The Economic Management Team (EMT), Chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has set up a sub-committee to conduct a detailed review of the potential impact of the tariff announced recently by the United States Government on Nigeria’s economy.
The EMT established the sub-committee during a meeting it held earlier this week.
Join our WhatsApp ChannelAccording to a statement by Mohammed Manga, Director, Information and Public Relations, Ministry of Finance, key ministries and agencies participated in the meeting to assess the fiscal and economic implications of recent trade-related developments, particularly the tariff measures and their potential impact on Nigeria’s economy.
READ ALSO: Concerns About Trump’s New Tariff Collasping AGOA: The Way Forward
The statement said while crude oil—Nigeria’s major export—has not been directly targeted, with the tariff, “the EMT noted the accompanying fall in the international oil price.”
“To support evidence-based policymaking, the EMT has established a sub-committee tasked with conducting a detailed review of the direct and indirect economic impacts of both the emerging tariff measures and the global commodity price shifts.
READ ALSO: China Imposes 125% Tariffs On U.S. Goods In Retaliatory Move
“The sub-committee includes representatives from the Federal Ministry of Finance, the Ministry of Budget and Economic Planning (including the Budget Office of the Federation), and the Central Bank of Nigeria (CBN).
“The sub-committee also held its inaugural meeting this week and will ensure it presents its findings to the full EMT without delay,” the statement added.
Prime Business Africa had reported that the U.S. President, Donald Trump, last week announced sweeping trade tariffs on goods imported into the country from different nations. It imposed 14 per cent tariff on Nigeria.
Following concerns the U.S. trade policy generated, Trump on Wednesday, announced a 90-day pause but excluded China which had retaliated and is currently embroiled with it in a trade war.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
