Saturday, April 12, 2025 - The federal government has inaugurated a sub-committee under the Economic Management Team (EMT) to review the economic impact of international tariff regimes and fluctuations in global commodity prices.
Chaired by the Minister of Finance and Coordinating Minister of the
Economy, Mr. Wale Edun, the EMT launched the initiative in response to recent
trade policy changes, including a 14 percent tariff imposed by the United
States on selected Nigerian exports.
The development has raised concerns within Nigeria’s policy and trade
circles over the potential strain on local exporters and the broader economy.
The sub-committee is composed of representatives from the Federal Ministry of
Finance, the Ministry of Budget and Economic Planning, the Budget Office of the
Federation, and the Central Bank of Nigeria (CBN). It has been given a dual
mandate to guide the country’s response to these global shifts.
The first part of the sub-committee’s assignment involves analyzing the
consequences of the U.S. tariff decision. The team will evaluate the likely
reduction in demand for Nigerian exports in the U.S. market, rising costs for
exporters, and the downstream impact on related industries. It will also assess
how these trade restrictions could alter Nigeria’s standing in the global
market.
The second focus is the volatility in global commodity prices,
particularly crude oil. As Nigeria’s primary export and a key revenue source,
oil price movements pose significant implications for national finances. The
committee will examine how falling oil prices might influence government
revenues, domestic inflation, energy costs, and sectors reliant on imported
materials.
The Ministry of Finance noted that the sub-committee held its inaugural
meeting earlier this week and has been tasked with delivering its findings
promptly. The outcome of this review is expected to provide the EMT with
comprehensive, data-driven insights to shape future policy.
During a recent EMT meeting chaired by Mr. Edun, participants from major
economic ministries and agencies reviewed the latest international
developments, including the U.S. tariff imposition and the decline in crude oil
prices. While Nigerian crude oil exports have not been directly targeted by new
tariffs, the EMT emphasized the broader implications of the evolving global
trade environment.
The findings of the sub-committee are anticipated to play a central role
in defining the next phase of Nigeria’s economic strategy. In a period marked
by global uncertainties, including geopolitical tensions and rising
protectionism, the EMT is reinforcing its commitment to adaptive,
evidence-based economic planning.
This review initiative marks a proactive effort by the federal government
to identify vulnerabilities and design policies that safeguard the economy
while exploring new avenues for growth amid shifting global conditions.
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