The Economic Management Team (EMT), chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, convened earlier this week to assess the fiscal and economic implications of recent trade-related developments.
The meeting focused on the United States Government’s newly announced tariff measures and their potential impact on the Nigerian economy. While Nigeria’s primary export, crude oil, has not been directly affected, the EMT expressed concern over the associated decline in international oil prices.
To facilitate evidence-based policy responses, the EMT established a sub-committee to conduct an in-depth analysis of both the direct and indirect effects of the tariff actions and global commodity price fluctuations. The sub-committee comprises 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 held its inaugural meeting this week and is expected to present its findings to the EMT promptly.