FG Sets Up Sub-committee To Review Impact Of U.S. Tariffs

The federal government has established a sub-committee within the Economic Management Team (EMT) to assess the economic effects of international tariff policies and changes in global commodity prices.

Headed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the EMT initiated this effort in response to recent trade policy shifts, including a 14 percent tariff imposed by the United States on certain Nigerian exports.

This development has sparked concerns among Nigeria’s policy and trade communities regarding the potential burden on local exporters and the wider economy. The sub-committee includes 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 assigned a twofold mandate to steer the nation’s response to these global changes.

The first component of the sub-committee’s task involves examining the ramifications of the U.S. tariff decision. The team will analyze the expected decline in demand for Nigerian exports in the U.S. market, increasing costs for exporters, and the ripple effects on related industries. It will also evaluate how these trade barriers might impact Nigeria’s position in the global marketplace.

The second priority is the instability in global commodity prices, particularly crude oil. As Nigeria’s main export and a critical revenue source, fluctuations in oil prices carry significant consequences for national finances. The committee will investigate how declining oil prices could affect government revenues, domestic inflation, energy costs, and industries dependent on imported materials.

The Ministry of Finance reported that the sub-committee convened its first meeting earlier this week and has been directed to submit its findings swiftly. The results of this review are expected to equip the EMT with detailed, data-driven insights to inform future policy decisions.

At a recent EMT meeting led by Mr. Edun, attendees from key economic ministries and agencies discussed the latest global developments, including the U.S. tariff imposition and the drop in crude oil prices. Although Nigerian crude oil exports have not been directly affected by new tariffs, the EMT underscored the wider implications of the changing global trade landscape.

The sub-committee’s findings are expected to play a pivotal role in shaping the next stage of Nigeria’s economic strategy. In an era characterized by global uncertainties, including geopolitical tensions and growing protectionism, the EMT is strengthening its commitment to flexible, evidence-based economic planning.

This review effort reflects a forward-thinking approach by the federal government to pinpoint vulnerabilities and develop policies that protect the economy while seeking new opportunities for growth amid evolving global conditions.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli