Aliko Dangote, Chairman of the Dangote Group, has said that the recent tariff measures introduced by U.S. President Donald Trump may benefit his company’s urea exports to the United States, especially in light of penalties targeting competing Algerian producers.

Speaking during an investment conference in Lagos focused on Dangote Fertiliser, which began commercial operations in 2022, Dangote revealed that initial concerns over a 14% tariff imposed on Nigerian imports had given way to cautious optimism after Algeria—Nigeria’s main competitor in nitrogen-based fertilisers—was hit with a higher 30% tariff.

“But when I checked who we were competing with, we are competing with Algeria. So luckily for us, Algeria were slapped with 30%,” Reuters quoted Dangote as saying. “So it makes us a bit comfortable.”

The 14% tariff on Nigerian imports, part of a broader set of trade measures rolled out by Trump and later paused for 90 days, had initially raised alarms for Nigerian exporters. Nigeria is also Africa’s largest oil exporter to the U.S., adding to the economic stakes of the decision.

Dangote Fertiliser currently exports 37% of its 3 million metric tonnes of annual urea production to the U.S. market. With Algerian shipments now disadvantaged by the new duties, the path may open wider for Nigerian exports.

Dangote also provided an update on his group’s financial outlook, projecting that revenues would increase from the current $25 billion projection for 2025 to over $30 billion by next year, citing growth in both fertilizer and petroleum segments of the business.