• Sunday, February 25, 2024
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Olatoke advocates importation ban as cure for economic woes

Indeed, imports are not bad

Joshua Olatoke, a Senior Advocate of Nigeria and Professor at the Department of Jurisprudence and International Law, Universiity of Ilorin, has recommended to the government to intensify efforts on the ban on importation of some goods through the Nigeria Customs Service (NCS), in order for the Nigerian economy to thrive.

Olatoke, who stated this in Ilorin while delivering his 247th Inaugural Lecture of the University of Ilorin entitled: “Africa in the Global Economic Trade Law Conundrum”, blamed Nigeria’s membership to World Trade Organisation (WTO) as causing unrestrained imports at expense of local market and domestic production.

He submitted that the negative trend had led to a weaker naira that we are witnessing today, while local industries continue to struggle.

He explained that “Nigerian manufacturers now operate under extreme odds and can hardly expand or create employment. The cumulative result had been a fragile economy which is unproductive and lack of energy to face global market competition.”

Read also: Rising importation costs: Are locally-used cars really the solution?

He observed that the genesis of Nigeria’s problem in the politics and policies of the WTO was that, the country signed WTO agreement without negotiating concession. “Thus, any country of the world can easily ferry thier goods and dump same in Nigeria.

“On the contrary, countries like India and China joined only after insisting on and securing concessions that 214 and 130 items would not be exported into thier countries,” he added.

The legal expert further stated that developing countries must be protected by law and legal institutions with the view of redressing the imbalance in the trade relationship.

“It will be of great importance for African continent to look within and have its own unified monetary system, even as he said that this would reduce Africa’s undue dependence on the economy of European world.