The Nigerian economy is reeling from the global shockwaves triggered by former U.S. President Donald Trump’s 14% tariff policy, which has led to a downturn in global markets and intensified concerns over Nigeria’s 2025 revenue prospects.
On Monday, stock markets around the world plunged—FTSE 100 fell 4.4%, S&P 500 dropped 4.7%, and the Nigerian Exchange lost N659 billion—while the naira slumped to a record low of N1,612.23 per dollar.
Experts warn that falling oil prices, currency depreciation, and weakened investor confidence could derail Nigeria’s fiscal targets. Brent crude dropped to $65 per barrel, pushing pressure on Nigeria’s oil-dependent revenues.
Despite reassurances from Finance Minister Wale Edun—who downplayed the direct impact of the tariff on Nigeria’s $9 billion US trade—economists say the consequences are already evident. CEO of SD&D Capital, Gbolade Idakolo, stressed that the tariffs would slash dollar inflows, weaken the naira, and disrupt key exports like oil and fertilizer.
Lead City University’s Prof. Godwin Oyedokun urged a coordinated government response, including budget adjustments, economic diversification, and renewed trade alliances. Prof. Segun Ajibola described the situation as a wake-up call for Nigeria to reassess its overreliance on limited trading partners and push for deeper intra-African trade through AfCFTA.
Dr. Muda Yusuf of CPPE added that the tariff could worsen Nigeria’s macroeconomic outlook, increase inflation, and spark further currency instability unless diplomatic trade negotiations are initiated.
