FG sets up committee to assess impact of U.S. tariffs
The Federal Government has established a sub-committee under the Economic Management Team (EMT) to assess the impact of new U.S. tariffs on Nigerian exports and fluctuations in global commodity prices. The committee, chaired by Finance Minister and Coordinating Minister of the Economy, Wale Edun, aims to develop strategies that will cushion the country against potential economic shocks arising from these global changes.
The sub-committee comprises representatives from the Ministry of Finance, the Ministry of Budget and Economic Planning, the Budget Office of the Federation, and the Central Bank of Nigeria (CBN). It will evaluate the implications of the 14% tariff imposed by the United States on certain Nigerian exports, including its possible effects on demand, export costs, and Nigeria’s position in global trade.
In addition to reviewing the tariff impact, the team is tasked with analyzing the consequences of declining crude oil prices. Given that oil remains Nigeria’s main export and a key revenue source, the EMT stressed the need to examine how price volatility may affect fiscal stability, inflation, and industries dependent on oil-related inputs.
President Bola Tinubu, who is currently on a working visit to France, met with U.S. State Department Senior Advisor for Africa, Massad Boulos, in Paris to discuss regional security and expanding economic cooperation across Africa. Their talks also touched on promoting peace in the eastern Democratic Republic of Congo.
Meanwhile, Speaker of the House of Representatives, Tajudeen Abbas, has called for deeper bilateral ties with China in response to rising global trade tensions. In a meeting with the China People’s Political Consultative Conference delegation, Abbas highlighted China’s economic transformation as a model and endorsed Nigeria’s participation in China-led initiatives such as the Belt and Road Initiative.
On his part, African Development Bank (AfDB) President, Akinwumi Adesina, cautioned African countries against entering a trade war with the United States. Speaking at the 14th convocation of the National Open University of Nigeria (NOUN), Adesina emphasized the importance of strategic trade partnerships and called for the full implementation of the African Continental Free Trade Area (AfCFTA).
Adesina warned that the U.S. tariffs could destabilize African economies by weakening currencies, increasing inflation, and worsening debt burdens. He advocated for value addition to raw materials and local production as the path to sustainable development, while also celebrating AfDB’s growth under his leadership.
The EMT’s sub-committee is working with urgency to deliver its findings, which will shape the country’s economic strategy amid global uncertainty. The government hopes this evidence-based approach will ensure Nigeria remains resilient in the face of protectionist trade policies and economic shifts worldwide.
