The Minister of Finance has assured Nigerians that the National Economic Council will assess the potential impact of the 14% tariff recently imposed by the United States on goods exported from Nigeria and make strategic recommendations to cushion its effects on the economy.
At an event organised by the Ministry of Finance Incorporated, the minister explained that while Nigeria may feel the brunt of the move through a slump in global oil prices, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.
On April 2nd, 2025, U.S. President Donald Trump announced the imposition of a 14% tariff on all Nigerian exports to the United States, citing trade imbalances between both countries.
The development has far-reaching implications for Nigeria, including reduced competitiveness of exports, pressure on foreign exchange earnings, and rising inflation due to increased production costs.
Speaking at an event in Abuja, the Minister of Finance and Coordinating Minister of the Economy, assured that the National Economic Council will thoroughly examine the impact of the tariff and recommend measures to mitigate its effect on the Nigerian economy.
The event brought together key government officials, development partners, and heads of departments and agencies to explore ways to promote accountability and transparency through strengthened corporate governance.
It was also a platform for the unveiling of the Corporate Governance Scorecard designed to serve as a benchmark for transparency and accountability across government owned enterprises.
