The federal government has set up a subcommittee to evaluate the potential economic impact of the recent trade tariff by the United States government.
A Friday statement issued by the director of information and public relations at the ministry, Mohammed Manga, said the decision came after a meeting of the Economic Management Team (EMT), chaired by Wale Edun, minister of finance and coordinating minister of the economy.
While Nigeria’s main export – crude oil – is not directly targeted by the new US tariffs, these policy changes have happened at the same time as falling international oil prices. This timing raises concerns about possible pressure on Nigeria’s revenue and budget.
On April 2, US President Donald Trump announced sweeping global tariffs on all imports into the country, including Nigeria.
A few days later, Edun said Nigeria is well-positioned to withstand global trade disruptions, including the United States’ import tariffs.
Manga explained that the EMT held a meeting earlier this week with important ministries and agencies to examine how these new trade policies might affect Nigeria’s economy and finances.
“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 the budget office of the Federation), and the Central Bank of Nigeria (CBN).”
Manga added that the sub-committee has already held its first meeting and will present its findings to the full EMT soon.
