In response to newly imposed trade tariffs by the United States, the Nigerian federal government has established a subcommittee to assess the potential economic implications for the country.
The move was announced in a statement released Friday by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance. According to the statement, the decision followed a meeting of the Economic Management Team (EMT), chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Though Nigeria’s top export—crude oil—is not explicitly included in the U.S. tariff list, the announcement coincides with a drop in global oil prices, prompting concerns about a possible negative impact on Nigeria’s fiscal outlook.
On April 2, U.S. President Donald Trump unveiled extensive new tariffs affecting all imports, Nigeria’s included, as part of a broader shift in trade policy. The announcement has triggered discussions among policymakers in Abuja over its potential ramifications.
Finance Minister Edun responded days later, saying Nigeria remains in a strong position to manage external shocks from global trade tensions. “Nigeria is well-positioned to withstand global trade disruptions, including the United States’ import tariffs,” Edun assured.
Manga further noted that the EMT convened earlier in the week with representatives from key ministries and government agencies to evaluate the possible effects of the new trade policies on the nation’s economy.
“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,” he stated.
The subcommittee is composed of officials from the Ministry of Finance, the Ministry of Budget and Economic Planning (including the Budget Office of the Federation), and the Central Bank of Nigeria (CBN), Manga said.
He added that the group has already held its inaugural meeting and is expected to submit a comprehensive report to the EMT in the near future.
