FG Establishes Sub-Committee to Assess Impact of Trump Tariffs
The Federal Government is reviewing the possible effects of the unfolding international tariff regimes and shifts in global commodity prices.
The Economic Management Team (EMT) chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has inaugurated a sub-committee to handle the assignment sparked by the US imposition of a 14 percent tariff on certain Nigerian exports.
Goods from other countries are also attracting a wide range of tariffs.
Amidst the tariffs uproar, President Bola Tinubu who is currently on a working visit to France, yesterday met in Paris with the US State Department Senior Advisor for Africa Massad Boulos.
Top on the agenda of their meeting were expanding economic cooperation across Africa, and regional security, including working together with partners to build a durable peace in eastern Democratic Republic of Congo (DRC).
Simultaneously, House of Representatives Speaker Tajudeen Abbas canvassed a stronger bilateral relationship between Nigeria and China as a viable option for Nigeria on account of the ongoing global trade war.
The EMT sub-committee is made up of representatives of 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).
It will assess the impact of the U.S. tariffs on Nigerian exports, including investigating the potential for reduced demand for Nigerian goods in the U.S. market, increased costs for exporters, and broader consequences for value chains connected to these goods. In addition, the team will examine how these tariffs might affect Nigeria’s position in global trade.
Besides, the sub-committee will evaluate the implications of fluctuating global commodity prices, with particular focus on crude oil. As Nigeria’s leading export and a major contributor to public revenue, movements in oil prices hold significant implications for the country’s fiscal health.
The committee will study both the direct effect on revenue streams from crude exports and the knock-on effects across other sectors of the economy—such as inflation, fuel prices, and manufacturing activities dependent on imported inputs.
The overarching objective for setting up the sub-committee is to provide the EMT with detailed, data-backed analysis that will support timely and informed policymaking. The review is expected to serve as the foundation for targeted strategies that shield the economy from external shocks and maximize any emerging opportunities.
The Ministry of Finance said in Abuja that the sub-committee held its inaugural meeting earlier this week and is working under a tight timeline to present its findings to the full EMT.
During the EMT session convened by Mr. Edun, participants from key ministries and economic agencies analyzed the economic implications of the policy shifts, especially those relating to international trade. The meeting focused specifically on the new tariff measures by the United States and the accompanying downward trend in global crude oil prices.
While Nigeria’s crude oil has not been directly targeted by the U.S trade action, the EMT noted that the overall impact on the global trade environment, coupled with the fall in oil prices, required urgent and sustained analysis.
The work of the sub-committee is expected to influence the next phase of Nigeria’s economic strategy. With ongoing global uncertainties—from geopolitical tensions to protectionist trade policies—the EMT appears to be reinforcing its commitment to responsive and evidence-based economic planning.
The review exercise also signals an important step in anticipating and adapting to shifts in the global economy. By identifying risks and pinpointing areas for policy intervention, the EMT aims to keep Nigeria on a steady economic course in the face of international turbulence.
Tinubu Meets Trump’s Envoy in Paris
The Paris meeting, according to the US Mission, explored expanding economic cooperation across Africa, as part of efforts to deepen trade, investment, and development ties on the continent.
“State Department Senior Advisor for Africa Massad Boulos met with President Tinubu on Thursday to discuss regional security, including working together with partners to build a durable peace in eastern DRC,” the U.S. Mission said in a statement shared yesterday by Presidential spokesman, Bayo Onanuga on his X handle.
“They also discussed expanding opportunities for economic cooperation throughout Africa,” it added.
The meeting comes at a time when Nigeria is working to reposition itself as a hub for investment and economic growth on the continent.
Although details of the economic discussions were not disclosed, analysts said the meeting was a pointer to US interest in engaging with African leaders on development-focused diplomacy, with Nigeria seen as a critical anchor in West Africa.
President Tinubu has been in Paris since Wednesday, April 2, undertaking a short working visit aimed at reviewing his administration’s midterm performance and setting strategic priorities for the next phase of his tenure.
