The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said that the Federal Government will review the impact of the ongoing global tariff war on Nigeria.
He spoke yesterday at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government Owned Enterprises (GOEs) in Abuja.
Edun said, “For the economic management team of Mr. President and indeed his whole government, we are going back to the drawing board to look at the scenarios that may play out if the current tariff situation is prolonged.
“For Nigeria, in terms of exports, it’s not too bad because oil minerals are excluded by America from being in any way sanctioned with tariffs. But based on our non-oil exports and based on the formula that the Americans are using, we do have a 14% tariff on our exports. But it’s a lot better than Vietnam, which has 46%.
“So we need to look at these situations and see what the opportunities are. The Nigeria of today, with a relatively stable economy and an attractive investment environment, including attractive exchange rate, is a place where if they can’t produce in Vietnam, they can come and produce in Nigeria. We are here, we are ready, we are waiting, and we have what will be attractive to them in terms of policies, in terms of market, and in terms of export capacity.
NNPC must achieve corporate governance
Speaking further, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said that the Nigerian National Petroleum Company Limited (NNPCL) must achieve a high standard of corporate governance before going public.
He said, “I think you will all agree that this is a critical issue at a critical time. You have the likes of NNPC, which is a portfolio company. We have good indication that they are looking to IPO (Initial Public Offerings). NNPC is the crown jewel of the Nigerian corporate sector and the economy. It is a limited liability company, and if you want to go public, corporate governance is at the heart of what you must achieve.”
The Minister also launched the GOEs’ scorecard which seeks to rate the organisations in line with the criteria set out by MOFI, which they must meet.
Vanguard
