Minister of Finance Wale Edun, has disclosed that the Economic Management Team is examining ways Nigeria can benefit from the global trade shakeup caused by tariffs imposed by U.S. President Donald Trump.
Trump had on April 2, 2025, announced sweeping tariffs on all imports into the United States, including goods from Nigeria, triggering widespread concern among trading nations.
Speaking on Monday at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government Owned Enterprises (GOEs) in Abuja, Edun addressed the matter during a post-event media briefing.
He explained that the government is actively analyzing the implications of the tariffs and is determined to identify potential opportunities for the Nigerian economy.
“We are exploring how Nigeria can turn this development into an advantage, rather than a setback,” Edun said. “Our Economic Management Team is engaged in strategic discussions to understand the ripple effects and how to align our policies to benefit from them.”
The MOFI forum also featured the launch of the GOEs’ Scorecard — a new initiative designed to evaluate and rate Government Owned Enterprises based on a set of governance and performance criteria. The scorecard aims to drive transparency, accountability, and improved efficiency across the public sector.
He said:
“For the Economic Management Team of Mr. President and for indeed his whole government, we are going back to the drawing board to look at the scenarios that may play out if the current tariff situation is prolonged.
“For Nigeria, in terms of exports, it’s not too bad because oil minerals are excluded by America from being in any way sanctioned with tariffs. But based on our non-oil exports and based on the formula that the Americans are using, we do have a 14% tariff on our exports. But it’s a lot better than Vietnam, which has 46%.
“So we need to look at these situations and see what the opportunities are. The Nigeria of today, with a relatively stable economy and an attractive investment environment, including attractive exchange rate, is a place where if they can’t produce in Vietnam, they can come and produce in Nigeria.
“We are here, we are ready, we are waiting, and we have what will be attractive to them in terms of policies, in terms of market, and in terms of export capacity.”
Edun emphasized the importance of proper governance and innovation in positioning Nigeria to navigate and potentially benefit from global economic shifts.
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cc: Daily Post Ng
