Nigeria needs 40% annual growth to offset U.S. tariff impact, says economist 

Speaking at the 2025 Vanguard Economic Discourse in Lagos on Wednesday, Kale called for sustainable reforms to shield Nigerian exports from the fallout of U.S. trade policies.

He outlined a clear roadmap for Nigeria to navigate the challenges posed by global trade shifts, urging the government to leverage the nation’s strengths, including its youthful population and abundant natural resources, to reposition itself as a key player in African and global trade.

“The path to economic resilience, inclusive prosperity, and reducing economic hardship is neither quick nor easy, but it is clear. We know what must be done. The foundational pillars are not in question,” Kale stated. He emphasized the importance of stabilizing the macro-economy, restoring credibility in fiscal and monetary policy, curbing inflation, and rebuilding investor confidence.

Kale also highlighted the need to diversify Nigeria’s productive base by unlocking the potential of agriculture, manufacturing, services, and the digital economy. “Invest in people and institutions because sustainable growth only happens when human capital is empowered and governance systems are effective,” he added.

Despite the challenges posed by the U.S. tariff hike, Kale expressed optimism about Nigeria’s ability to harness its opportunities. He stressed the importance of thoughtful policies that balance risks and potential, ensuring the country remains resilient in the face of global economic shifts.

Speaking at the event, President of the Nigerian Association of Chambers of Commerce Industries, Mines and Agriculture (NACCIMA), Dele Oye, emphasized the urgent need for Nigeria to prioritize economic sovereignty and adopt a resilient, homegrown democracy.

Oye highlighted the impact of the U.S. administration’s isolationist policies and trade wars on global alliances, stating, “The current U.S. administration’s focus on isolationism and trade wars has led to a reevaluation of America’s long-standing alliances, leaving many nations, including Nigeria, to grapple with the complexities of a shifting world order.”

He stressed the importance of Nigeria developing a political structure capable of withstanding external pressures, adding, “For Nigeria, these developments underscore the necessity of prioritizing economic sovereignty and a shift to a homegrown democracy that is both viable and affordable.” 

“The balance between these challenges and opportunities will shape Nigeria’s future, highlighting the need for thoughtful policies that harness our potential while addressing the risks ahead.” 

Editor of Vanguard Newspapers, Eze Anaba, echoed Oye’s sentiments, urging bold and pragmatic solutions to address Nigeria’s economic challenges.

“You will all agree that, now more than ever, Nigeria’s economy demands innovative thinking and pragmatic solutions,” Anaba said.

He described the event, themed “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery,” as part of Vanguard’s commitment to fostering impactful policy discussions.

“Government must focus on this critical sector to drive real growth,” Egbesola stated.

He lamented the limited success of intervention programs, noting, “How many small businesses have become the next Dangote in 10 years? Almost none.”

Egbesola called for structured collaboration in policy design, implementation, and evaluation, insisting, “We don’t need pity; we need partnership. Policies should not be imposed but developed jointly.” 

Egbesola called for structured collaboration in policy design, implementation, and evaluation, insisting, “We don’t need pity; we need partnership. Policies should not be imposed but developed jointly.”