The Federal Government has set up a sub-committee to study the impacts of President Donald Trump‘s tariffs on the nation’s economy.
Naija News reported that President Trump imposed a 14 percent tariff on goods from Nigeria into the United States.
In response, the Economic Management Team (EMT), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, convened a meeting with participation from key ministries and agencies to assess the fiscal and economic implications of recent trade-related developments.
According to a statement on Friday from the Ministry’s spokesman, Mohammed Manga, of particular focus was the recent announcements of tariff measures by the United States Government and their potential impact on Nigeria’s economy.
“While crude oil, Nigeria’s major export, has not been directly targeted, the EMT noted the accompanying fall in the international oil price.
“To support evidence-based policymaking, the EMT 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,” it read.
The sub-committee included 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 (CBN)
The sub-committee also held its inaugural meeting this week and will ensure it presents its findings to the full EMT without delay.
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