Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the federal government is set to reassess the implications of the ongoing global tariff conflict on the country’s economy.
Speaking during the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government-Owned Enterprises (GOEs) in Abuja, Edun emphasized the importance of proactive planning in response to evolving global trade dynamics.
“For the economic management team of Mr. President and indeed his whole government, we are going back to the drawing board to look at the scenarios that may play out if the current tariff situation is prolonged,” he said.
While Nigeria’s oil exports remain unaffected — as the U.S. has excluded oil minerals from tariff sanctions — Edun noted that the country’s non-oil exports face a 14% tariff under the American tariff regime. Despite this, he highlighted that Nigeria is still in a better position than some countries, such as Vietnam, which is dealing with a 46% tariff.
“But based on our non-oil exports and based on the formula that the Americans are using, we do have a 14% tariff on our exports. But it’s a lot better than Vietnam, which has 46%,” he explained.
Edun stressed the potential for Nigeria to benefit from shifts in global production strategies, positioning the country as a favorable destination for businesses looking to relocate from heavily impacted regions.
“So we need to look at these situations and see what the opportunities are. The Nigeria of today, with a relatively stable economy and an attractive investment environment, including attractive exchange rate, is a place where if they can’t produce in Vietnam, they can come and produce in Nigeria,” he stated.
He concluded with a confident message: “We are here, we are ready, we are waiting, and we have what will be attractive to them in terms of policies, in terms of market, and in terms of export capacity.”
The government’s reassessment is expected to guide future economic strategies as Nigeria navigates the challenges and opportunities presented by the intensifying global tariff landscape.
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