President Bola Tinubu says Nigeria’s non-oil earnings are robust enough to withstand global economic disruptions triggered by United States President Donald Trump’s policies.
The U.S. president has introduced several measures, including taxes and tariffs, which have sparked backlash worldwide.
Speaking at the Presidential Villa while receiving members of The Buhari Organisation, led by former Nasarawa State governor Tanko Al-Makura, Tinubu stated that Nigeria has already surpassed its 2024 revenue target ahead of schedule.
“We have met our revenue target for the year, and we met it in August. If non-oil revenue is going well, then we have no fear of whatever Trump is doing on the other side,” he said.
The president explained that his administration had stabilised the economy and reduced dependence on oil earnings, stressing that external pressures would not derail the country’s fiscal progress.
Trump has repeatedly called on the Organisation of Petroleum Exporting Countries (OPEC) to boost production in order to drive down oil prices.
In July, OPEC and its allies agreed to raise output by 548,000 barrels per day starting August.
In April, Trump also imposed sweeping global tariffs, including a 14 percent levy on Nigerian imports, and later signed an executive order suspending duty-free treatment for all countries under the International Emergency Economic Powers Act.
According to 2023 data from the Observatory of Economic Complexity, Nigeria exported goods worth $6.29 billion to the United States, including $4.73 billion in crude petroleum, $920 million in petroleum gas, and $167 million in nitrogenous fertilisers.
