WTO Tackles Nigeria over Market Restrictions

Image

By Dipo Olowookere

The World Trade Organisation (WTO) has asked Nigeria to remove trade prohibitions and market restrictions in line with global free market policy that facilitates free trade across borders.

This formed the crux of media interaction held yesterday in Abuja with a delegation from the WTO which is in Nigeria for the country’s 5th Trade Policy Review.

The Counsellor, Head – African and Management on Trade Policies Review Division of the WTO, Jacques Degbelo, said the goal of WTO is to ensure that all countries promote exports but in doing so, no country should restrict imports.

“Trade means you have access to my market and I have access to your market,” Degbelo said on the need to obliterate all trade restrictions, including import restriction list for accessing foreign exchange and import bans on land borders.

The WTF’S Trade Policy Analyst of the Trade Policies Review Division, Xinyi Li, said the on-going review of Nigeria’s Trade Policy would enable dialogue among Ministries, Departments and Agencies in the country in coordinating trade related issues.

Li said the review will bring Nigeria into coherence with trade policies of other countries in the world to open up more markets to it for exports.

The Trade Advisor to the Trade Minister and the Nigeria’s Chief Trade Negotiator, Ambassador Chiedu Osakwe, disclosed that the review would help question some existing trade policies in Nigeria as they affect export and import promotion.

Osakwe said there would be need to interrogate the existence of a 0.5 per cent levy on export in line with Nigeria’s aspiration to grow export and earn foreign exchange.

The Trade Advisor wondered why a country that is trying to promote export would impose a levy on export no matter how negligible the percentage of the levy is.

He also called into question the import per shipment levy of $600 per container which the country does not even benefit from and wondered if it is necessary.

He said the review would also try to consider the 1 per cent charge which goes into import supervision and the necessity which the charge serves in the economy.

Daily Trust

Share
Related Stories
Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
22-February-2024

Nigeria Posts 2.74% GDP Growth in 2023

By Adedapo Adesanya Nigeria’s economy grew by 2.74 per cent in 2023, lower than the 3.1 per cent posted in 2022. This was disclosed by the National Bureau of Statistics (NBS) in its latest Nigeria Gross Domestic Product Q4 2023 Report released on Thursday. While the country’s economic growth was lower than the preceding year, it grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023. This growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per

Image
21-February-2024

Binance Sets USDT Limits for P2P Trading Amid Pressure from Nigeria

By Adedapo Adesanya The new task force formed by the Nigerian government has allegedly ordered Binance and possibly other peer-2-peer (P2P) exchanges to set a cap on traders selling the US Dollar Tether (USDT). The joint force, which includes the Central Bank of Nigeria (CBN), in conjunction with the National Security Adviser (NSA), the Economic and Financial Crimes Commission (EFCC) and other government parastatals has set a cap at slightly above N1,800/USDT. This move will see traders who go above 1802/$ kicked off the platform due to local regulations, which are a wider part of measures towards keeping the dwindling

More Stories
Image
17-June-2020

Nigerian Shippers Seek CBN Intervention Fund

By Adedapo Adesanya **Target N7trn Maritime Contribution to GDP The Nigerian Shippers’ Council (NCS) has appealed to the Central Bank of Nigeria (CBN) to extend its intervention programmes to the maritime industry in order to unlock the potential in processing various commodities for export. This call was made by the Executive Secretary of the council, Mr Hassan Bello, on Tuesday, saying if assisted, the sector has the potential to contribute about N7 trillion to the Nigeria’s Gross Domestic Product (GDP). He added that the council was working towards improving from the current contribution which was less than N2 trillion. He

Image
18-December-2020

Your Money Not Safe With Famzhi Interbiz—SEC Warns Investors

By Modupe Gbadeyanka The Securities and Exchange Commission (SEC) has warned investors and Nigerians to be careful of activities of Famzhi Interbiz Limited because their hard-earned money could generate wings and fly away. The apex regulator in the nation’s capital market gave this warning in a statement issued on Friday, December 18, 2020. According to SEC, the company was not authorised to operate as a fund manager in Nigeria, though it applied for a licence and was denied when it did not meet the requirements. The agency has, therefore, warned that any person who subscribes to the products of Famzhi

