News Update
THE federal government has set up a subcommittee to evaluate the potential economic impact of the recent trade tariffs by the United States government.
This move follows a directive from the Economic Management Team (EMT), chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Though Nigeria’s crude oil exports were not directly targeted by the tariffs, concerns have risen over the drop in global oil prices—now below Nigeria’s fiscal breakeven of $60 per barrel. The EMT noted that this could pose risks to the country’s current account balance and the value of the naira.
The subcommittee, which includes representatives from the Finance Ministry, Budget Office, Economic Planning Ministry, and the Central Bank of Nigeria, will conduct a thorough analysis and present findings promptly.
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Global financial experts, including JP Morgan, have warned that the US trade measures and broader economic uncertainties could deter foreign investments in Nigeria. The Nigerian government’s response aims to deliver informed policy strategies to manage these external shocks.
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