Mkpoikana Udoma
Port Harcourt — In a bid to reposition Nigeria’s economy amid shifting global trade dynamics, the Federal Government has convened a high-level session of the Economic Management Team, to address urgent challenges around trade policy, investment climate, and infrastructure readiness.
Chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the meeting focused on strengthening Nigeria’s global trade posture, particularly in light of the U.S. Trade Representative’s recent proposal to impose a 14% tariff on Nigerian exports.
“We must act with urgency and unity. By aligning our trade posture with global best practice and ensuring policy consistency, we can unlock greater opportunities for businesses and deepen investor confidence in Nigeria.”
A key highlight was a presentation by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who detailed the Ministry’s three-pronged focus: investor retention, export diversification, and regulatory efficiency.
“The cost of doing business must reflect our ambition to lead Africa’s trade renaissance. We are streamlining processes, addressing barriers, and protecting Nigeria’s market access abroad through strategic diplomacy.”
The meeting confirmed that Nigeria was actively engaging Washington over the proposed tariff hike, referencing Nigeria’s recent high-level participation at the U.S.-Africa CEO Forum in Abidjan.
Also addressing the session, the Minister of Transportation Senator Said Alkali, presented a robust infrastructure plan anchored on logistics upgrades and trade corridor enhancements to reduce port congestion and lower transaction costs.
“We’re aligning our capital projects with national trade priorities. Improved rail and road connectivity is critical to cutting delivery timelines and expanding export capacity.”
The EMT reaffirmed its commitment to transparent, market-driven reforms designed to stimulate private sector growth, grow non-oil exports, and diversify Nigeria’s revenue base.
