The fears that Nigeria might become a dumping ground for manufactured goods, especially with the advent of the AfCFTA, has heightened as Nigeria’s Trade in Goods Statistics show rising deficit in manufactured goods trade.
Nations of the D-8 should sign a much-needed preferential trade agreement to remove tariff and non-tariff barriers, ministers and entrepreneurs of the trade bloc said.
ROYAL Dutch Shell Plc launched arbitration proceedings against the Nigerian government over a long-running community dispute.
UK has already inked post-Brexit trade deals with 13 African countries.
These new agreements, which offer duty-free and quota-free access to
British markets, aren’t much different to the old ones, as they are mainly transferring the conditions in the EU deals into bilateral agreements between the UK and the African nation, or blocs.
Dangote Industries Limited has stated that its cement expansion plan and fertiliser investments will open new trade routes for the company and Nigeria under the trade deal.
The Chartered Institute of Arbitrators (CIArb) said no nation had met the requirements for the implementation of the African Continental Free Trade Agreement (AfCFTA), despite the political will to get the pact ratified in good time.
The groups said they are concerned about the ICSID’s long-standing failure to promulgate clear rules for addressing cases where corruption has been alleged.
The Nigerian government ratified the country’s membership of the African Continental Free Trade Area Agreement.
The Human and Environmental Development Agenda, Re:Common, Global Witness, and Corner House, have called on the Nigerian government to stand against Eni’s legal move over the oil processing license (OPL) 245.
Eni plans to argue that the country’s failure to allow it to exploit an oilfield it acquired with Royal Dutch Shell nearly a decade ago breaches their investment agreement.
Nigeria has negotiated and almost concluded the rules of origin to pave way for Nigeria’s ratification of the African Continental Free Trade Agreement (AfCFTA).
Nigeria’s High Commissioner to Canada has called for the review of the investment agreement between Nigeria and Canada.
Nigeria is currently in the process of ensuring the ratification of the African Continental Free Trade Area (AfCFTA) agreement, the minister of trade, Niyi Adebayo, said.
Nigeria is undertaking series of reforms of the country’s bilateral investment treaties to attract responsible, inclusive, balanced and sustainable investments.
For Nigeria to compete and survive in the African Continental Free Trade Area, it must as a matter of national emergency ramp up industrialisation and manufacturing activities, the Speaker, House of Representatives, Femi Gbajabiamila, has said.
Some members of the organised private sector and experts in international trade in Nigeria have called for the postponement of the take-off of the African Continental Free Trade Area agreement
Nigeria’s trade and industrial priorities should be embedded in the ongoing dialogue for AfCFTA implementation strategies.
The model used for negotiation of Nigeria’s investment agreements was reviewed between 2014 and 2016 to balance investor’s rights with obligations.
Despite being a major market in West Africa, Nigerian manufacturers have kicked against the exclusion of Nigeria’s priority products from the sensitive and exclusive lists of the African Continental Free Trade Area agreement.
Minister of Industry, Trade and Investment, Adeniyi Adebayo, has warned that Nigeria will not tolerate smuggling and importation of substandard products.