Nigeria’s Finance Minister, Wale Edun, has announced that the Federal Government will embark on a comprehensive review of tariffs and import restrictions as part of the next phase of its economic reform programme aimed at boosting productivity and attracting both domestic and foreign investment.
Speaking at Thursday’s Federal Executive Council (FEC) meeting, chaired by President Bola Tinubu, Edun said the reforms are intended to make Nigeria’s business environment more competitive and to stimulate private-sector-led growth. He explained that the government is undertaking a detailed review of the nation’s balance sheets to improve asset management, enhance fiscal efficiency, and promote inclusive economic expansion.
“The next phase of reforms will remove barriers holding back investors,” Edun said. “We are also strengthening fiscal reporting and expenditure controls to ensure the benefits of these reforms reach all Nigerians.”
The policy review is expected to focus on easing restrictions that have, for years, hindered access to imported raw materials and machinery vital to domestic manufacturing. Economists have long argued that Nigeria’s restrictive trade policies, coupled with multiple levies and complex import documentation, have discouraged investment and raised production costs. A more liberalised tariff regime could therefore help local industries scale up operations, attract new capital inflows, and improve overall competitiveness in regional and global markets.
Edun also provided an update on the country’s economic performance, revealing that Nigeria’s economy grew by 4.23% in the second quarter of 2025 — the highest quarterly growth rate in a decade, excluding the post-pandemic rebound. He noted that 13 key sectors, including telecommunications, agriculture, and services, recorded growth rates above 7%, indicating a broad-based recovery.
Inflation, which has been one of Nigeria’s most persistent economic challenges, was reported to have eased to 18% following several months of fiscal tightening, subsidy rationalisation, and improved monetary coordination. In addition, foreign reserves have risen to $43 billion, suggesting increased investor confidence and improved foreign exchange inflows.
The Finance Minister reaffirmed the Tinubu administration’s long-term ambition of building a ₦1 trillion economy by 2030, a goal he said would require sustained investment in critical infrastructure, technological innovation, and institutional reforms. To that end, Edun urged ministries, departments, and agencies to identify and develop investment-ready projects capable of attracting large-scale domestic and foreign financing.
Analysts say the proposed review of tariffs and import restrictions marks a key turning point in Nigeria’s economic reform trajectory. Over the past year, the Tinubu administration has implemented a series of bold measures, including exchange rate unification and the removal of fuel subsidies, to restore fiscal stability and rebuild investor confidence. However, while these policies have been applauded by international financial institutions, they have also imposed short-term hardship on households and small businesses due to higher living costs.
The planned tariff and import reforms may therefore serve a dual purpose — stimulating local production while easing inflationary pressures through cheaper imports of essential inputs. By improving access to capital goods, manufacturers could achieve greater output efficiency, creating more jobs and expanding Nigeria’s export base.
Nonetheless, experts caution that the success of these reforms will depend on how effectively they are implemented. Trade liberalisation must be balanced with adequate safeguards to prevent the dumping of substandard goods and to protect fledgling industries from unfair competition. Furthermore, fiscal transparency and prudent asset management, as emphasised by Edun, will be crucial to ensuring that the benefits of reform are widely shared rather than concentrated among a few sectors or regions.
As the government prepares to roll out the next phase of its economic strategy, expectations are high that it will build on recent gains while addressing the structural bottlenecks that have long constrained Nigeria’s economic potential. The combination of tariff rationalisation, investment promotion, and tighter fiscal discipline could, if effectively managed, set the foundation for a more resilient, diversified, and inclusive economy in the years ahead.
