Amid growing concerns over new US import tariffs, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured that the country is well-positioned to weather global trade disruptions — thanks to early reforms and a strategic pivot toward non-oil revenue and private sector investment.
Speaking at the Corporate Governance Forum organized by the Ministry of Finance Incorporated (MoFI) in Abuja on Monday, Edun acknowledged that while oil and mineral exports are exempt from the sweeping tariffs announced by US President Donald Trump on April 2, the real threat lies in potential oil price drops — a concern the federal government is proactively addressing.
“Nigeria-US trade has recorded a surplus over the last three years. The direct impact on exports is minimal if we maintain our oil and mineral volumes,” Edun said. “But we are keeping an eye on the ripple effects, especially any downward pressure on oil prices.”
To buffer potential revenue shortfalls, Edun outlined a multi-pronged approach: ramping up crude oil production, accelerating non-oil revenue efforts via FIRS and Customs, and implementing budget adjustments along with innovative, non-debt financing strategies.
Edun highlighted a major shift in Nigeria’s economic model — moving away from government-led growth and toward private sector-led development, equity financing, and asset optimisation.
“Government only accounts for about 10 percent of GDP. The private sector holds the remaining 90 percent,” he noted. “So, our focus is to enable that sector to thrive.”
He credited President Bola Tinubu’s administration with stabilising key macroeconomic indicators: inflation slowing, fuel and food prices easing, and GDP growth holding at 3.84% in Q4 2024.
“These outcomes stem from disciplined monetary and fiscal coordination. Nigeria is no longer overly reliant on debt — we are now focused on generating revenue and leveraging private capital,” Edun added.
He cited infrastructure projects like the Highway Development and Management Initiative (HDMI) — notably the Benin-Asaba expressway, which now sees reduced travel time from four hours to one — as examples of the new approach in action.
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“We’ve mapped nearly 1,000km of roads ready for private sector investment. That’s the transformation we’re pursuing,” Edun said, revealing that the 2025 budget already includes a privatisation component that could expand depending on fiscal realities.
Expressing confidence in Nigeria’s resilience, Edun extended an invitation to global investors: “With a stable macroeconomic environment, reform-minded leadership, and a competitive exchange rate, Nigeria is open for business.”
He praised development partners like the World Bank and stressed the importance of building investor confidence through sound corporate governance in state-owned enterprises.
Former World Bank Country Director for Nigeria, Ndiame Diop, echoed that sentiment, stating that improved transparency in public enterprises is critical to ensure accountability and maximise revenue returns to the government.
“The real value of these ongoing reforms will only be felt if supported by strong governance and consistent global best practices,” Diop said.
Armstrong Takang, MD of MoFI, underscored the role of the MoFI Corporate Governance Scorecard in ensuring that public enterprises align with both Nigerian regulations and global standards.
“Our focus is on helping them operate efficiently, grow sustainably, and make meaningful contributions to the economy,” Takang said.
With trade dynamics shifting globally, Nigeria appears poised not just to survive — but to leverage the moment for deeper reforms, greater transparency, and a new era of private-sector-led growth.