Nigeria Exploring Opportunities Amid Trump’s Tariffs – Finance Minister Edun

Nigeria’s Minister of Finance, Wale Edun, has revealed that the Economic Management Team is analyzing potential advantages Nigeria could gain from the recent tariffs imposed by U.S. President Donald Trump on various countries.

On April 2, 2025, Trump announced broad tariffs affecting all imports into the U.S., including those from Nigeria.

Speaking at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government-Owned Enterprises (GOEs) in Abuja on Monday, Edun addressed how Nigeria is responding to the new U.S. trade policies. The event also featured the official unveiling of the GOEs’ Scorecard, a MOFI-led initiative aimed at evaluating and rating GOEs based on specific criteria.

At a post-event press briefing, Edun said the Nigerian government is reassessing its strategy to identify possible benefits from the tariff situation that has caused concern globally.

He explained, “President Tinubu’s Economic Management Team is revisiting strategic plans to anticipate outcomes if the tariff situation persists. While oil exports are unaffected—since the U.S. has excluded oil and minerals from tariffs—our non-oil exports face a 14% tariff. However, this is significantly better compared to countries like Vietnam, which is hit with a 46% tariff.”

Edun suggested that this scenario may present Nigeria as a viable alternative for manufacturing and investment. “With our relatively stable economy, favorable exchange rate, and investor-friendly policies, Nigeria could attract companies seeking alternatives to high-tariff countries like Vietnam,” he said. “We are prepared and positioned to welcome such opportunities.”

He also emphasized that strong corporate governance is crucial for attracting investment into government-owned enterprises.

MOFI’s Managing Director, Dr. Armstrong Takang, in his remarks, highlighted the importance of GOEs globally, noting their role in delivering essential services, fostering economic growth, and reducing poverty.

Describing MOFI as the custodian of Nigeria’s public wealth, Takang stated that the organization manages a broad portfolio across sectors such as energy, infrastructure, finance, manufacturing, agriculture, and digital services. He added that MOFI holds majority stakes in over half of its 50+ portfolio companies and is actively engaging with GOE boards to implement policies that enhance value—unlike its previous passive approach that led to asset underperformance.

According to Takang, MOFI is leading reforms in the GOE sector by setting benchmarks, influencing stakeholders, and positioning Nigeria’s GOEs as innovation hubs that can drive competitiveness and attract private sector partnerships.