The federal government has formed a special sub-committee to evaluate the potential economic effects of recent global tariffs announced by the United States.
This decision was made following a meeting of the Economic Management Team (EMT), chaired by Finance Minister and Coordinating Minister of the Economy, Wale Edun. The announcement was made in a statement on Friday by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance.
On April 2, US President Donald Trump announced broad new tariffs on all imports into the United States, including those from Nigeria.
In response, Minister Edun said Nigeria is well-prepared to handle global trade disruptions and is already considering budget adjustments and prioritisation if needed.
According to the statement, the EMT met earlier this week with key ministries and government agencies to discuss the possible effects of these global trade changes on Nigeria’s economy. Although the tariffs do not directly affect Nigeria’s main export, crude oil, the timing of the announcement has coincided with falling global oil prices—raising concerns about government revenue and budget stability.
To help guide the government’s decisions, a sub-committee has been set up to carry out a detailed study of the direct and indirect impacts of the US tariff measures and shifting commodity prices.
The sub-committee includes members from the Ministry of Finance, the Ministry of Budget and Economic Planning (including the Budget Office of the Federation), and the Central Bank of Nigeria (CBN). It has already held its first meeting and is expected to present its findings to the full EMT soon.