Nigeria’s Economic Management Team (EMT) has convened a meeting earlier this week with participation from key ministries and agencies to assess the fiscal and economic implications of recent trade-related developments.
A press release from the Ministry of Finance disclosed that of particular focus was the recent announcements of tariff measures by the United States President, Donald Trump, and their potential impact on Nigeria’s economy.
While crude oil—Nigeria’s major export—has not been directly targeted, the EMT, which is chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, 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.
