As former U.S. President Donald Trump launched a sweeping new wave of global tariffs, Nigeria is grappling with a potential economic crisis. The country’s president, Bola Ahmed Tinubu, is currently on a two-week foreign trip while key global leaders respond swiftly to the unfolding trade war.
Trump’s trade measures, including a flat 10% tariff and a 14% “reciprocal” tariff on Nigerian goods, could cost Nigeria up to $6 billion in annual exports, mostly from the non-oil sector. Yet, the country’s leadership appears slow to act, raising concerns about Nigeria’s preparedness.
Trump’s Global Trade War Hits Nigeria Hard
Trump’s latest tariffs mark one of the most aggressive trade shifts in decades. Aimed at pushing American interests, the policy imposes new duties on goods from several countries, including Nigeria.
According to Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, the tariffs will “present destabilizing challenges to price competitiveness and market access” for Nigerian exporters.
She highlighted that small and medium-sized businesses relying on the African Growth and Opportunity Act (AGOA) exemptions will now face rising costs and unpredictable buyer behavior in the U.S. market.
“SMEs building their business models around AGOA exemptions would face the pressures of rising costs and uncertain buyer commitments,” said Oduwole.
But beyond acknowledging the problem, there was no clear plan presented by her ministry.
Where is President Tinubu?
While leaders across the globe worked urgently to protect their economies, President Tinubu left for what the presidency described as a “working visit” abroad.
French President Emmanuel Macron held urgent talks with EU leaders. UK Prime Minister Keir Starmer met his cabinet and addressed Parliament. Meanwhile, Tinubu remained outside the country, reportedly spending time in France.
The absence of Nigeria’s president during such a critical time has raised eyebrows, especially among economists and trade experts.
“This is not the time for silence or inaction,” a Lagos-based economic analyst told Creaze News. “Nigeria needs active leadership and international diplomacy now more than ever.”
Economic Experts Demand a Clear Plan
Finance Minister Wale Edun stated that the government’s Economic Team would meet to address the tariffs. But so far, there has been no official outcome or policy direction announced.
Observers compare the current handling to that of former Finance Minister Dr. Ngozi Okonjo-Iweala, who actively coordinated responses during the 2014 global oil price crash. Okonjo-Iweala, now Director-General of the World Trade Organization, was widely praised for her quick and effective actions during economic crises.
Many critics argue that Tinubu’s current economic team lacks the same depth of experience and global influence.
Can Nigeria Challenge the Tariffs?
Oduwole hinted that Nigeria may take the matter to the World Trade Organization (WTO). However, this raises more questions than answers, considering Trump’s strained relationship with the WTO during his presidency.
Trump had previously sidelined the WTO, questioning its relevance and undermining its authority. Analysts warn that pursuing the matter there might have little impact if Trump continues to ignore multilateral trade bodies.
Hope Lies in Diplomacy and Connections
Despite the lack of direct diplomatic engagement from Nigeria’s top leadership, there may be a glimmer of hope. A recent meeting between Tinubu and Massad Boulos, a senior Trump adviser for Africa, has gained attention.
Boulos, a Lebanese-American businessman with strong ties to Nigeria, once served as CEO of SCOA Nigeria PLC. He also has personal connections to Trump — his son, Michael Boulos, is married to Trump’s daughter, Tiffany.
These ties could help Nigeria find diplomatic openings, provided they are used wisely.
“If Boulos maintains his influence with Trump and still has strong Nigerian interests, he might serve as a valuable liaison,” said an Abuja-based political strategist.
What’s Next for Nigeria’s Economy?
The big questions remain: How will Nigeria respond? Will the government present a solid economic plan? Can the country maintain its trade ties with the U.S. or find new markets?
Analysts say Nigeria needs to act fast. Diversifying export markets, boosting local manufacturing, and forming stronger regional trade ties are all on the table.
Some have called for increased engagement with the African Continental Free Trade Area (AfCFTA) and renewed efforts to build intra-African trade. Others urge the government to focus on new markets in Asia and the Middle East.
Nigeria faces a critical moment. The global economy is shifting fast, and inaction could have long-term consequences. While other nations respond with urgency, Nigeria must decide whether to lead or lag.
President Tinubu’s next steps will be closely watched — not just by Nigerians, but by the global economic community.
