By Abba-Eku Onyeka
Led by Ambassador Nura Abba Rimi, Nigeria has successfully concluded its Trade Policy Review (TPR) at the World Trade Organization (WTO), according to a press release from the Director, Press and Publiç Relations, Dr Thomas Adebayo Friday.
Expressing appreciation for the leadership of the WTO at the event, he thanked Ambassador Athaliah Molokomme for her excellent technical assessment and the WTO Secretariat team for their foundational work, just as he emphasized Nigeria’s unwavering commitment to a fair, inclusive, and equitable Multilateral Trading System.
He however highlighted the positive outcomes of President Bola Ahmed Tinubu’s ambitious reforms aimed at reestablishing macroeconomic stability and ensuring inclusive growth. Despite challenges such as Naira devaluation and rising inflation, Nigeria remains focused on narrowing the gap between economic growth and social development, with policies that enhance economic opportunities for women and youth.
Rimi therefore outlined the government’s dedication to improving the investment regime and ease of doing business under President Tinubu’s leadership. 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. On import prohibitions, he 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.
Ambassador Rimi however, emphasized the constructive nature of the review process and assured continued commitment to trade reforms and WTO obligations. He concluded by reaffirming Nigeria’s dedication to the advancement of the multilateral trading system and ensuring that trade policies and practices are consistent with WTO obligations.
The EU, represented by Ambassador João Aguiar Machado, 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.
