The ongoing trade tensions between the United States and Nigeria reached a new high as the U.S. government criticized Nigeria’s import ban on 25 product categories.
This is as the US government argued that Nigeria’s import ban on 25 products is restricting market access for American exporters.
In a press statement, the United States Trade Representative (USTR) slammed Nigeria’s restrictions on items such as beef, pork, poultry, fruit juices, medicaments, and spirits.
“These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market,” the USTR declared.
The agency emphasized that the import ban undermines export opportunities for American companies already grappling with global trade disruptions sparked by Trump’s tariff policies.
This development comes amid US President Donald Trump’s tariff war, which has seen sweeping duties imposed on multiple nations, including a 14% tariff on Nigerian goods entering the U.S.
Trump defended his administration’s tariff hikes, including the 14% duty on Nigerian exports, as a necessary move to “reclaim America’s economic power” and address trade imbalances.
Pan-Atlantic Kompass recall that in 2016, the administration of former President Muhammadu Buhari had implemented Nigeria’s import ban on 25 products as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
Countries such as China have since said they would retaliate from the imposed tariffs.
China vowed on Tuesday to “fight to the end” against fresh tariffs of 50 percent threatened by US President Donald Trump, further aggravating a trade war that has already wiped trillions off global markets.
The Nigerian stock market took a significant hit on Monday, recording its steepest single-day loss this month as global investor sentiment soured in response to fresh tariff threats from former U.S. President Donald Trump.
At the close of trading, investors on the Nigerian Exchange (NGX) lost a staggering ₦659 billion, with the All-Share Index (ASI) falling by 1.23% to close at 104,216.87 points — down from 105,511.89 points the previous session. The equities market capitalization also dipped, sliding from ₦66.147 trillion to ₦65.488 trillion.
The market downturn was fueled by widespread sell-offs, particularly in major stocks such as Oando and Honeywell Flour Mills. Oando posted the day’s steepest loss, plunging from ₦42.00 to ₦37.80, a drop of ₦4.20 or 10%. Honeywell followed closely, shedding ₦1.13 or 9.98%, to close at ₦10.19 from ₦11.32.
Analysts attributed the bearish sentiment to growing fears of a renewed global trade war, triggered by Trump’s threat to impose steep tariffs on Chinese imports — a move that rattled markets across continents and reignited concerns over supply chain disruptions and inflationary pressures.
