U.S slams Nigeria over import ban - warns of trade consequences

The United States has criticised Nigeria’s ban on 25 product categories, stating that the restrictions severely limit market access for U.S. exporters.

In a statement posted on its X platform on Monday, April 7, the Office of the U.S. Trade Representative (USTR) highlighted that the restrictions, which affect agricultural products, pharmaceuticals, beverages, and consumer goods, create “significant trade barriers” and lead to “lost revenue for U.S. businesses.”

The affected items include beef, pork, poultry, fruit juices, medicaments, and spirits, among others. The development comes amid rising global trade tensions, with the U.S. recently imposing tariffs ranging from 10% to 65% on multiple countries.

Nigeria was hit with a 14% tariff on its exports to the U.S., adding pressure to an already strained economic relationship.

READ ALSO: Trump’s 25% automobile tariffs take effect amid global backlash

Nigerian Stocks Plunge as U.S. Tariffs Spark Global Market Turmoil

The fallout from the trade dispute sent shockwaves through the Nigerian stock market on Monday, with the Nigerian Exchange’s All-Share Index (ASI) dropping by 1.23%.

Investors lost approximately ₦659 billion, marking the biggest single-day decline this month. Stocks such as Oando and Honeywell Flour Mills saw steep losses, with Oando plunging by 10% to ₦37.80.

Reacting to the tariffs, Nigeria’s Minister of Finance, Wale Edun, stated that the government is working to boost non-oil revenue to cushion the impact.

READ ALSO: Analysis: Trump’s 25% automobile tariffs and potential impact on Nigeria

He added that the Economic Management Team (EMT) would convene to assess the economic implications and recommend policy measures.

Meanwhile, China has vowed to retaliate against U.S. trade restrictions, further escalating tensions in global markets.