Image
31-July-2023

Full Text of President Tinubu’s Address to Nigerians on Current Economic Challenges

After Darkness Comes the Glorious Dawn My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country. For

Image
16-April-2022

LCC Stops Ikoyi Link Bridge Toll Collection for More Consultations

By Modupe Gbadeyanka In order to get more inputs from stakeholders, the resumption of toll collection at the Ikoyi Link Bridge has been suspended by the Lekki Concession Company Limited (LCC). A statement issued by the company said a new date for the resumption of the toll would be announced as soon as a favourable outcome is reached. LCC had earlier announced Saturday, April 16, 2022, for the resumption after it was stopped in 2020 after the violence that marred the October 2020 #EndSARS protest in Lagos and other parts of the country. In the statement signed by the Managing

Image
05-April-2020

AIICO, Others Agree N5bn COVID-19 Insurance Cover for Health Workers

By Dipo Olowookere Few key players in the insurance industry in Nigeria have come together to assist some frontline ‘soldier’ in the battle against coronavirus pandemic in the country. About six leading insurers have agreed to contribute premium for a N5 billion insurance scheme to support Lagos State healthcare workers and volunteers. These firms are Leadway Assurance Company Limited, Custodian & Allied Insurance Plc, LASACO Assurance Plc, AIICO Insurance Plc, Tangerine Life Insurance Limited and Ark Insurance Brokers Limited. A statement issued by the Lagos State government disclosed that the companies, assembled by HAB Fasinro of Fenchurch Group, will help

Image
29-May-2017

Guinean Economy to Remain Robust at 6.7% in 2017—IMF

By Modupe Gbadeyanka The International Monetary Fund (IMF) has said the growth prospects for the Guinean economy remains favourable and that for 2017, growth should continue to be robust at 6.7 percent. The global financial institution made this disclosure after the completion of a visit to the African nation. “We expect continued strong performance in the mining sector, accelerated construction activity in hotels and energy, and good agricultural performance,” Giorgia Albertin, who led the IMF staff team to Conakry from May 15 to 25, 2017, said at the end of the meeting. Albertin led the IMF team to Guinea to

Image
21-June-2023

MTN, Cadbury, Sterling Bank, Others Win at Gender Leader Awards

By Aduragbemi Omiyale For putting women in leadership and key decision-making roles, MTN Nigeria, Cadbury Nigeria, Sterling Bank, Access Bank and others have been honoured at the 2023 Gender Leader Awards. At the ceremony held on Thursday, June 15, in Lagos, MTN Nigeria was spotlighted as the Outstanding Gender Leader for its outstanding leadership in advancing gender equality initiatives. Also, Access Bank, MTN Nigeria, Stanbic IBTC and Sterling Bank were recognized under the Company Leadership Gender Diversity category, while Cadbury Nigeria and Lafarge Africa were recognized in the Company Board Gender Diversity category for achieving a gender balanced board of

Image
20-January-2018

Investors Trade 5b Shares Worth N46b in 5 Days

**As Tier-2 Banks Dominate Gainers’ Chart By Dipo Olowookere A total turnover of 5.011 billion shares worth N45.816 billion in 44,569 deals were traded this week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 5.021 billion shares valued at N68.974 billion that exchanged hands last week in 41,542 deals. The Financial Services Industry (measured by volume) led the activity chart with 3.672 billion shares valued at N29.946 billion traded in 28,608 deals; thus contributing 73.29 percent and 65.36 percent to the total equity turnover volume and value respectively. The Conglomerates Industry

Ad
Ad
Recent Stories
Image
23-February-2024

Applications Open for AIG Public Leaders Programme

By Aduragbemi Omiyale Eligible African public servants have been urged to submit their applications for the AIG Public Leaders Programme Cohort 4 before Tuesday, April 30, 2024. This call for entries was made by Aig-Imoukhuede Foundation and the applications are to be filed through www.aigimoukhuedefoundation.org/leaders-programme, a statement disclosed. Applicants must be working in the public sector in Africa, with a minimum of seven years of active service, at grade levels 12-17, and aged between 35-50 years at the time of application. The AIG Public Leaders Programme is tailored for senior public leaders and delivered in partnership with the Blavatnik School

