Nigerian economy at risk from U.S. tariffs, global market moves – Akpan Ekpo

U.S. trade tariffs, changes in global oil markets, and other international economic moves could trigger severe shocks for Nigeria’s fragile economy, warns Prof. Akpan H. Ekpo, a renowned economist and former Vice-Chancellor of the University of Uyo.

Speaking on Arise TV’s The Morning Show on Wednesday, Prof. Ekpo, a former director-general of the Nigerian Economic Society, warned that Nigeria’s economic fragility stems from its overdependence on crude oil exports and a weak industrial base. He urged the federal government to embark on urgent reforms to create a resilient, industrialized economy capable of withstanding global headwinds.

“Any economic reform made by the United States will affect Nigeria because we don’t have a strong economy. Unlike countries like China, which have built diversified economies, Nigeria remains exposed,” he said.

Ekpo, who also served as Director-General of the West African Institute for Financial and Economic Management (WAIFEM), pointed to recent global developments — including the U.S. push to boost domestic oil output, diplomatic pressure on OPEC to raise production, and possible lifting of sanctions on Russia — as factors that could push global crude prices down and slash Nigeria’s earnings.

He also flagged the impact of new U.S. trade measures, noting that former President Donald Trump recently announced a 15% tariff on Nigerian imports as part of fresh restrictions.

“These global moves could trigger significant shocks for Nigeria if proactive measures are not taken,” he cautioned.

The economist dismissed official claims that the economy is performing well, questioning the data behind such assertions. He said Nigeria has been in stagflation — stagnant growth combined with high inflation — since 2012, and must urgently prioritize production in agriculture, manufacturing, and other key sectors.

Ekpo further warned about Nigeria’s rising debt profile.

“We must think about the future. Those borrowing today will not be the ones to pay the debt. We need to control borrowing and channel revenue into industrialization, not keep borrowing to service debt and fund politicians,” he said.