The Centre for the Promotion of Private Enterprise, CPPE, has explained that United States of America President Donald Trump’s tough immigration policy, suspension of US International Development Agency intervention and others have negatively impacted Nigerian economy.
The Chief Executive Officer of CPPE, Dr Muda Yusuf, disclosed this in a statement on Sunday, titled ‘Trump Effect on Nigerian Economy’.
News360 Info reports that upon the inauguration of Trump as the 47th US president on January 20, 2025, he has signed several executive orders, including declaring national emergencies on illegal immigrants.
“Diaspora remittances may be affected by the current immigration policy of the Trump administration. The United States has a huge number of diaspora Nigerians, estimated at 500,000, many of whom may be affected by the current immigration policy on documentation,” CPPE stated.
Also, CPPE said that Trump’s presidency would impact energy prices, trade relations due to tariff imposition, economic diplomacy, macroeconomic stability, donor funding suspension, and capital flows.
“Heightened prospects of a drop in oil prices would negatively impact government revenue and foreign exchange earnings. This has implications for the outlook for revenue, fiscal deficit, government debt, and exchange rate. The current budget benchmark of $75 per barrel may not stand in the circumstances.
“The value of USAID intervention in Nigeria in 2023 was $1.02 billion. The main areas of intervention were in health, especially HIV/AIDS, water and sanitation, education, maternal and child care, and disease prevention.
“They also have programmes to promote democracy and improve governance transparency”, CPPE added.
