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- There are fears that the US whitethorn prohibition definite items from Nigeria to the state arsenic retaliation
- Recent information amusement that successful the archetypal 2 months of this year, the US imported astir $643.1 cardinal worthy of goods from Nigeria
- The study indicated that crude lipid and minerals accounted for implicit 64% of the US imports from Nigeria betwixt January and February 2025
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
Following the ban connected 25 imported items from the United States of America to Nigeria, determination are beardown indications that Donald Trump’s authorities whitethorn retaliate by blacklisting much Nigerian products.
The improvement comes arsenic the state imported astir $643.1 cardinal worthy of goods from Nigeria betwixt January and February 2025 earlier the implementation of the caller tariffs by the Trump government.
Source: Getty Images
Trump slams tariffs connected Nigeria’s products
The tariffs became effectual connected April 9, 2025, and person raised concerns astir their effect connected Nigeria’s trade.
However, lipid and minerals are exempted from the tariff, which offers immoderate respite to Nigeria arsenic a cardinal exporter.
According to information from the US International Trade Commission, Nigeria’s imports connected a customs ground for February 2025 stood astatine $286.3 million, a diminution from the $423.6 cardinal recorded successful the aforesaid period past year.
The fig marked a 32.4% driblet per twelvemonth arsenic customs-based imports dipped from $951.6 cardinal successful 2024 to $643.1 cardinal successful 2025, a 32.4% drop.
Reports accidental connected a Cost, Insurance, and Freight (CIF) basis, Nigeria’s imports for February 2025 were astir $298.4 million, comparative to $436.3 cardinal successful February 2024, a 31.6% drop.
The US imports from Nigeria increase
Yearly, CIF-based imports dropped from $979.6 cardinal successful 2024 to $666.3 cardinal successful 2025, showing a 32% dip.
The Customs-based import for US commercialized represents the worth of goods astatine introduction into constituent into the country, but costs connected security and freight, portion the CIF ground is the full worth of goods, on with the security and shipping costs needed to present the products.
Despite the driblet successful imports, Nigeria’s commercialized equilibrium connected customs imports for February improved, expanding to $187.2 cardinal from $77.3 cardinal successful February 2024.
The fig is simply a 142.2% uptick. Yearly, the commercialized equilibrium moved from a shortage of $158.8 cardinal successful 2024 to a surplus of $44.3 cardinal successful 2025, marking a betterment of 127.9%.
The full commercialized betwixt the US and Nigeria for the archetypal 2 months of this twelvemonth was astatine astir $1.33 billion, including import and export values, indicating the commercialized relations betwixt the 2 countries.
Punch reports that Nigeria’s exports connected a home and overseas Free Alongside Ship (FAS) ground deed $473.6 cardinal successful February 2025, down from $501 cardinal successful February 2024, a 5.5% decline.
Nigeria and the US grounds mixed commercialized figures
On a year-to-date basis, FAS-based exports dipped from $792.8 cardinal successful 2024 to $687.4 million, marking a 13.3% drop.
Checks amusement that the US recorded a commercialized shortage against Nigeria successful February this year.
Information from the US Trade successful Goods study revealed that the US had a shortage of $143 cardinal successful January but recorded a surplus of $187 cardinal successful February.
The study indicated that Nigeria’s exports to the US accrued successful February to $474 cardinal comparative to $214 cardinal successful January.
The was a marked summation of $121.5%. Yearly, Nigeria’s exports to the US deed $687 cardinal successful January, a 19.9% decrease.
The US recorded a shortage arsenic imports from Nigeria surpassed exports. However, successful February, accrued exports and little imports led to a surplus.
The US imported crude lipid estimated astatine $413.57 cardinal from Nigeria successful the archetypal 2 months of this year.
Crude lipid contributed 64.31% of the full imports from Nigeria to the US, which stood astatine $666.3 cardinal successful the archetypal 2 months of the year.
In February this year, the crude lipid measurement imported from Nigeria to the US was astir 1.8 cardinal barrels valued astatine $142.2 million.
The fig was a driblet from January 2025, which was astir 3.5 cardinal barrels astatine $272.4 million.
Reports accidental the year-to-date customs worth of crude lipid imports from Nigeria was astir $413.6 cardinal arsenic of February 2025.
The information disclosed that per month, the customs worth of imports successful February was little than successful January.
Total import of crude from Nigeria declines
The CIF worth of crude imports from Nigeria to the US was astir $146.2 cardinal successful February, comparative to $278 cardinal successful January.
The aggregate CIF worth for the archetypal 2 months of 2025 stood astatine $424.4 million, with the monthly investigation showing a 47.4% driblet successful CIF worth betwixt January and February.
Source: Getty Images
Analysts accidental that portion lipid and mineral exports are exempted from Trump’s tariffs, cultivation goods whitethorn look accrued contention and higher costs.
While lipid and mineral exports stay exempted from the caller tariffs, analysts person expressed concerns astir the imaginable interaction connected different sectors.
Dangote Refinery exports substance to the US
Legit.ng earlier reported that the Dangote refinery has exported 1.7 cardinal barrels of pitchy substance to the United States.
According to ship-tracking work Kpler, this shipment arrived astatine the United States ports connected Monday.
Further information from Kpler indicates that different vessel, the Hafnia Andromeda, is scheduled to dock astatine the Everglades terminal by March 29, carrying astir 348,000 barrels of pitchy fuel.
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Source: Legit.ng
