Nigeria regulates the committee to assess the impact of US tariffs

The federal government has formed sub-communities to evaluate the potential economic impact of the recent tariff steps announced by the United States government.

This decision, according to a statement issued by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, was taken after the meeting of the Economic Management Team (EMT) which was chaired by the Minister of Finance and the Minister of Economic Coordination, Wale Edun.

On April 2, 2025, US President Donald Trump announced a global tariff that sweeps all imports to the country, including imports from Nigeria.

A few days later, Edun said Nigeria had a good position to withstand global trade disorders, including US import rates.

He said the plan was ongoing for the possibility of budget adjustments and priorities if possible.

To assess the impact of tariffs, Manga said EMT gathered at the beginning of the week with the ministries and major institutions to review the fiscal and macro economic implications of the dynamics of global trade that emerged.

Also read: US Tariffs have an impact “can be ignored” on Nigerian exports, said Edun

Sub-communities include representatives from the Federal Ministry of Finance, the Ministry of Budget and Economic Planning (including the Federation Budget Office), and the Central Bank Nigeria Nigeria (CBN).

He said EMT noted that while Nigeria’s main exports, crude oil, had not been directly targeted by new US tariffs, policy shifts coincided with the decline in international oil prices, increasing concerns about the potential for income and budget pressure.

Manga said: “To support evidence-based policy making, EMT has formed a sub-comity in charge of conducting a detailed review of the direct and indirect economic impact of the two tariff steps that emerged and changes in global commodity prices.

“Sub-communities include representatives from the Ministry of Finance, the Ministry of Budget and Economic Planning, (including the Federation Budget Office), and the Nigerian Central Bank (CBN).”

He said the sub-commity had held his inaugural meeting and was expected to present his findings to the full EMT without delay.

By: Babajide Okeowo

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