Federal government has set up a subcommittee to evaluate the potential economic impact of the recent trade tariff by the United States government.
A statement issued on Friday by the director of information and public relations, Mohammed Manga, said the decision came after a meeting of the Economic Management Team, chaired by Wale Edun, minister of finance and coordinating minister of the economy.
While Nigeria’s main export – crude oil – is not directly targeted by the new US tariffs, these policy changes have happened at the same time as falling international oil prices. This timing raises concerns about possible pressure on Nigeria’s revenue and budget.
On April second, US President Donald Trump announced sweeping global tariffs on all imports into the country, including Nigeria and few days later, Edun said Nigeria is well-positioned to withstand global trade disruptions, including the United States’ import tariffs.
Manga explained that the EMT held a meeting earlier this week with important ministries and agencies to examine how these new trade policies might affect Nigeria’s economy and finances.
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