FG ratifies template for free trade agreements

In order to position Nigeria’s huge market to benefit from the African Continental Free trade Area Agreement (AfCFTA), the federal ministry of Industry Trade and Investment and Nigerian Office for Trade Negotiations, NOTN have finalised work on the Nigerian Templates for Free Trade Agreements (FTAs) and Mutual Recognition Agreements (MRAs) for standards and professional qualifications. 

The minister of Industry, Trade and Investment, Otunba Niyi Adebayo disclosed this in Abuja yesterday at the third trade negotiations skills simulation course  organized by the Nigerian Office for Trade Negotiations in collaboration with the Overseas Development Institute ODI and the United Kingdom Commonwealth and Development Office., 

The minister said the Ministry will soon be presenting the draft templates to the Federal Executive Council (FEC) for consideration and approval.

According to him, “The long overdue legislation will enable the country to take full advantage of its rights and obligations under the World Trade Organisation (WTO) Agreements to protect its domestic industries from any unforeseen sudden surge in imports of foreign goods and, or unfair practices, such as dumping and subsidies, by unscrupulous trading partners. I will also be presenting this Bill to the FEC very soon”.

FG calls for ease of doing business with Qatar

FG calls for ease of doing business with Qatar

Adebayo added that  “In line with the Trade Policy Action Plan 2022 – 2026, the exercise to address the identified lapses in the existing Bankruptcy Act Chapter 30, Laws of the Federation of Nigeria (LFN) 1990 will commence with a National Conference on Bankruptcy and Debt Collection at the beginning of May 2023. 

The objective he said is to develop an institutional and regulatory framework to regulate business behaviour; and ensure that only viable concerns continue to operate,”

Also speaking,  Prof Dickson Yeboah, former World Trade Organization (WTO), Intensive Trade Negotiations Skills head  said the whole idea is to train Nigeria trade officials on trade negotiations, as he states that Nigeria is involve in trade negotiations with different countries.