U.S. to expand American investment in Nigeria – Presidency

The announcement, made on Sunday, comes amid the recent imposition of a 14% tariff on Nigerian exports by the administration of U.S. President Donald Trump. 

Mr. Bayo Onanuga, the President’s spokesman, highlighted in a statement on Sunday that Nigeria, Africa, and the U.S. are set to develop a strategic economic and security partnership following President Tinubu’s meeting with Mr. Massad Boulos, U.S. Senior Advisor for Africa, on Thursday in Paris, France. 

 “The U.S. State Department representative conveyed President Trump’s strong interest in deepening direct engagement with Nigeria as a cornerstone of U.S. relations with Africa. 

 “The U.S. wanted to work closely with President Tinubu to expand American investment in Nigeria and Africa, support energy and infrastructure development, and align trade and job creation efforts. 

 “Both sides discussed actionable support and shared their perspectives on regional peace, particularly in the eastern Democratic Republic of Congo (DRC) and across the Sahel,” Onanuga stated, as reported by NAN. 

U.S. President Donald Trump recently imposed a global tariff on all U.S. trading partners, in what he dubbed “Liberation Day.” 

The decision sent global markets into a tailspin as foreign investors sold off assets due to fears of heightened uncertainty and potential retaliatory tariffs. 

In response, China retaliated with a 34% tariff on all U.S. imports into the country. 

The United States also imposed a 14% tariff on Nigerian exports, citing Nigeria’s trade surplus with the U.S. 

Based on Trump’s stated policy, this should have warranted a 28% tariff, but Nigeria received what Trump called a “concessionary” 14% rate. 

While the tariffs are not expected to significantly affect Nigeria’s overall trade position with the U.S., the impact may be more pronounced in the crude oil sector. Nigeria relies heavily on crude oil to bolster its foreign currency earnings and generally prefers higher oil prices. 

Recently, the Federal Government set up a subcommittee to thoroughly evaluate the potential economic impact of the new U.S. tariff measures, particularly considering the indirect effects on Nigeria’s fiscal position and developments in the global oil market.