Trump Imposes 14% Tariff on Nigeria’s Export to the United States of America

Sunday 6th April 2025

I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.

Donald Trump, the President of the United States, has announced a 10% base tariff on all US imports. It accompanies more severe, country-specific reciprocal tariffs targeted at countries that impose higher duties on American goods. It is a broad move that has the potential to reshape international trade.

In contrast to the 27% US government claims it receives from Nigeria, Nigerian exports to the US will be subject to a 14% tariff.

According to NBS, Nigeria's trade with the United States totalled N31.1 trillion over ten years, from 2015 to 2024. In the trading period, Nigeria imported N16.4 trillion, or 8.7% of its total exports worldwide.

Depositors of Heritage Bank to Receive First Tranche of Liquidation Dividends in April

According to the Nigeria Deposit Insurance Corporation (NDIC), depositors at the now-defunct Heritage Bank who have balances above the N5 million insurance cap will start getting partial refunds in April.

Customers with large balances at the lender experienced months of uncertainty due to the development.

On June 3, 2024, the Central Bank of Nigeria (CBN) cancelled Heritage Bank's banking licence due to financial problems. Following Sections 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023, the NDIC was designated as the liquidator.

Hawwau Gambo, the NDIC's Acting Head of Communication and Public Affairs, signed a statement on Sunday confirming the recovery of the bank's assets and that the first tranche of liquidation dividends would start next month.

CBN Denies Fake Circular Introducing N5,000 and N10,000 Notes

The Central Bank of Nigeria (CBN) denies a circular claiming the introduction of two new denominations—the N5,000 and N10,000 notes— to go into circulation on May 1st 2025.

The apex bank, in a statement released through its official handle on X (formerly Twitter), clarified that the alleged circular in circulation on WhatsApp was untrue.

The viral circular falsely attributed to the CBN stated;

“The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management.”

MRS to Delist from NGX

After a strong fiscal year in 2024, MRS Oil Nigeria Plc has declared its intention to voluntarily delist its shares from the Nigerian Exchange Limited (NGX).

The company reported a 62.2% year-over-year growth in profit after tax of N6.49 billion and a 71.2% increase in revenue to N312.2 billion.

At a June 25, 2024, Extraordinary General Meeting (EGM), shareholders approved the delisting decision.

The change plans to lower the expenses related to keeping a listing on the NGX and give the business more operational flexibility.

To make trading easier for potential investors, MRS Oil plans to list its shares on the NASD OTC Securities Exchange after delisting.

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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.