Image
23-February-2024

Okpe Leaders Want Completion of Sapele Polytechnic, University in Orerokpe

By Henry Ovie The Delta State Governor, Mr Sheriff Oborevwori, has been tasked to make efforts to complete the Sapele Polytechnic, which was started by the administration of Mr Emmanuel Uduaghan. This call was made by some prominent leaders from the Okpe kingdom, who said the completion of the school and the establishment of a university in Orerokpe would assuage, “to some extent,” the people of the areas, who they said have been “historically neglected.” On Thursday, the leaders held a crucial meeting of the National Executive Council (NEC) of the Okpe Union worldwide. They commended Mr Oborevwori for responding

Image
23-February-2024

HabariPay Take-on-Squad Hackathon 1.0 Produces Three Winners

By Modupe Gbadeyanka Three winners have emerged in the inaugural Take-on-Squad Hackathon 1.0 coding event organised by HabariPay Limited after intense collaboration, innovation, and problem-solving at the GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State, from January 18 to 20, 2024. Business Post reports that the three winning teams are Team Within, Team X, and Team Storepoint. Each team was selected based on real-world applicability, technical creativity, user experience, and teamwork. Team Storepoint, represented by Haruna Faruk and Ladipo Samuel from the University of Lagos, secured third position and a prize of N1 million. Their winning solution, Storepoint, facilitates quick

Image
23-February-2024

Group Mourns OAU’s Veterinary Technologist Olabode Olawuyi

By Modupe Gbadeyanka The Nigeria Biodiversity Conservation Alliance (NBCA) has expressed sadness over the death of the Veterinary Technologist of the Obafemi Awolowo University, Ile-Ife, Osun State, Mr Olabode Olawuyi, a few days ago. Mr Olawuyi was fatally mauled by a lion at the Zoological Garden of the institution. In a statement signed by the National President of the Nigerian Association of Zoological Gardens and Wildlife Parks (NAZAP), Mr Dipo Bali, the group said the deceased was a man who was dedicated to his job and the organisations he belonged to in his lifetime. Mr Olawuyi, apart from being a

Image
23-February-2024

NUPENG Seeks EFCC Support to Tackle Illegal Oil Bunkering

By Adedapo Adesanya Following its fight against foreign exchange speculators and hoarders, the National Union of Petroleum and Natural Gas Workers (NUPENG) has sought the collaboration of the Economic and Financial Crimes Commission (EFCC) in the fight against illegal oil bunkering in the country. The collaboration was sought when the National President of NUPENG, Mr Williams Akporeha, led members of his executive council to the corporate headquarters of the anti-graft agency on a courtesy visit. Mr Akporeha mentioned the challenges involved in the movement of petroleum products across the country and appealed to the EFCC to always come to the

Image
23-February-2024

SON Launches Facility to Test Quality of Generators, Transformers

By Adedapo Adesanya The Standards Organisation of Nigeria (SON) has inaugurated a facility to test generators and power transformers sold in the Nigerian electricity market. Speaking at the inauguration of SON Mobile Generators Testing Laboratory and Mobile Transformer Equipment on Thursday, the Director-General of the agency, Mr Ifeanyi Okeke, said it was no longer business as usual for assemblers and importers of these products. He said it was important for these products to meet the quality benchmarks, stressing that buyers must have value for their money. According to him, all information supplied on generators and transformers will be verified and

Image
23-February-2024

Port Harcourt Refinery to be Fully Operational Soon—FG

By Adedapo Adesanya  The federal government has disclosed that the Port Harcourt Refinery should become operational very soon as it has attained 80 per cent completion. The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, during a tour of the facility, disclosed that the refinery would produce two million litres of Premium Motor Spirit, otherwise known as petrol, and 2.2 million litres of diesel per day upon resuming operations. In a statement by the Director of Press and Public Relations in the Federal Ministry, Mr Olajide Oshundun, it was further stated that the old plant should produce 54,000

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,