Despite the recent imposition of a 14% tariff by the United States on select Nigerian exports, the country’s economic outlook remains largely unaffected, according to Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Speaking at a corporate governance summit in Abuja on Monday, Edun downplayed fears of a trade setback, stating that Nigeria’s key exports, oil and minerals, were not impacted by the measure. With these sectors making up the vast majority of trade with the US, the minister argued that the tariff’s effect would be minimal.
“Non-oil exports represent only a fraction of our trade with the United States,” Edun explained, adding that the scale of Nigeria’s oil-related exports, valued in trillions of naira, effectively shields the economy from any serious disruption.
Nonetheless, Edun said the federal government was reassessing its fiscal assumptions for the year, given shifting global conditions. He revealed that the economic management team would be revisiting the national budget to align with the realities of the first quarter and projections ahead.
As Nigeria pushes to reduce its debt burden, Edun emphasised the administration’s strategy of turning to equity investment and public-private partnerships to fund development. Highlighting recent progress, he pointed to improved road infrastructure outcomes, such as the Benin–Asaba highway concession that dramatically cut travel time.
