Nigeria’s trade policy is being reviewed by the Federal Government to ensure it meets the World Trade Organisation’s (WTO) template on trade, Trade Adviser to the Minister of Industry, Trade and Investment, Ambassador Chiedu Osakwe has said.
He said the policy was last reviewed in June 2002. Though Nigeria has been involved in bilateral trade with different nations, it still does not have a detailed and recent trade policy to back up its trading, he explained.
He said: “The government is working on reviewing the trade policy for so many reasons. Nigeria and the WTO are working together on the trade policy review.
“Iam leading this process technically for the ministry. The update of the trade policy is in line with the working of the global economy and the change that comes with it. The Economic Community of West African States (ECOWAS) Centre for Employment Training (CET) will come to force in 2020. Brexit has happened, the European Union (EU), one of our major traders, is minus one. The government is trying to rebalance its trading relations with the global economy.
The minister’s aide continued: “With the internet economy that has emerged, President Muhammadu Buhari has introduced Aso Demonstration Day as part of the smart digital Nigerian project to encourage young Nigerians, entrepreneurs with start-up ideas to be encouraged into joining the internet economy; provide an electronic platform for small and medium scale entrepreneurs; employ over 70 per cent of the workforce and give them a platform to express themselves.
Osakwe said two African countries Coted’Iviore and Ghana have joined the Economic Partnership Agreement (EPA) and that Nigeria’s position was being review by the government.
‘’It is the subject of analysis and consultation with all the stakeholders. Nigeria is subjecting EPA to a thorough process of review and consultation with stakeholders. Nigeria will not rush or be stampeded into any agreement that is not consistent with Nigeria’s own priority.
Also, the Export Expansion Grant (EEG), Osakwe said was being reviewed ‘’to establish that its previous weaknesses and abuses no longer reoccur but the EEG programme will be sustained by the government through an improved and enhanced way. The reason is that producers and manufacturers will be given the support they need in an unprotective environment through incentives and packages’’.
Nation
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