Nigeria’s Economic Management Team (EMT) is reviewing the impact of the 14% U.S. tariff on Nigerian exports. Finance Minister Wale Edun emphasized that oil and mineral exports are exempt from the tariff. The government is also focusing on ramping up oil production and enhancing corporate governance for State-Owned Enterprises (SOEs).
In light of the United States’ recent imposition of a 14% tariff on Nigerian exports, Nigeria’s Economic Management Team (EMT) has been tasked with assessing the potential economic implications and advising the federal government on available responses. Finance Minister, Wale Edun, addressed the situation during the inaugural Corporate Governance Forum in Abuja, noting that the tariff's impact would be minimal if Nigeria maintained strong oil and mineral export volumes, which are exempt from the tariff. However, he highlighted that fluctuations in global oil prices remain a significant concern.
The minister also emphasized that Nigeria had already placed a 27% tariff on U.S. exports. Despite the tariff's limited direct effect, Edun cautioned that uncertainties surrounding global trade policies could still lead to broader economic challenges, including price volatility in oil markets.
Edun outlined ongoing efforts to ramp up Nigeria's oil production to mitigate the impact of any price drops while focusing on increasing non-oil revenue through improved tax collection by the Federal Inland Revenue Service (FIRS) and Customs. Additionally, the government is prioritizing corporate governance reforms for State-Owned Enterprises (SOEs) to maximize their economic potential and drive growth.
Edun stressed that robust governance practices are essential for improving performance, especially within the power sector, where inefficiencies have hindered the potential of government-owned plants. The government is also conducting asset monetization to better align SOEs with the administration's development agenda.
