Nigeria Concludes 6th Trade Policy Review at WTO

"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." Amb. Nura

Head of Nigeria's delegation at the 6th Trade Policy Review of the World Trade Organization, WTO, Ambassador Nura Abba Rimi has expressed his deep appreciation for the leadership and constructive engagement of WTO Members.

Ambassador Nura Rimi, in a statement signed by Thomas Adebayo, Director Press and Public Relations Department of the Federal Ministry of Industry, Trade and Investment, FMITI, extended special thanks to Ambassador Athaliah Molokomme for her excellent technical assessment and the WTO Secretariat team for their foundational work.

Ambassador Nura Abba Rimi, who is also the Permanent Secretary of the FMITI,  emphasized Nigeria’s unwavering commitment to a fair, inclusive, and equitable Multilateral Trading System. He 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." He said.

Ambassador Rimi 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, Amb. Rimi 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, Amb. Rimi 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, the Head of Nigeria's delegation at the 6th Trade Policy Review of the World Trade Organization, WTO, 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.

He further 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.                                                                               *Dr Adebayo Thomas*                                                                                                                                                              Director Press and Public Relations