US could decline. This could have a significant impact on the country’s economy.
To mitigate the impact of the tariff, the Nigerian government must take action. The government should diversify its economy. It must also increase its exports to other countries. The government must also engage with the US government to negotiate a better deal for Nigerian exports.
The US imports of $643m Nigerian goods in two months is a significant development that requires urgent attention. The Nigerian government must take proactive measures. It should aim to reduce the impact of the tariff. Additionally, it should diversify its economy to lessen its reliance on crude oil exports.