- The Economic Management Team constituted a sub-committee to assess the economic impact of the United States’ tariff on Nigeria
- The sub-committee would support the government with policies and coordinated responses aimed at stimulating economic growth
- The sub-committee is to present its findings to the Economic Management Team as soon as possible
The Federal Government has constituted a sub-committee to assess the potential economic impact of the recent tariff imposed on countries by the United States government on April 2.
This was announced after a meeting of the Economic Management Team (EMT), chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
According to a statement issued on Friday, April 11, by the Director of Information and Public Relations at the ministry, Mohammed Manga, the sub-committee is to conduct a detailed review of the direct and indirect economic impacts of emerging tariff measures and global commodity price shifts on the Nigerian economy.
The statement added that the sub-committee's findings are expected to support the government in crafting a coordinated response, helping to formulate evidence-based policies aimed at stimulating economic growth and insulating the nation from the adverse effects of the ongoing global trade tensions.
“To support evidence-based policymaking, the EMT has established a sub-committee tasked with conducting a detailed review of the direct and indirect economic impacts of both the emerging tariff measures and the global commodity price shifts.
“The sub-committee includes representatives from the Ministry of Finance, Ministry of Budget and Economic Planning (including Budget Office of the Federation), and the Central Bank of Nigeria (CBN),” the statement read.
The statement also said the sub-committee has already held its inaugural meeting and is expected to present its findings to the full EMT as soon as possible.
Sub-committee to review Nigeria’s vulnerability to global trade dynamics
The statement further noted that the EMT convened earlier in the week to assess the impact of the US tariffs and to review the fiscal and macroeconomic implications of emerging global trade dynamics.
According to the statement, the EMT noted that while Nigeria’s major export, crude oil, has not been directly targeted by the new US tariffs, the policy shift took place at a time when global oil prices crashed.
The continued fall in oil prices has raised concerns about Nigeria’s revenue projections and the performance of the 2025 budget, given that the budget was drafted against a $75 per barrel oil benchmark.
The Minister of Finance disclosed that the government plans to make adjustments and prioritisation where necessary to the budget.
Following the tariff announcement, Edun said Nigeria is insulated from the tariffs and global trade disruptions.
Nigeria considers review of N54.99 trn budget amid US tariff dispute
Meanwhile, TheRadar earlier reported that the Nigerian government has indicated that it may review its 2025 budget of N54.99 trillion in response to recent tariff actions by the President of the United States, Donald Trump, which have caused turmoil in global trade.
Wale Edun, Nigeria’s Minister of Finance, made the announcement during a press conference at the inaugural Corporate Governance Forum in Abuja, organised by the Ministry of Finance Incorporated.
