Nigerian Office for Trade Negotiations (NOTN) has listed its numerous pact on Trade and over all Nigerian economy since its establishment in 2017.
The foremost office in charge of trade negotiations of the federal government was established by the Federal Executive Council (FEC) in May 2017 to coordinate and manage Nigeria’s trade policy, formulate Nigeria’s trade negotiating priorities, negotiate Nigeria’s trade agreements as well as ensure domestic trade-related policy coherence.
The overall objective is to ensure that trade policy agreements are effectively aligned with domestic regulations, laws and policy priorities that would lead to diversification of the economy, growth, modernisation and job creation.
Following its establishment, The NOTN developed and launched the first ever Nigerian Annual Trade Policy Report (NATPOR) in 2017 in line with the Federal Government’s commitment to ensure that trade and companion policies, particularly, investment, industrial and digital economy policies, function more effectively as drivers of economic diversification and growth.
The report contains trade statistics, updated quarterly, which is used to monitor, assess and re-negotiate Nigeria’s trade relationship with counterparts.
The trade policy report further identifies the priorities in Nigeria’s trade policy and its usage as an instrument for structural transformation, diversification, modernization, construction of regional and global value chain, welfare enhancement, and job creation.
Among is numerous achievements was also the launch In September 2018, by the NOTN the process of preparing “A 21st Century Trade Policy for Nigeria – A Welfare and Prosperity Trade Agenda that Works for All” with a call for inputs from all stakeholders.
According to the NOTN, “The process of preparing a 21st Century Trade Policy for Nigeria became necessary because Nigeria’s current trade policy was approved in 2002. Over the years changes in the domestic and international environments have made it imperative to review the policy to reflect the 21st Century realities and emerging issues, specifically, trade and investment facilitation, electronic-commerce and digital economy, and regional integration.”
There key achievements of the NOTN is ensuring that Nigeria provided the leadership for the conclusion of the Agreement Establishing the African Continental Free Trade Area (AfCFTA), at the level of African Chief Trade Negotiator in the Negotiating Forum (NF) and at the Ministerial Level in the African Ministers of Trade (AMOT).
“Since the signing of the Agreement establishing the African Continental Free Trade Area, the NOTN has undertaken core technical work, which would enable the effective implementation of the AfCFTA when a decision is finally made by Nigeria,” a released document on the achievements of the NOTN said.
The NOTN as directed by President Muhammadu Buhari was at the forefront of the Nation-Wide Stakeholder Consultations-a formal AfCFTA nationwide stakeholders’ sensitization and consultation exercise was undertaken from March to October 2018.
Further findings revealed that the exercise, which held in the six geopolitical zones of the country, involved 34 stakeholder groups and associations, with up to 3,500 people attending nationwide and over 200 hours of work.
As regards the Trade Remedies & Investigating Office of the NOTN which implements the framework for the protection of the Nigerian economy from unfair and injurious practices by foreign countries and companies such as dumping, injurious subsidies and instances of sudden surge of imports.
NOTN informed that the trade remedies framework that has been developed through the free support of the global firm of King & Spalding, and approved by the Economic Management Team, involves a mechanism for complaint by affected domestic producers and allows for thorough investigation by the Trade Remedies Investigation authority and recommendation of appropriate tariff measures to remedy the injury caused.
At the level of World Trade Organisation (WTO),Nigeria and the WTO Friends of Investment for Development (FIFD) hosted the high-level policy and private sector trade and investment facilitation forum on the theme “Facilitating Trade and Investment for Development”. Nigeria co-hosted this forum-spear-headed by the NOTN in November in collaboration with the Commission of the Economic Community of West African States (ECOWAS).
The forum, which was declared open by the Vice President Yemi Osinbajo, was attended by Roberto Azevêdo (Director-General of the World Trade Organization), Mukhisa Kituyi, Secretary-General of the United Nations Conference on Trade and Development, Marcel Alain de Souza, President of the ECOWAS Commission, and Albert M. Muchanga, Commissioner for Trade and Industry of the African Union.
The Forum adopted a declaration titled “The Abuja Statement”. The document on “Deepening Africa’s Integration in the Global Economy through Trade and Investment Facilitation for Development,” is now well established as the multilateral and foundational reference point for investment facilitation.
NOTN also played active roles in Nigeria’s preparation and participation in a number of high-profile international conferences. They include: The Eleventh World Trade Organisation (WTO) Ministerial Conference, Buenos Aires, Argentina, 10th -13th December 2017; and the 25th Commonwealth Heads of Government Meeting (CHOGM), held from 16th – 20th April, 2018, London.
