The President of the African Development Bank (AfDB), Akinwumi Adesina, has issued a stark warning about the economic impact of U.S. tariffs on African nations. Speaking at the National Open University of Nigeria in Abuja, Adesina cautioned that a wave of tariffs imposed by the United States could send “shock waves” through African economies.
These tariffs, particularly the ongoing 10-percent levy on all countries and higher duties on Chinese imports, threaten to disrupt global trade and harm African nations. The AfDB president emphasized that the new tariffs could weaken local currencies and reduce foreign exchange earnings across the continent.
Adesina outlined the broader consequences, including rising inflation as the cost of imported goods climbs, and the devaluation of African currencies against the U.S. dollar. This will increase the burden of debt servicing, further straining government revenues.
The AfDB leader also warned that the fallout from these tariffs would ripple through the global economy, with reduced trade between Africa and other regions, particularly Europe and Asia. As nations pivot to alternative trade partners, such as China, African nations may find themselves struggling with decreased demand for their goods.
With many African countries already grappling with the effects of lower foreign aid and rising migration pressures, the AfDB’s warning signals a challenging road ahead for the continent’s economic stability.