Finance Minister and Coordinating Minister of the Economy, Wale Edun, says the Federal Government is reassessing economic strategies to cushion the impact of the ongoing global tariff war. Speaking at the MOFI Corporate Governance Forum in Abuja, Edun highlighted that while Nigeria’s oil exports remain exempt from U.S. sanctions, non-oil exports face a 14% tariff—less severe than countries like Vietnam, which face 46%.
Edun noted this could be a silver lining for Nigeria, presenting an opportunity to attract manufacturers seeking alternatives to high-tariff regions. He said Nigeria’s stable economy, favorable exchange rate, and investor-friendly policies could position it as an ideal hub for production and exports.
The minister also emphasized the urgent need for government-owned enterprises like NNPC to adopt world-class corporate governance standards ahead of potential IPOs. He launched a performance scorecard for GOEs, aimed at boosting transparency and accountability.
Highlighting the broader strategy, Edun stressed that the administration is focused on “crowding in” private capital to fund critical infrastructure projects, leveraging public-private partnerships in sectors like roads, power, and digital services.
World Bank officials present urged more transparency from GOEs, pointing out that only half had published financials, despite modest improvements.