Abbas Seeks Stronger Ties With China Option
Speaker Abbas told a visiting delegation of the China People’s Political Consultative Conference (CPPCC) in his office yesterday that it was imperative for Nigeria to diversify its trade partnerships in view of the recent imposition of tariffs by the United States “that have affected our non-oil exports.”
“In this regard, Nigeria is equally enthusiastic about deepening cooperation through platforms such as the Belt and Road Initiative and the Forum on China-Africa Cooperation. These initiatives provide promising avenues for expanding trade, fostering investment, and promoting knowledge exchange,” he said.
Continuing, the HoR Speaker said Nigeria found in China’s remarkable economic transformation “a model of inspiration, particularly in the areas of industrial policy, poverty reduction and technological innovation.”
The National Assembly, according to him, is dedicated to building enduring institutional ties with key Chinese legislative bodies, including the China People’s Political Consultative Conference and the National People’s Congress.
He said this collaboration would enable mutual learning on legislative reforms, effective constituency representation, and democratic innovation.
Speaker Abbas said the results of China’s recent ‘Two Sessions’, with their focus on inclusive development, scientific advancement, and environmental sustainability, presented substantial common ground for both nations.
He reaffirmed the resolve of the House to the “noble pursuit of parliamentary diplomacy”, while noting that the legislative endeavours of the parliament remains pivotal in supporting Nigeria’s foreign policy objectives.
He said, “by further strengthening our cooperation with China, we are better positioned to attain our shared aspirations for modernisation, peace, and prosperity.”
Earlier, the Vice-Chairman of the CPPCC, Mr. Hu Chunhua, recalled that President Tinubu visited China last September, where the host president and the visiting president announced strategic partnerships.
“China stands ready to work with Nigeria on the agreements signed by the two presidents and resolutions of the Beijing Conference,” Chunhua said, while expressing the commitment of his country to prioritising issues of common interests between China and Nigeria.
Adesina Seeks Trade Negotiation With US
African Development Bank Group (AfDB) President Akinwumi Adesina yesterday cautioned against engaging in a tariff war with the United States.
He asked African nations to prioritize strategic trade and investment partnerships instead.
Adesina spoke while delivering the 14th convocation lecture of the National Open University of Nigeria (NOUN) with the theme “Advancing Africa’s Positioning Within Global Development And Geopolitical Dynamics.”
Adesina and House Representatives Speaker Tajudeen Abbas are scheduled to receive honorary doctorate degrees of the institution today.
While Abbas will be conferred with the Honorary Doctorate Degree of Doctor of Business Administration (D.B.A.) (Honoris Causa), Adesina will be conferred with the Honorary Doctorate Degree of Doctor of Humane Letters (L.H.D.) (Honoris Causa).
The AfDB president warned that the new U.S. tariffs could send shockwaves through African economies, weaken local currencies, increase inflation, and raise debt servicing costs.
According to him, Africa’s trade with the U.S. is minimal, noting that making a trade war with the country was unwise.
Adesina also emphasised the urgency of fully operationalising the African Continental Free Trade Area (AfCFTA), promoting local production and regional trade.
“Africa must end the export of raw materials. That path leads to poverty. The path to wealth lies in value addition,” he said.
Reiterating institutional achievements under his leadership, Adesina said the AfDB’s general capital increased from $93 billion in 2015 to $318 billion in 2024.
He said AfDB, during his time, was twice ranked the most transparent financial institution in the world.
According to him, the African Development Fund, its concessional arm, is now ranked second globally outperforming all OECD bilateral donors.
“With pride, I leave behind a transformed, world-class institution, ready to help Africa navigate a complex global landscape,” Adesina said.
He commended the African Union’s inclusion in the G20 and South Africa hosting the G20 Summit for the first time, calling them “important markers of Africa’s growing voice on the global stage”.
As Adesina prepares to conclude his decade-long tenure later this year, he said that Africa must chart its future through self-reliance, sound policies, and strategic alliances.
The AfDB president said that with vision, political will, and a mindset shift, Africa would not only survive, but thrive in the face of global uncertainties.
