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.
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