By Emmanuel Kwada
In a strategic move to mitigate the economic fallout from recent tariffs imposed by the Trump administration, Nigeria’s Minister of Finance, Wale Edun, has announced plans to enhance non-oil revenue streams. The Federal Government is set to convene its Economic Management Team (EMT) to evaluate the potential impacts of a 14 percent tariff on Nigerian exports to the United States.
The tariffs, which range from 10 to 65 percent for various countries, could pose significant challenges for Nigeria, particularly given its reliance on oil exports, which account for 92 percent of its trade with the U.S.
In a statement made during the Ministry of Finance’s Corporate Governance Forum in Abuja, Nigeria, on Monday, April 7, 2025, Edun emphasized the government’s commitment to ramping up oil production while simultaneously diversifying the economy to reduce dependence on oil revenues.
The EMT will closely analyze the evolving trade landscape with the U.S. and develop actionable recommendations to navigate these challenges
“While the immediate effects of the tariffs may be felt through a plunge in oil prices, we are intensifying our efforts to boost non-oil revenue,” Edun stated. He indicated that the EMT will closely analyze the evolving trade landscape with the U.S. and develop actionable recommendations to navigate these challenges.
The minister highlighted Nigeria’s recent trade surplus with the U.S., which saw exports soar from N1.8 trillion in 2022 to N5.5 trillion in 2024. However, he cautioned that maintaining this momentum hinges on sustaining oil and mineral export volumes amid global economic uncertainties.
The tariff effect on exports is negligible if we sustain our oil and minerals export volume
“The tariff effect on exports is negligible if we sustain our oil and minerals export volume,” Edun noted, while underscoring the importance of innovative financing strategies and budget adjustments to bolster economic resilience.
As the global trade environment remains volatile, Edun called for a renewed focus on corporate governance within state-owned enterprises (SOEs), which play a vital role in key sectors such as energy and telecommunications. He emphasized that improving governance structures within these entities is crucial for fostering sustainable economic growth and investor confidence.
