Economic Hemorrhage: Nigeria Sheds ₦1tn in Export Revenue Under New Trump Tariffs

Nigeria’s trade relationship with the United States has undergone a dramatic and costly reversal. According to the latest Foreign Trade Statistics from the National Bureau of Statistics (NBS), Nigeria’s once-enviable trade surplus has collapsed into a staggering ₦3.15 trillion deficit in the first nine months of 2025.

The shift marks a violent departure from 2024, where Nigeria enjoyed a ₦1.57 trillion surplus with the U.S. market. The primary catalyst appears to be the White House’s “reciprocal” tariff regime. In August 2025, an executive order raised duties on Nigerian exports from 14% to 15%, specifically targeting non-oil goods such as cocoa, urea, and rubber.

While exports to the U.S. plunged 20.5% (a loss of ₦941 billion), American imports into Nigeria surged by 125%, hitting ₦6.80 trillion. Analysts note that while the U.S. has largely exempted Nigerian crude oil from these tariffs, the uncertainty has “chilled” the non-oil sector, leading the U.S. to drop out of Nigeria’s top five export destinations by the end of Q3 2025.