The Nigerian Economic Summit Group (NESG) has called on the Federal Government to urgently review its trade strategy in response to rising global protectionism, particularly following the re-emergence of US President Donald Trump’s aggressive tariff policies.
In a new report titled “Trump’s Policy Playbook 2.0: Strategic Implications of US Reciprocal Tariffs for the Nigerian Economy and Way Forward”, the NESG warned that Nigeria’s economy could face serious headwinds unless proactive measures are taken to safeguard key sectors and trade relationships.
Trump’s April 2, 2025, announcement of a 10% baseline tax on all US imports — with higher tariffs for countries running trade surpluses — has triggered concerns over a ripple effect on global trade. The NESG report evaluates the likely fallout and outlines strategic steps Nigeria should adopt.
According to the group, Nigeria must intensify diplomatic engagement with its major trade partners and consider renegotiating key bilateral agreements. The think tank also suggested adopting a flexible tariff structure that accounts for sector-specific vulnerabilities.
The NESG warned that continued protectionist policies from the US could destabilize trade flows, especially for developing economies like Nigeria. As such, Nigeria needs to reposition its economy to secure access to vital export markets and build resilience against global trade disruptions.
The report also highlights the need to revamp Nigeria’s oil and gas sector, citing that mineral fuel imports alone account for over 30% of the country’s annual import bill. NESG urged the government to fast-track refinery rehabilitation and invest significantly in the downstream sector to reduce fuel imports, strengthen foreign exchange reserves, and ease pressure on the naira.
Further, the report emphasizes the importance of expanding Nigeria’s non-oil exports, strengthening industrial policies, and increasing participation in regional trade agreements like the African Continental Free Trade Area (AfCFTA).
Data from the National Bureau of Statistics (NBS) shows that China and India are now Nigeria’s largest import sources, accounting for a combined N20.31 trillion in 2024. The NESG notes this shift toward Eastern markets underscores the urgency of updating Nigeria’s trade strategy to reflect emerging global realities.
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