Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, emphasized the importance of these changes, stating, “These Fiscal Policy Measures, which supersede the 2023 Fiscal Policy Measures, shall be published in the Official Federal Government Gazette.” This announcement signals a shift in Nigeria’s approach to trade and economic management, aligning with the ECOWAS Common External Tariff framework.

In addition to the import duty cuts, the government has introduced new excise duties on non-alcoholic and alcoholic beverages, cigarettes, and tobacco products. A green tax surcharge is also set to take effect from July 1, 2026, further diversifying the government’s revenue streams. The new excise duty rates will begin from July 1, 2026, with subsequent rates for 2027 and 2028 effective from January 1 of each year.

Importers who initiated transactions before April 1, 2026, will benefit from a 90-day grace period, as stated by Edun: “A grace period of ninety days commencing from the date of this circular is hereby granted to all importers, manufacturers, and service providers.” This allowance aims to facilitate a smoother transition into the new fiscal landscape.

The policy also includes an Import Adjustment Tax on 192 tariff lines and a prohibition list covering 17 items from non-ECOWAS countries. Notably, waste polyethylene terephthalate has been added to the export prohibition list, reflecting a growing focus on environmental sustainability within trade practices.

Looking ahead, the government plans to gradually reduce Import Adjustment Taxes annually until their full elimination by 2036, starting from January 2027. Edun noted, “However, with effect from January 2027, all Import Adjustment Taxes, except for products on the African Continental Free Trade Area 3 per cent list, shall be gradually reduced on an annual basis until full elimination to zero per cent by 2036, in line with Nigeria’s commitments.” This long-term strategy underscores Nigeria’s commitment to fostering a more competitive and sustainable economic environment.

Observers expect these measures to enhance trade compliance, protect local industries, and drive long-term economic growth. As the government rolls out these changes, the impact on both consumers and businesses will be closely monitored, with many hoping for a positive shift in Nigeria’s economic landscape. Details remain unconfirmed regarding the full extent of the policy’s effects, but the initial cuts signal a significant change in Nigeria’s trade policy.

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Ghana has been capitalizing on high gold prices, which has supported record export revenue and the rebuilding of buffers. The country is nearing the completion of a comprehensive government debt restructuring process following its default in December 2022. This restructuring is crucial for stabilizing the economy and restoring investor confidence.

Recently, S&P Global Ratings affirmed its ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings on Ghana, with a stable outlook. This affirmation comes as the government successfully exchanged $13.1 billion worth of eurobonds in October 2024, marking a significant step in its efforts to manage its debt obligations.

In 2025, Ghana’s economy expanded by 6%, and the current account surplus reached $9.35 billion, which is 8.1% of GDP. This surplus is indicative of improved economic performance, bolstered by the country’s robust gold production, where small-scale miners account for about 60% of total output. Additionally, Ghana’s gross foreign currency reserves rose to a record-high of $14.5 billion, providing a buffer against external shocks.

The government is planning to raise capital spending by 150% in the 2026 budget, aiming to stimulate further economic growth. Alongside this, a new sliding scale royalty system for the mining sector was implemented on March 9, 2026, which is expected to enhance revenue generation from the mining industry.

In terms of taxation, the government is reforming the value-added tax (VAT) system, aiming to reduce the effective VAT rate from 21.9% to 20%. These fiscal measures are part of a broader strategy to stabilize the economy and improve public finances. The fiscal deficit is forecasted to average 2.7% of GDP in 2026-2029, a significant decrease from 10.7% in the previous two years.

Statements from key figures, including Catholic Bishop John Kobina Louis, emphasize the importance of commitment and obedience in the face of challenges. He urged the Sisters at the Perpetual Profession in Ghana to “surrender your life totally to God’s will,” highlighting the spiritual resilience that complements the economic efforts being made.

As Ghana navigates these changes, observers note that the effectiveness of new fiscal rules and measures is yet to be fully tested through the economic cycle and electoral cycle. Details remain unconfirmed, but the government’s proactive approach in restructuring its debt and implementing reforms is seen as a positive sign for the future.

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Taiwo Oyedele’s recent nomination as Minister of State for Finance by President Bola Tinubu raises questions about the future direction of Nigeria’s fiscal policy. Oyedele is set to replace Dr. Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning.

At 50 years old, Oyedele hails from Ikaram-Akoko in Ondo State. His extensive background in fiscal policy includes serving as the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, a position he has held since July 2023. This experience positions him as a key player in implementing the federal government’s fiscal policies.

Oyedele’s academic credentials are notable; he holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a Bachelor of Science degree in Applied Accounting from Oxford Brookes University. Additionally, he has completed executive education programs at prestigious institutions such as the London School of Economics and Harvard Kennedy School.

Before his nomination, Oyedele spent 22 years at PwC, where he rose to the role of Fiscal Policy Partner and Africa Tax Leader. His expertise in tax reform has been recognized, as he was instrumental in overhauling Nigeria’s tax system and developing recent tax reform legislations aimed at enhancing revenue generation.

As a professor at Babcock University and a visiting scholar at the Lagos Business School, Oyedele combines practical experience with academic insight, which may benefit his new role. His nomination has been formally conveyed to the Senate President, Godswill Akpabio, for confirmation.

If confirmed, Oyedele will work alongside the substantive Minister of Finance, Wale Edun, in a critical period for Nigeria’s economy. His role will involve leading the implementation of the federal government’s fiscal policies, a task that will require both strategic vision and practical execution.

Details remain unconfirmed regarding the timeline for his confirmation and the specific initiatives he plans to prioritize upon taking office. However, his track record suggests a focus on enhancing Nigeria’s fiscal landscape and improving the business environment.

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