Federal government has established a sub-committee to assess the potential economic effects of the recent tariff measures introduced by the United States government.
Gatekeepers News reports that this initiative was prompted by a meeting of the Economic Management Team (EMT), led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. The information was shared in a statement on Friday by Mohammed Manga, the Director of Information and Public Relations at the ministry.
On April 2, U.S. President Donald Trump announced extensive global tariffs on all imports into the U.S., which includes products from Nigeria. In response to this, Edun stated that Nigeria is well-equipped to handle the challenges posed by global trade disruptions, including the U.S. import tariffs. He indicated that plans are in place for potential adjustments to the budget and prioritization efforts as necessary.
To thoroughly evaluate the tariffs’ impact, Manga noted that the EMT convened earlier in the week alongside key ministries and agencies to analyze the fiscal and macroeconomic implications resulting from evolving global trade dynamics.
He emphasized that, while Nigeria’s primary export, crude oil, has not been directly affected by the new U.S. tariffs, the timing of this policy shift has aligned with a decline in international oil prices, raising concerns about possible revenue shortfalls and budgetary challenges.
“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,” Manga said.
“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).”
Manga also said the sub-committee has already held its inaugural meeting and is expected to present its findings to the full EMT without delay.
