President Bola Tinubu says his administration has no fear of the trade policy direction of U.S. President Donald Trump, particularly tariffs targeting Nigerian exports as the economy remains resilient.
The president made the remarks when he received members of The Buhari Organisation led by former Governor of Nasarawa State, Senator Tanko Almakura, who paid him a solidarity visit at the Presidential Villa in Abuja.
He cited Nigeria’s current economic trajectory and growing non-oil revenues as absorbers against external shocks, pointing that if non-oil revenue is growing, the country has no fear of whatever Trump is doing on the other side.
Tinubu highlighted Nigeria’s strengthened fiscal position, having met its 2025 revenue target as of August, noting a stabilisation in the naira, which has appreciated to around N1,450 per dollar from a previous rate of N1,900 after he unified the exchange rates upon assuming office in May 2023.
President Trump’s second term has ushered in sweeping changes to U.S. trade policy, including the imposition of a 10 per cent baseline tariff on nearly all imports, alongside country-specific levies.
The policy included broad country-specific tariffs ranging from 11 per cent to 50 per cent on top of a 10 per cent baseline.
Nigeria, like many sub-Saharan partners, now faces a 15 per cent tariff on its exports, effective August 7, following an initial 14 per cent rate announced in April.
However, energy commodities, including oil and gas, have been exempted from the new tariff regime.
Nonetheless, reports indicate that heightened trade tensions and tariff imposition have already dampened energy product exports globally in early 2025, disrupting demand flows for crude oil, gasoline, and diesel.
Tinubu also pointed to progress on his administration’s agricultural reform agenda, citing a massive mechanisation programme across regions.
“If we remove hunger, we have defeated poverty,” he said, arguing that food security is key to Nigeria’s economic recovery.
The meeting brought together key northern party leaders, including Katsina State Governor Dikko Radda and former Governor Aminu Masari, and could be a consolidation of party ranks ahead of the 2027 electoral cycle.