Minister of Finance, Wale Edun has said the Economic Management Team is looking at how Nigeria can benefit from the fallout of the tariffs imposed on several countries by United States President Donald Trump.

Trump had on April 2, 2025 announced sweeping tariffs on all imports into the country, including those from Nigeria.

Edun spoke at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government Owned Enterprises (GOEs) in Abuja on Monday.

The event also marked the launch the GOEs’ Scorecard, an initiative developed by MOFI. In line with the initiative, the GOEs are to be assessed and rated according to the criteria set out by MOFI, which they must meet.

At a media briefing after the main event, Edun spoke on how the Nigerian government is responding to Trump’s tariffs, which have unsettled several countries.

The minister said the Economic Management Team is looking at how Nigeria can benefit from the development.

He said, “For the Economic Management Team of Mr. President and for 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.”

The minister stressed that strong corporate governance is key to attracting investment into state-owned enterprises.

Speaking during the event, MOFI MD, Dr. Armstrong Takang noted that, globally, GOEs deliver essential services that drive economic growth and poverty reduction.

Takang described MOFI as custodian of public wealth, managing a diverse portfolio spanning energy, infrastructure, financial services, manufacturing, agriculture, and digital services.

“It holds majority stakes in over half of its over 50 portfolio companies, making it a critical driver of Nigeria’s economic landscape and currently actively engaging with GOE boards to enforce policies that maximize value, contrasting with its prior passive stance that led to value erosion,” he said.

According to him, the organization leads reforms within Nigeria’s GOE ecosystem,”influencing stakeholders and setting standards and positioning Nigeria’s GOEs as drivers of innovation and global competitiveness within the GOE ecosystem, while acting as a catalyst to attract private sector collaboration and investment into Nigeria’s GOE ecosystem”.

US President Donald Trump on Monday threatened fresh tariffs of 50 percent on China and ruled out any pause in his aggressive new global trade policy, despite a dramatic market sell-off.

Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party.

As the trade war escalates, Beijing — Washington’s major economic rival — unveiled its own 34 percent duties on US goods to come into effect on Thursday.

The US president chastised China for ignoring his warning that targeted countries should not to retaliate.

He said that if Beijing did not immediately back down the United States would impose additional 50 percent tariffs on China from Friday.

“I have great respect for China but they can not do this,” Trump said in the White House. “We are going to have one shot at this… I’ll tell you what, it is an honor to do it.”

With the incoming 34 percent rate and new 50 percent threat, the total extra tariffs on China this year could rise to 104 percent, the White House told AFP.

– China responds –

Beijing hit back, saying in a statement from its US embassy that “pressuring or threatening China is not a right way to engage.”

Stock markets and oil prices collapsed further, as trading floors across the world endured waves of selling after last week’s sharp losses.

Wall Street stocks finished lower following a volatile session, with both the Dow and S&P 500 ending down.

The Police Command in Lagos State says it has detained seven murder suspects in two weeks.

The Command’s Spokesman, Chief Superintendent of Police Benjamin Hundeyin, confirmed this while briefing newsmen at the command headquarters on Monday in Lagos.

Hundeyin said that the Ikotun Division of the command received a report on March 30 about a 46-year-old man, who was allegedly stabbed in the chest with a broken bottle by a woman 36 during an altercation at Abaranje.

“The victim was rushed to the hospital, where he was confirmed dead.

“The suspect has been arrested while the corpse has been deposited at a morgue, for autopsy, ” he said.

Similarly, the police spokesperson disclosed that a report was made on March 30, at Ijora Badia Division about a 38-year-old allegedly beaten to stupor by a 21-year-old man, at the rail line, Ijora Badia.

He said the victim later died at Apapa General Hospital.

In the same vein, Hundeyin said that on April 1, concerned citizens from Badagry reported a tragic incident in which a suspect (currently at large) opened fire on three elderly persons aged 75, 70, and 59.

“All victims were rushed to the Badagry General Hospital, where they were confirmed dead.

“The corpses have been deposited at the hospital morgue for autopsy. A 33-year-old man, who (allegedly) accompanied the prime suspect to the scene, was apprehended.

“The following day, April 2, the wanted suspect was rushed to the hospital where he was confirmed dead, ” he said.

The spokesperson said that the police also apprehended three murder suspects in the Agege area of the state.

“On March 31, a complainant reported at Abattoir Division that his 28-year-old younger brother allegedly engaged in a fight with three people at Abattoir Market, Agege.

“In the process, he was stabbed on the neck with a sharp object and died on the spot.

“Based on the report, a team of detectives of the command visited the scene and arrested the three suspects, ” he said.

The image maker said on March 26, a man was also apprehended for allegedly beating his 27-year-old daughter to death at the Ojo area of the state.

Hundeyin, however, said that all the suspects are to be charged in court after the investigation.

NAN