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Nigerian Minister of Finance and Coordination Minister, Wale Edun, has underestimated the potential impact of the new 14 percent tariff imposed by the United States on Nigerian exports, stating that he will have “negligent effects” on the country’s economy.
Speaking at the inaugural Corporate Governance Forum organized by the Ministry of Finance established in Abuja, Edun acknowledged that gravity increased global tariff conflicts but emphasized Nigerian relative isolation.
“Nigerian exports to the US are N1.8TN, N2.6TN and N5.5TN in 2022-2024, respectively. Fortunately, oil and mineral exports contributed 92 percent, which implies the same oil and mineral disclosure as N5. The volume of mineral exports,” he explained, noted that oil and mineral exports, the main exports of Nigeria to the US, issued from tariffs.
He also showed a relatively relatively low rate of 14% compared to other countries. “He highlighted the relatively moderate 14 percent tariff as profitable when placed with Vietnam 46 percent and a tariff of 34 percent of China.”
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Nevertheless, Edun confirmed that “the government’s economic management team strictly monitored the global situation.” He added, “We will return to the drawing board to see our budget again, because we have to see what changes have been made in the assumptions that underlie the budget production and reality during the first quarter and even projected into the future.”
Edun also talked about Nigeria’s wider economic situation. He praised the stabilization achieved under the administration of President Tinubu Bola and outlines government changes from debt to equity and income.
“He said Nigeria increasingly shifted from funding concessions, bilateral loans, and Eurobonds to prioritize equity investment and public-private partnership. This shift aims to optimize state-owned companies and utilize the capital and private sector expertise.”
He quoted successful initiatives such as the Benin-Asaba highway concession as an example of this strategy. “Specifically, Edun quoted successful initiatives such as Highway Development and Management Initiative, which recently saw the involvement of the private sector in the Benin-Asaba highway concession, significantly reduced transportation time from four hours to one hour.”
In corporate governance, Edun stressed its importance, especially for entities such as NNPC. “In corporate governance, Edun emphasized his critical interests, especially with entities such as the Nigerian national oil company that prepared a potential first public offering.” He also highlighted Mofi’s company governance score card.
The Minister of Power, Adebayo Adelabu, echoed the importance of corporate governance reform.
“The Minister of Power, Adebayo Adelabu, illustrates the ongoing company governance reform as critical and is urgently needed for Nigerian state -owned companies, especially in the electricity sector.” He pointed to TCN’s impossibility as a positive step.
“According to him, the unbundling of the Nigerian transmission company into the Nigerian independent system operator and the transmission service provider is a significant structural reform that aims to increase transparency, clarity, and value creation.”
Shamsuddeen Usman, Chair of Mofi, discussed the purpose of the forum. “The chairman, the Board of Directors, the Ministry of Finance Incorporated, Dr. Shamsuddeen Usman, said that the forum was one of the rare public performances made by the organization to show its commitment to institutionalize company governance based on the results of the Nigerian public sector.” He explained the score card and the assessment process.
Armstrong Tangkas, Director of Implementing and CEO of Mofi, highlighted the challenges of poor government in state -owned companies. “Dr. Armstrong Tangkas, deplored poor government records among Nigerian state -owned companies, revealed that of the 52 companies in the Mofi portfolio, only 20 issued an audited financial account for the past three years.”
He also noted the impact of the delayed decision. “Catching highlights that governance failure is often not only due to ineffective decisions but also for delayed decision making or avoiding. He shows that the absence of such actions significantly affects economic growth and inhibits Nigeria’s ambitions to become the $ 1TN economy in the near future.”
He stated that the current event provides an opportunity to improve the structure of corporate governance.
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