Financial expert Dr. Muda Yusuf has weighed in on the 12.5 percent import tariff recently introduced by the United States under the Trump administration. The levies were applied to Nigeria and various other nations due to claims regarding non-compliance with forced labor regulations.
Dr. Yusuf, the former Director-General of the Lagos Chamber of Commerce and Industry, suggests that the economic fallout for Nigeria will likely be contained. He notes that the vast majority of Nigeria’s exports to the U.S.—specifically crude oil, liquefied natural gas, and other petroleum goods—are exempt from these charges. Since these energy products represent over 80 percent of Nigeria’s trade with the U.S., most of the country’s export volume remains untouched.
Furthermore, the U.S. is not the primary trade partner for Nigeria. Data from the first quarter of 2026 indicates that the U.S. received only 5.56 percent of Nigeria’s total exports, placing it fifth behind nations such as India, France, the Netherlands, and Spain. While specific manufacturers and agricultural exporters might see a dip in competitiveness, Dr. Yusuf maintains that the overall impact on foreign exchange earnings and the broader economy will be minor.
