Nigeria’s already fragile economy could face renewed pressure if President Donald Trump implements his proposed additional tariffs on countries associated with BRICS.
Originally formed by Brazil, Russia, India, China, and South Africa, BRICS has evolved into an informal bloc representing key emerging economies. In 2024, the group expanded to include six more nations: Egypt, Ethiopia, the United Arab Emirates, Iran, Saudi Arabia, and Indonesia.
On Sunday, Trump issued a stern warning to the alliance’s 11 member states, announcing plans to slap an extra 10 percent import tariff on nations within the bloc, including economic powerhouses like Brazil, Russia, India, and China. Analysts fear such measures could further complicate Nigeria’s economic outlook in the months ahead.
“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Trump wrote on his Truth Social platform Sunday.
Nigeria is one of the countries aligning with BRICS.
Nigeria was formally admitted as the ninth BRICS partner country in January 2025, a status introduced at the 16th BRICS Summit in October 2024.
President Bola Tinubu arrived in Rio De Janeiro, Brazil, on Saturday for the 17th summit of BRICS countries.
President Tinubu is attending the summit at the invitation of President Luiz Inacio Lula da Silva of Brazil, on the strength of Nigeria’s status as a ‘partner country’ — a membership category short of full status.
As a partner country, Nigeria can participate in BRICS meetings, summits, and initiatives, contributing to discussions and official documents.
Nigeria recently secured an upgrade to partner status within BRICS, advancing from the guest status it had held for years.
Read also: BRICS Raise Strong Objections To Trump’s Trade Tariffs
However, this diplomatic milestone comes amid fresh threats from President Donald Trump, who criticised BRICS leaders after they condemned his sweeping import tariffs and recent US-backed Israeli strikes on Iran during their summit on Sunday.
In their joint declaration, BRICS nations raised alarm over the escalating use of unilateral tariff measures, warning that such actions jeopardise global economic stability.
Trump swiftly fired back on social media Sunday night, reaffirming his stance. Earlier in April, he had threatened to impose punitive tariffs on both allies and rivals, only to pause the plan temporarily after markets reacted with sharp sell-offs. He has since warned that unilateral tariffs will be enforced if trade agreements are not finalised by August 1.
For Nigeria, these global tensions add to existing economic woes. Inflation surged to 28.92 percent in December 2023 from 18.85 percent a year earlier, and climbed further to 34.2 percent by June 2024, worsening the country’s economic outlook.