FG, WTO in talks on import prohibition list, export rejects

Ahead of the upcoming Fifth Nigeria Trade Review in June, World Trade Organisation (WTO) officials are holding talks with the Federal Government in Abuja, to find solution the huge amounts of the country’s exports rejected overseas, as well as the import prohibition list.

WTO officials are currently in Nigeria, interfacing with key Federal Government officials, as part of engagements in the trade review process, while looking at key areas of concern for the growth of the country’s economy.

“The Federal Government, while engaging WTO officials preparatory to the trade review in June, would be seeking to address key areas, such as the huge amounts of prohibition of products that are banned for export, those that are banned sectorally and issues concerning products on the import prohibition lists holistically, and other unfavourable trade practises to Nigeria” Chiedu Osakwe, Trade Adviser to the Minister of Industry Trade and Investment, told journalists on Wednesday in Abuja.

At a joint media interaction, Osakwe said the Nigerian Secretariat for Trade Review, would also engage the WTO on some of the export levies and how they affect the country adversely.

Issues bordering on charges on import shipment of containers put at $600 per container, not remitted to Nigeria and other specific trade policy measures are being discussed.

The trade review policy would also provide safeguards for the Nigerian economy from the highly subsidised goods that most often flood the country from other economies.

Nigeria’s economy officially entered recession in 2016 arising from the dwindling oil resources, but analysts believe that the country needs to re-structure its trade processes to attract more investment inflows and restore confidence.

Giving further insight into expectations from the trade review, Osakwe said, “the key benefits of the Trade Policy review includes: increased investor confidence, concrete commitments in Nigeria’s economy to attract more global buy in, strengthening market confidence in the Nigerian economy, stability in our market and to consolidate and solidify the economic recovery ‎and priorities of the government in restoring economic growth in the economy.”

‎Osakwe explained that due to the dynamism and improvement of the Nigerian economy, for the first time, a brand new chapter has been dedicated in the trade review for the Nigerian entertainment industry-Nollywood, which is now the third largest, when combined with Cinema, only behind Hollywood and Bollywood, to enable it contribute more to the economy.

“We would also be creating a section on the Smart Nigeria, called digital Nigeria. Mark Zuckerberg came to Nigeria not by chance but because of the dynamism of the Nigerian digital economic market and what Nigerian engineers, software developers are doing,” Osakwe added.

He said that the Nigerian economy is slowly reversing itself out of recession, and that informed the fact that “within the last four weeks, the International Monetary Fund has been here. The World Bank has also been here, and this week, the World Trade Organisation is here.”

The major link between the trade review and newly ratified Trade Facilitation Agreement, is that 80 percent of the Trade Policy review division concentrates on trade facilitation measures.

“For instance, there are issues around operation of the ports,‎ clearance and control measures of goods, quality infrastructure, foreign exchange policy, ‎Smart Nigeria digital economy, ease of doing business,” Osakwe stated further.

Xinyi Li, the Trade Policy analyst of the WTO noted that the trade review would provide opportunities for dialogue between various agencies on proper linkages.

“It would also improve coherence of all policies between trade agencies‎ in the country to ensure effective collaboration in matters of Trade and Investments,” he stated at the media interaction.

Jacques Degbelo, Counsellor, Head-Africa and Management Trade Policies Review Division informed that, “Nigeria is better off in ensuring access of its products to global markets through its restructured trade policies. It also stands the chance of protecting its local industries and ensuring they compete favourably in foreign markets.”

It would be noted that the fourth Trade Review process of Federal Government was done in 2011. The WTO officials are also expected to meet Yemi Kale,the Statistician-General of the Federation on Thursday, for further engagement on the trade review.

 

HARRISON EDEH