What Does Trump Have to Do with Your Business?
You may be thinking, “Trump is all the way in America—how does that affect me here in Nigeria?” Fair question. But here’s the thing: global policies have a way of trickling down, even when we don’t see it immediately.
A stronger U.S. dollar, shifts in trade policies, and changes in immigration laws may not seem like your problem right now, but they could soon impact how much you pay for goods, how easy it is to do business internationally, and even the confidence investors have in Nigeria.
For small business owners, these changes could mean higher prices for imported goods, tighter access to foreign funding, and a generally tougher business environment. But beyond the challenges, there are smart ways to stay ahead and position yourself for opportunities.
Let’s break it down.
1. The Naira May Get Weaker – What Should You Do?
Trump’s policies have a history of strengthening the U.S. dollar, and when the dollar gets stronger, the naira often struggles. This means that if you rely on imported goods, raw materials, or even just follow global market prices, you might start paying more for the same things soon.
What You Can Do:
- Source Locally: Start looking for Nigerian-made alternatives to reduce dependence on imports.
- Stock Up Smartly: If you buy in dollars, consider securing stock before further currency swings.
- Explore Dollar Accounts: If you deal with international clients, earning in dollars can be a smart move to hedge against naira fluctuations.
2. Import and Trade Costs May Rise – How Do You Prepare?
If Trump pushes stricter trade policies, even though Nigeria may not be a direct target, global supply chains could be affected. This could mean higher costs for imported goods, slower shipping times, and overall more expensive business operations for those who depend on foreign suppliers.
What You Can Do:
- Review Your Supply Chain: If you import, explore alternative suppliers or negotiate better bulk pricing now.
- Look at Regional Markets: Consider buying from African countries that have easier trade agreements with Nigeria.
- Adjust Your Pricing Strategy: If costs rise, plan ahead so you’re not suddenly forced to hike prices in a way that scares off customers.
3. Getting Foreign Funding May Get Tougher – What Are Your Options?
Trump has historically reduced foreign aid and made it harder for U.S.-backed funds to flow into developing countries. If this happens again, loans, grants, and investments that many Nigerian businesses depend on might shrink.
What You Can Do:
- Tap into Local Funding: Explore Nigerian grants, angel investors, and financial institutions.
- Look at Private Investors: Not all funding comes from governments. Private equity and venture capital are still available for solid business ideas.
- Strengthen Your Business Documentation: Investors (local or foreign) prefer businesses with clear records, proper registration, and structured financials—start fixing that now.
4. Travel and International Expansion Could Get Harder – What’s Your Plan B?
If U.S. immigration policies tighten, it may become harder to travel for business, attend trade shows, or expand to U.S. markets. For entrepreneurs who rely on foreign business trips or plan to open international branches, this could be a setback.
What You Can Do:
- Leverage Digital Channels: You don’t need to travel to build an international presence. Use e-commerce, online meetings, and social media to connect with global partners.
- Explore Other International Markets: The U.S. is not the only option—Africa, Europe, and Asia all have opportunities for Nigerian businesses.
- Build Stronger Local Networks: Sometimes, the best growth opportunities are right here in Nigeria—focus on scaling locally while keeping an eye on international expansion.
The Bottom Line: Stay Ready, Stay Smart
Right now, you may not feel the impact of Trump’s policies, but it’s always the smart entrepreneurs who prepare ahead.
- If the naira weakens, are you financially prepared?
- If import costs rise, do you have alternatives?
- If funding tightens, is your business in good financial shape?
- If travel gets harder, can you still grow using digital tools?
The business world is always shifting, and those who adapt early are the ones who stay ahead.
