Revealed: What Dangote said about Donald Trump's tariff on Nigeria

• Billionaire businessman Aliko Dangote has said helium was comfy with the 14% tariff slapped connected Nigeria by the US
• Dangote disclosed that helium was disquieted astir the effect of the tariffs connected his urea export to the US, but relaxed aft seeing a heavier levy slapped connected Algeria
• Meanwhile, lipid prices person declined further, threatening Nigeria’s 2025 budget, which pegged crude costs astatine $75 per barrel

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Africa’s richest man, Aliko Dangote, said connected Thursday, May 1, 2025, that helium was good with the effect President Donald Trump’s tariffs would person connected his urea exports to the US due to the fact that a large competitor, Alegria, had been slapped with a heavier tariff.

Legit.ng earlier reported that Trump imposed a 14% tariff connected imports from Nigeria, the largest lipid exporter successful Africa, arsenic portion of his planetary commercialized measures, which helium aboriginal paused for 90 days.

President Trump slaps tariffs connected Nigeria, Dangote responds. Credit: Bloomberg/Contributor
Source: Getty Images

Dangote astatine easiness with US tariffs connected Nigeria

Dangote reportedly said during an concern league successful Lagos that his fertiliser plant, which commenced operations 3 years ago, shipped 37% of its 3 cardinal metric tonnes of urea accumulation to the US.

The Nigerian billionaire said helium was initially acrophobic astir the effect of Trump’s levy connected Nigeria.

Dangote said.

“But erstwhile I checked who we are competing with, we are competing with Algeria. So luckily for us, Algeria were slapped with 30 per cent. So it makes america a spot comfortable.”

According to a Reuters report, Dangote said helium expected revenues from the Dangote Group to turn to implicit $30 cardinal adjacent year, from $25 cardinal forecasted for 2025.

Crude lipid prices autumn to their lowest successful 4 years

Meanwhile, lipid prices person seen the biggest diminution successful astir 4 years aft Saudi Arabia disclosed plans to nutrient much and grow its marketplace share.

Nigeria’s Brent crude sold for $61.86 per barrel, portion WTI crude slipped to $58.21, the lowest since March 2021.

The autumn represents a opposition to the market’s show experienced earlier this year, erstwhile prices were astir $75 per barrel.

The displacement has upset marketplace dealers and shifted planetary commercialized dynamics aft traders positioned themselves for imaginable proviso disruptions owed to the Middle East conflicts.

In aboriginal April, Saudi Arabia moved to summation its OPEC+ accumulation successful May.

Several members of the cartel volition reportedly question an summation successful output for the 2nd period successful June arsenic they conscionable connected May 5 to sermon accumulation plans.

Nigeria’s fund is successful trouble

Experts person said that Nigeria’s 2025 fund hangs successful the equilibrium owed to the driblet successful planetary lipid prices and home crude production.

The authorities benchmarked the lipid terms astatine $75 per barrel, with a projected regular output of 2.06 cardinal barrels.

Recall that Nigeria’s crude lipid production fell steadily from 1.495 cardinal barrels per time successful January to 1.465 cardinal successful February, with much drops occurring successful March.

Aliko Dangote reacts to Trump's tariff connected Nigeria: I'm comfy with it. Credit: Bloomberg/Contributor.
Source: Getty Images

The setbacks airs a menace to Nigeria’s economical stability, arsenic lipid accounts for the country’s export net and much than fractional of government’s revenue. 

Dangote confirms readiness to conscionable Nigeria's substance supply

Legit.ng earlier reported that Dangote Group announced that its refinery had started producing 57 cardinal litres of Premium Motor Spirit (PMS), commonly known arsenic petrol, daily.

This was disclosed during a caller circuit of the refinery analyzable by a delegation from Zambia, led by the country’s Minister of Energy, Makozo Chikote, and besides Aliko Dangote, President of Dangote Industries Limited (DIL), to research a partnership.

After the tour, Dangote stated that the Dangote Petroleum Refinery has capable petrol successful retention to conscionable Nigeria's home demand.

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Proofreading by Kola Muhammed, transcript exertion astatine Legit.ng.

Source: Legit.ng