By Adewale Sanyaolu with agency reports
Billionaire businessman and President of Dangote Industries Limited, Alhaji Aliko Dangote said on Thursday he was “comfortable” with the impact President Donald Trump’s tariffs would have on his urea exports to the U.S. because major competitor, Algeria had been slapped with a higher levy.
Trump imposed a 14 per cent tariff on imports from Nigeria, Africa’s largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days.
Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37 per cent of its 3 million metric tonnes of urea production to the United States.
He said he was initially worried by Trump’s tariff on Nigeria, which also exports crude to the U.S.
“But when I checked who we are really competing with, we are competing with Algeria. So luckily for us Algeria were slapped with 30 per cent,” said Dangote. “So it actually makes us a bit comfortable.”
Dangote, who built Africa’s largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25 billion projected in 2025.
In April, Trump announced a sweeping tariff regime that imposes a baseline 10 per cent duty on all U.S. imports while introducing country-specific reciprocal tariffs targeting nations with higher duties on American goods.
Among the countries affected was Nigeria, whose exports to the U.S. will now face a 14 per cent tariff, a move driven by the Trump administration’s assertion that Nigeria imposes a 27 per cent duty on American imports.
The announcement, made during a White House event dubbed “Liberation Day,” marks a historic departure from the free-trade principles that have shaped global commerce since World War II.
Trump framed the policy as the beginning of a new era of “fair trade,” vowing to fortify America’s industrial base while compelling foreign markets to open up to U.S. products.
“This is one of the most important days in American history,” he declared.
“We will supercharge our domestic industrial base, we will pry open foreign markets, and break down foreign trade barriers.”
But, the Managing Director of Access Bank Plc, Roosevelt Ogbonna, recently described the ripple effects of United States President, Donald Trump’s trade tariffs as a “blessing in disguise” for Africa, saying they present a unique opportunity for the continent to deepen economic integration and unlock the full potential of African Continental Free Trade Agreement (AfCFTA).
Speaking at a media parley in Lagos, Ogbonna said the shifting dynamics of global trade should inspire African nations to look inward and collaborate more effectively across borders.
“We need to take advantage of the Trump tariffs.
“We can deepen intra-African trade. We can create an African economic union, without necessarily creating one by an Act of Parliament”, he said.
He emphasised the importance of investing in African financial institutions to drive the continent’s development agenda. “Let your investments be with African banks so they grow,” Ogbonna urged, just as he pushed for stronger financial institutions that would fuel the growth of homegrown industries and enhance regional cooperation.