The United States imported $643.1 million worth of goods from Nigeria in the first two months of 2025, just one month before the implementation of new tariffs by the Trump administration.
The tariffs, set to take effect on April 9, 2025, have raised concerns over their potential impact on Nigeria’s trade, although oil and minerals are exempted.
Data from the United States International Trade Commission revealed a 32.4% decrease in Nigeria’s imports to the US, from $951.6 million in the first two months of 2024 to $643.1 million in 2025. February 2025 saw imports fall to $286.3 million from $423.6 million in the same month the previous year.
Despite this decline, Nigeria’s trade balance improved significantly, showing a surplus of $44.3 million in the year-to-date figures for 2025, reversing the deficit of $158.8 million seen in 2024. The country’s exports in February 2025 were $473.6 million, a slight decrease from $501 million in February 2024.
Crude oil, which accounted for 64.31% of Nigeria’s exports to the US in the first two months of 2025, remained the dominant commodity, with $413.6 million worth of oil exports, though this marked a sharp decrease from January.
READ ALSO: US Criticises Nigeria’s Import Restrictions on 25 Items
While analysts remain concerned about the impact of new tariffs on Nigeria’s agricultural and manufacturing sectors, the Finance Minister, Wale Edun, downplayed their potential effect.
He noted that Nigeria’s oil and mineral exports, which form the bulk of its exports to the US, are exempt from the new tariffs, making the impact on the economy “negligible.” He acknowledged, however, that the government is closely monitoring the global situation.
In related news, experts have expressed concerns that the tariffs could weaken Nigeria’s competitiveness in the US market, especially for non-oil products, potentially disrupting trade relations.
The National Bureau of Statistics reported that Nigeria’s total trade with the US amounted to ₦31.1 trillion between 2015 and 2024, with a trade surplus of ₦1.64 trillion.
The new 14% tariff imposed by the US on Nigerian exports is part of the broader global trade tensions under the Trump administration.