Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria is well-positioned to withstand global trade disruptions, including the new United States import tariffs.
On April 2, US President Donald Trump announced sweeping global tariffs on all imports into the country, including Nigeria.
Speaking on Monday during the corporate governance forum organised by the Ministry of Finance Incorporated (MOFI) in Abuja, Edun said while oil and minerals are exempted from the tariffs, the broader economic impact could be felt through declining oil prices
Edun stressed that Nigeria remains relatively insulated due to early reforms and a shift in economic strategy.
To mitigate potential revenue shortfalls, the minister said the government is prioritising non-oil revenue mobilisation through the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service.
He also highlighted plans for budget adjustments, expenditure prioritisation, and innovative non-debt financing strategies.
“Nigeria-US trade has been in surplus in the last three years (2022-2024),” Edun said.
“Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume.
“The adverse effect on Nigeria will be through oil price plunge, and we are intensifying efforts to ramp up crude oil production to curtail any price effect.
“We are also focusing on non-oil revenue mobilisation by FIRS and Customs.
“Budget adjustment and prioritisation where possible, and also innovative non-debt financing strategies.”
‘NIGERIA FOCUSING ON PRIVATE SECTOR-LED GROWTH’
Speaking further, the minister said Nigeria is already pivoting its economic model toward private sector-led growth, equity-based financing, and strategic asset optimisation.
According to Edun, while the government accounts for 10 percent of the gross domestic product (GDP), the private sector owns 90 percent.
He credited President Bola Tinubu’s administration with stabilising key macroeconomic indicators and laying the groundwork for sustainable growth.
“Over the last 18 to 24 months, we’ve seen clear signs of stabilisation,” Edun said.
“Inflation is easing, fuel and food prices are coming down, and GDP growth has remained steady at 3.84% in Q4 of 2024.
“These outcomes have been achieved through a disciplined combination of monetary and fiscal policies.
“Even before this retreat from a rules-based global trading system, Nigeria had pivoted to equity—away from overreliance on debt.
“We’ve accessed concessional and bilateral financing, but our focus is now on revenue generation and private sector investment.”
Highlighting projects such as the Highway Development and Management Initiative (HDMI), Edun pointed to recent partnerships that have handed over major infrastructure projects — such as the Benin-Asaba expressway — to the private sector, slashing travel time from four hours to one.
“These initiatives are not only saving costs but also attracting private capital. We’ve identified nearly 1,000 kilometres of roads ready for private funding. That’s real transformation,” he said.
He emphasised that the administration’s overarching objective is to attract investment, not just through policy rhetoric but by demonstrating corporate readiness and governance in state-owned enterprises.
The minister also confirmed that the 2025 budget already includes a provision for privatisation, which may expand depending on fiscal needs.
Looking ahead, Edun expressed confidence in Nigeria’s ability to turn global trade disruptions into opportunity.
“With a stable macroeconomic environment, a reform-focused government, and an increasingly attractive exchange rate, Nigeria is open for business,” he said.
“We invite global partners to invest and produce locally—our market is ready.”
Edun also acknowledged the role of development partners such as the World Bank and praised collaborative efforts with the private sector.
On his part, Ndiame Diop, former World Bank country director for Nigeria, said more needs to be done to improve the transparency of state-owned enterprises.
Diop, who is now the regional vice president of World Bank, said that to ensure that the federal government’s share of revenue is based on accurate financial reports, improving transparency is pivotal.
“It is also essential to ensure fairness and to build quality of how much discomfort and cost they pose for public resources,” he said.
Diop said the “full value of ongoing reforms can only be realised through strong corporate governance, driven by consistent effort and adherence to global best practices”.
On the importance of the MoFi corporate governance scorecard, Armstrong Takang, managing director (MD) of MoFI, said the aim is to offer a structured mechanism to evaluate how organisations align with both local regulatory requirements and international best practices.
Takang said the goal is to ensure enterprises operate optimally.
“We need them to be efficient, we need them to grow, and we need them to contribute substantially,” the MD said.
Takang also said corporate governance is an innovation that allows organisations be aware of what they should be doing, how they should be doing it, and how they need to be transparent, frugal, and accountable
.(The Cable)
