Nigeria’s Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, has played down concerns over a new 14 percent tariff imposed by the United States on Nigerian exports, describing its likely economic impact as minimal.
Addressing stakeholders at the inaugural Corporate Governance Forum convened by the Ministry of Finance Incorporated in Abuja on Monday, Mr Edun noted that the new levy excludes Nigeria’s principal exports to the US; oil and mineral products, leaving the broader economy relatively shielded.
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While acknowledging the shifting global trade environment, the minister drew comparisons with other countries affected by similar measures, pointing out that Nigeria’s 14 percent tariff stands well below the 46 percent and 34 percent imposed on Vietnamese and Chinese exports respectively.
According to him, the country’s economic management team continues to monitor developments closely, amid broader efforts to fortify Nigeria’s external trade position and macroeconomic stability.
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