Hot
“Oil minerals are excluded by America from being in any way sanctioned with tariffs,” said Nigeria’s Minister of Finance, Wale Edun, amid concerns over the U.S tariff adjustments.
Nigeria’s Minister of Finance, Wale Edun, assured that the country would not be severely impacted by the United States’ decision to impose a tariff on imports from non-trade agreement nations. Speaking at the inaugural Corporate Governance Forum in Abuja, Edun stated that oil and mineral exports, which account for 92% of Nigeria’s exports to the US, are excluded from the tariff. “Oil minerals are excluded by America from being in any way sanctioned with tariffs,” he said.
Despite the 14% levy on non-oil exports, Edun downplayed concerns, noting that Nigeria’s export volume of oil and minerals significantly reduces the impact. “The tariff effect on exports is negligible if we sustain our oil and minerals export volume,” he added. Edun also highlighted ongoing reforms in state-owned enterprises (SOEs) and expressed optimism about Nigeria’s growing investment potential. “We are waiting,” he said, referring to Nigeria’s readiness to attract global manufacturers seeking alternatives to high-tariff nations like Vietnam.