President Trump Slams 14% Tariff On Imports From Nigeria In A Global Blitz

President Trump slams 14% tariff on imports from Nigeria in a global blitz. On Wednesday evening, United States President Donald Trump announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
According to 2023 data published by Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion to US.

The main exports were crude petroleum ($4.73  billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
Over the past five years, according to OEC, Nigeria’s exports to the US have increased at an annualised rate of 1.59 percent,  from $5.81 billion in 2018 to $6.29 billion in 2023.

Stocks had closed higher before Trump’s announcement but later buckled under the weight of the new order, disrupting business decisions and raising fears of a global trade war.

Trump said he was optimistic the numbers would improve, maintaining that the decision was critical for America’s restoration as the world’s sole superpower. After delivering his speech, Trump signed the decision as an executive order.

The executive order imposes a “baseline” 10 percent tariff on all imports as well as individualised reciprocal tariff rates on over 60 countries.

President Trump

He told foreign leaders “who will soon be calling to ask for exemptions from these tariffs” to drop theirs first.
Parts of the order had different implementation timelines, with some beginning as early as in a few hours. “Effective at midnight, we will impose a 25-percent tariff on all foreign-made automobiles,” Trump noted.

The “baseline” 10 percent tariff would start on April 5, while higher rates on various partners would begin on April 9.

According to the US government, Nigeria charges 27 percent tariffs to the US. The report included currency manipulation and trade barriers as contributors to the amount. In retaliation, Trump imposed a 14 percent retaliatory tariff on Nigeria.

Countries like China and Mexico already grappling with previously imposed tariffs were hit with additional rates.

World Bank Approves Nigeria’s $1.13bn Loan Request

World Bank approves Nigeria’s $1.13bn loan request. The World Bank says a total of $1.13 billion loan request from Nigeria has been approved.

According to details from the bank’s website on Wednesday, three different financing requests were approved in March, for projects targeting quality education, household and community resilience, and improved nutrition.

The World Bank said $80 million was approved for the ‘Accelerating Nutrition Results in Nigeria 2.0’ project, and $552 million for the ‘HOPE for Quality Basic Education for All programme’, on March 31.

Further checks by TheCable showed that on March 28, the lender also approved a $500 million loan for Nigeria’s ‘Community Action for Resilience and Economic Stimulus Programme’.

On February 28, the federal government said it was expecting to receive new loans from the World Bank, totalling $2.2 billion in 2025.

According to the Washington-based financial institution’s project list, the $2.2 billion will cut across six different projects.

The multilateral lender gave Nigeria $1.5 billion in 2024 for a number of significant development initiatives meant to strengthen the country’s ability to mobilise resources and maintain economic stability.

World Bank Approves

Nigeria’s loan exposure from the World Bank’s International Development Association (IDA) reportedly rose to $17.1 billion as at September 30, 2024.

According to the IDA’s financial statement for September 2024, Nigeria maintained the third spot in its top 10 borrowers’ list.

Although Nigeria’s exposure dropped to $16.8 billion as at December 31, 2024, the West African nation retained its position as the third-largest debtor to the World Bank’s IDA.

CBN Denies Introducing N5,000, N10,000 Banknotes

CBN denies introducing N5,000, N10,000 banknotes. The Central Bank of Nigeria (CBN) has dismissed circulating social media claims regarding plans to introduce ₦5,000 and ₦10,000 banknotes. The bank firmly described these rumours as false and misleading.

The Central Bank of Nigeria (CBN) has dismissed claims that it has introduced new N5,000 and N10,000 notes, labeling the reports as false.
CBN REFUTES ₦5,000 AND ₦10,000 BANKNOTE RUMOURS.

Recent images and videos showing these purported high-value notes sparked public speculation. However, the CBN has issued an official statement categorically denying such plans. Nigerians are urged to disregard this misinformation and rely on official channels for trustworthy updates.

CBN Denies Introducing N5,000

This is not the first time rumours of new denominations have surfaced. A proposed ₦5,000 note in 2012 faced major opposition and was abandoned. Similarly, a video in 2020 falsely claimed the existence of ₦2,000 and ₦5,000 notes. This was debunked by the CBN and fact-checkers.

Committed to its mandate of ensuring monetary and price stability, the CBN remains focused on its mission. The public is advised to verify currency-related information through credible sources to avoid being misled by unverified social media posts.

For reliable updates, stay tuned to official communications from the CBN.