…Oduwole in positive mood, expresses confidence tax will spur Nigeria’s economic renaissance
By Dele Ogbodo
In what has sent countries to their drawing board on the raging trade war spurted by Donald Trump, U.S President, Nigeria’s Economic Management Team (EMT), Chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has convened a meeting ostensibly for a ‘rescue mission’ to stave off the impact of the coming higher tariff on the country’s export.
Mohammed Manga, the Director, Information and Public Relations Strategist at the Ministry, in a statement he wired to EXTRAORDINAIRE.COM, from the Ministry’s news feeds/chats, said the meeting was convened earlier this week with participation from key ministries and agencies to assess the fiscal and economic implications of recent trade-related developments.
Recall that Nigeria’s exports to the United States over the last 2 years hover between $5 to 6 billion annually.
A larger chunk of that comprises crude petroleum, mineral fuels, oils, and gas products. The second-largest export category, accounting for approximately 2–3%, includes fertilizers and urea, followed by lead, representing around 1% of total exports (valued at approx $82 million).
Nigeria is also exporter of agricultural products like live plants, flour, and nuts, which account for less than 2% of our total exports to that country.
“While oil has long dominated Nigeria’s exports to the US, non-oil products—many previously exempt under AGOA—now face potential disruption.” She said.
Manga, reiterated that of particular focus was the recent announcements of tariff measures by the U.S and their potential impact on Renewed Hope Agenda reform that President Bola Tinubu Administration is driving.
He said: “While crude oil—Nigeria’s major export—has not been directly targeted, 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.
“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 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.”
Recall also that the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, on Sunday had reacted swiftly though expressing positivity and confidence that the U.S tariff will spur Nigeria’s economic resilience and export diversification.
She acknowledged that while these developments will potentially impact global trade negatively, under the Tinubu and the Renewed Hope Agenda, Nigeria remains firmly committed to building economic resilience and accelerating export diversification.
Oduwole, said: “The Federal Government of Nigeria considers the United States a valued trade and investment partner, bound by shared values and mutual economic interests.
