Finance Minister Wale Edun says the Federal Authorities plans to strengthen non-oil income streams to cushion the consequences of US commerce tariffs, notably the 14 per cent obligation not too long ago imposed on Nigerian exports.
Talking at a Company Governance Discussion board hosted by the Ministry of Finance Included (MOFI) on Monday, April 7, Edun defined that the federal government was monitoring the potential fallout of those tariffs, launched by President Donald Trump’s administration.
He famous that the {Economic} Administration Group (EMT) would meet to analyse the influence of the brand new tariffs and advise on methods to mitigate {economic} disruptions.
Edun acknowledged that Nigeria’s main concern isn’t the tariff itself however a attainable drop in oil costs, which might considerably have an effect on authorities income.
“Subsequently, it’s the value impact, the oil worth impact which will have an effect on Nigeria. And it’s the job and duty of the {economic} administration staff of President Bola Ahmed Tinubu, amongst others, to have a look at the varied eventualities which may play out,” he stated.
He added, “There’s world uncertainty at an enormous stage, so no person is aware of precisely what is going to occur—the announcement that has been made. We’re unsure what might be delayed, what might be reversed, or what might be applied.
“So, it’s not an announcement that the price range is being reviewed. It’s an announcement that it’s our duty to have a look at the varied eventualities and choices and advise authorities accordingly.”
Edun famous that the US authorities had introduced exemptions for mineral exports, together with oil, on April 2, lowering the direct influence of the tariffs on Nigeria’s fundamental export.
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In response to him, Nigeria loved a commerce surplus with the US from 2022 to 2024, with exports reaching ₦1.8 trillion, ₦2.6 trillion, and ₦5.5 trillion, respectively.
“Nigeria’s exports to the US had been ₦1.8 trillion, ₦2.6 trillion and ₦5.5 trillion in 2022-2024, respectively. Happily, oil and mineral exports accounted for 92 per cent. Implying oil and minerals exports amounted to ₦5.08 trillion in worth whereas non-oil was simply ₦0.44 trillion.
“Consequently, the tariff impact on exports is negligible if we maintain our oil and minerals export quantity.
“The hostile impact on Nigeria might be by means of oil worth plunge. We’re intensifying efforts to ramp up crude oil manufacturing to curtail any worth impact.
“We’re additionally specializing in non-oil income mobilisation by FIRS and Customs, price range adjustment and prioritisation the place attainable, and likewise and revolutionary non-debt financing methods,” he stated.
On MOFI’s function in selling good company governance, Edun careworn its significance in driving stability, investor confidence, and {economic} sustainability—particularly inside State-Owned Enterprises (SOEs).
“The interaction between {economic} efficiency and company governance is neither incidental nor superficial. As a substitute, it constitutes the bedrock for establishing sustainable improvement, buyers’ confidence, and institutional integrity,” he stated.
He noticed that SOEs maintain vital roles in sectors equivalent to vitality, infrastructure, telecoms, and finance, but are sometimes hindered by inefficiencies and weak governance.
“Nevertheless, their potential to drive {economic} enlargement, job creation, and industrial development has usually been constrained by inefficiencies, poor {financial} stewardship, and, in some situations, governance deficiencies,” he stated.
