Between 2019 and 2024, Nigeria introduced 64 trade-related policies, with state loans (14), trade finance (7), and state aid (7) topping the list of interventions. While these policies covered areas such as import tariffs, subsidies, and export incentives, nearly four-fifths (79.7%) were restrictive in nature, underscoring a strong tilt toward protectionism. This approach often reflected immediate economic pressures: the 2020 maize import ban aimed to boost local production but triggered price spikes, while the 2024 duty-free import window temporarily eased food costs but exposed farmers to cheap imports.
Similar patterns played out in healthcare, where Nigeria removed import duties on medical supplies in 2020 and cut tariffs on pharmaceutical inputs in 2024 to lower costs and encourage local drug production. The shifting balance between restrictive and supportive policies highlights Nigeria’s reactive trade environment, designed to address short-term shocks but creating long-term uncertainty for businesses and investors.
