April 11, (THEWILL) – The Federal Government has inaugurated a sub-committee to assess the economic implications of the recent tariff measures announced by the United States government and the evolving global price landscape.
This was disclosed in a statement on Friday by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance. According to the statement, the decision emerged from a meeting of the Economic Management Team (EMT) presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Former U.S. President Donald Trump, who recently re-emerged on the political scene, had imposed a 14 per cent tariff on Nigerian exports to the United States, arguing that while the U.S. pays 27 per cent on its exports to Nigeria, the current arrangement was unfair to American trade interests.
However, the Trump campaign later revised the tariff to a uniform 10 per cent for all countries—excluding China—citing efforts to create a balanced global trade environment.
Reacting to the development, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, had warned earlier in the week that the U.S. tariff hike could significantly distort trade relations and erode the competitiveness of Nigerian goods, especially in sectors heavily reliant on access to the American market.
While Nigeria’s crude oil exports are not directly affected by the U.S. tariff adjustments, the Federal Government has expressed concern about the broader macroeconomic risks tied to global commodity price fluctuations.
Manga stated, “The EMT convened to review the fiscal and economic ramifications of ongoing developments in the global trade environment, including the U.S. tariffs and declining oil prices.
“To ensure evidence-based policymaking, a sub-committee has been established to conduct a comprehensive analysis of both the direct and indirect economic consequences of the emerging global trade measures and commodity market volatility.”
According to the Ministry of Finance, the sub-committee comprises 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).
The committee is expected to present its findings in the coming weeks to guide the Federal Government’s response to these unfolding economic challenges.
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