Wale Edun

The federal government has moved to calm concerns surrounding the recent 14 per cent trade tariff imposed by the United States on Nigerian imports. In response, a multi-sectoral economic management team is reassessing the nation’s economic strategies to mitigate potential negative impacts on trade and fiscal performance.

The U.S. tariff, announced last week by President Donald Trump, has sent shockwaves through global markets and affected several key economic indicators—including a drop in global crude prices, now fluctuating between $65 and $67 per barrel.

Speaking in Abuja at the launch of a corporate governance scorecard for government-owned enterprises, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, assured the public that the government is proactively responding to the evolving economic landscape.

He stated that the economic team is re-evaluating budget assumptions and reviewing first-quarter projections to determine the potential effects of the new U.S. tariff regime. “We are going back to the drawing board to re-examine our budget in light of the new realities,” Edun said.

Although the 14 per cent tariff does not affect Nigeria’s oil and mineral exports—which make up a large share of the country’s earnings—non-oil exports are expected to take a hit. Edun noted that while the situation presents challenges, it may also offer opportunities.

“It’s not too bad, especially compared to countries like Vietnam facing tariffs as high as 46 per cent,” he remarked. “Nigeria can position itself as a more attractive destination for companies seeking to relocate operations due to rising costs in other regions.”

The minister highlighted Nigeria’s stable economic environment, attractive exchange rates, export potential, and large market size as key incentives for foreign investment. He also pointed out that Nigeria had long imposed a 27 per cent tariff on U.S. imports—well above the new 14 per cent U.S. tariff—suggesting room for mutual negotiation.

Meanwhile, the Ministry of Foreign Affairs echoed similar sentiments, with spokesperson Kimiebi Ebienfa emphasising that the government is evaluating all aspects of the new policy. “Tariffs are generally imposed for a range of economic and strategic reasons, including protecting domestic industries and correcting trade imbalances. Nigeria is thoroughly studying the implications and will respond in the best interest of the country,” he said.

In diplomatic circles, Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, held a virtual meeting last Friday with U.S. Deputy Secretary of State, Christopher Landau. While it was not confirmed whether the tariff issue was directly discussed, both parties emphasised their commitment to strengthening bilateral ties in key areas such as trade, technology, energy, and security.

A statement from the Ministry of Foreign Affairs affirmed that the U.S. remains committed to its partnership with Nigeria, and both sides are looking to deepen diplomatic and economic collaboration.