Nigeria’s fragile economy could face renewed strain if the United States President, Donald Trump, implements his latest threat of imposing a 10 per cent tariff on countries aligning with the BRICS coalition.
Naijaonpoint reports that Trump, who has intensified his trade rhetoric ahead of the US elections, warned on Sunday via his Truth Social platform that any nation supporting BRICS’ “anti-American” policies would face an extra import levy. “There will be no exceptions to this policy,” he declared.
Nigeria formally became a BRICS partner country in January 2025 and has since participated in meetings and initiatives under the emerging economies bloc.
President Bola Tinubu arrived in Rio de Janeiro on Saturday for the 17th BRICS Summit at the invitation of Brazilian President Luiz Inácio Lula da Silva, marking Nigeria’s continued engagement as a partner nation in the expanded BRICS framework.
The grouping, originally formed by Brazil, Russia, India, China, and South Africa, now includes six additional countries, Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia, and the United Arab Emirates, admitted in 2024.
Though Nigeria’s membership is still short of full status, the country is actively contributing to high-level dialogues, policy framing, and summit declarations.
On Sunday, BRICS nations jointly condemned “indiscriminate” import tariffs, warning that such measures could destabilise the global economy. The coalition also criticised recent Israeli-US airstrikes on Iran, further escalating tensions with Washington.
Naijaonpoint understands that Nigeria, Africa’s largest economy, remains heavily dependent on crude oil, with petroleum accounting for over 90 per cent of its exports to the US.
While Nigeria contributes only a small fraction to the overall trade volume of the US, any added tariff, particularly on non-oil exports, could stifle efforts at diversification and slow economic growth.
Since 2023, Nigeria’s economy has been battling rising inflation, currency instability, and the fallout from major reforms, including the removal of fuel subsidies and the adoption of a floating exchange rate.
Headline inflation surged from 18.85 per cent in 2022 to 34.2 per cent in mid-2024, before easing to 27.5 per cent by mid-2025, according to the Central Bank of Nigeria (CBN).
Despite the slight relief, consumer prices remain elevated, and unemployment continues to cast a shadow over hopes for recovery. The CBN’s Monetary Policy Committee has retained interest rates in recent meetings to curb inflation.
GDP growth has averaged just 2.3 per cent in the last decade, below the population growth rate, sparking concerns about rising poverty and inequality.