FG commits to fair, inclusive, equitable multilateral trading system

The Federal Government has affirmed unwavering commitment to a fair, inclusive, and equitable multilateral Trading System as Nigeria concludes the 6th Trade Policy Review at the World Trade Organisation.

Nura Abba Rimi, permanent secretary of, the Ministry of Industry, Trade and Investment in a statement signed by Adebayo Thomas, Director of Press and Public Relations, highlighted the positive outcomes of President Bola Ahmed Tinubu’s reforms aimed at reestablishing macroeconomic stability and ensuring inclusive growth.

Despite challenges such as Naira devaluation and rising inflation, he said Nigeria remains focused on narrowing the gap between economic growth and social development, with policies that enhance economic opportunities for women and youth.

On behalf of Nigeria’s delegation, the permanent secretary expressed deep appreciation for the leadership and constructive engagement of WTO Members during Nigeria’s 6th Trade Policy Review.

Rimi outlined the government’s dedication to improving the investment regime and ease of doing business under President Tinubu’s leadership. He explained that efforts through the Presidential Enabling Business Environment Council (PEBEC) and the new visa policy aim to simplify procedures and create a conducive atmosphere for businesses to start and grow in Nigeria.

Addressing customs procedures, he acknowledged the need for improvement and shared ongoing initiatives, including the Trade Modernization Project and the deployment of 67 scanners across customs seaports and border posts.

Regarding import prohibitions, the permanent secretary assured that temporary measures would be reviewed as part of ongoing reforms. He also noted the advice on aligning tariffs and border taxes with Nigeria’s development objectives and committed to reviewing technical barriers to trade and sanitary and phytosanitary measures.

In the energy sector, he outlined the government’s efforts under the Petroleum Industry Act (PIA) and the Energy Transition Plan (ETP) to balance energy demand and reduce carbon footprint, with a focus on gas as a transition fuel.

Rimi further commended the constructive nature of the review process and assured continued commitment to trade reforms and WTO obligations. He reaffirmed Nigeria’s dedication to the advancement of the multilateral trading system ensuring that trade policies and practices are consistent with WTO obligations.

João Aguiar Machado,  European Union representative welcomed Nigeria’s delegation and commended the country’s progress in economic recovery and development. The EU emphasized its role as Nigeria’s main trade and investment partner and expressed support for Nigeria’s efforts towards sustainable development and economic diversification.