Finance Minister Wale Edun says the Federal Government plans to strengthen non-oil revenue streams to cushion the effects of US trade tariffs, particularly the 14 per cent duty recently imposed on Nigerian exports.
Speaking at a Corporate Governance Forum hosted by the Ministry of Finance Incorporated (MOFI) on Monday, April 7, Edun explained that the government was monitoring the potential fallout of these tariffs, introduced by President Donald Trump’s administration.
He noted that the Economic Management Team (EMT) would meet to analyse the impact of the new tariffs and advise on strategies to mitigate economic disruptions.
Edun acknowledged that Nigeria’s major concern isn’t the tariff itself but a possible drop in oil prices, which would significantly affect government revenue.
“Therefore, it’s the price effect, the oil price effect that may affect Nigeria. And it is the job and responsibility of the economic management team of President Bola Ahmed Tinubu, amongst others, to look at the various scenarios that might play out,” he said.
He added, “There’s global uncertainty at a huge level, so nobody knows exactly what will happen—the announcement that has been made. We’re not sure what will be delayed, what will be reversed, or what will be implemented.
“So, it is not an announcement that the budget is being reviewed. It’s an announcement that it is our responsibility to look at the various scenarios and options and advise government accordingly.”
Edun noted that the US government had announced exemptions for mineral exports, including oil, on April 2, reducing the direct impact of the tariffs on Nigeria’s main export.
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According to him, Nigeria enjoyed a trade surplus with the US from 2022 to 2024, with exports reaching ₦1.8 trillion, ₦2.6 trillion, and ₦5.5 trillion, respectively.
“Nigeria’s exports to the US were ₦1.8 trillion, ₦2.6 trillion and ₦5.5 trillion in 2022-2024, respectively. Fortunately, oil and mineral exports accounted for 92 per cent. Implying oil and minerals exports amounted to ₦5.08 trillion in value while non-oil was just ₦0.44 trillion.
“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. 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 and innovative non-debt financing strategies,” he said.
On MOFI’s role in promoting good corporate governance, Edun stressed its importance in driving stability, investor confidence, and economic sustainability—especially within State-Owned Enterprises (SOEs).
“The interplay between economic performance and corporate governance is neither incidental nor superficial. Instead, it constitutes the bedrock for establishing sustainable development, investors’ confidence, and institutional integrity,” he said.
He observed that SOEs hold significant roles in sectors such as energy, infrastructure, telecoms, and finance, yet are often hindered by inefficiencies and weak governance.
“However, their potential to drive economic expansion, job creation, and industrial growth has often been constrained by inefficiencies, poor financial stewardship, and, in some instances, governance deficiencies,” he said.