Vietnam engages in trade policy review on Nigeria

The Nigerian delegation was led by Ambassador Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment.

In his address, Ba hailed Nigeria’s role as one of the largest economies in Africa, with nominal GDP surpassing US$360 billion last year.

He applauded the West African nation’s development in sectors such as finance, telecommunications, and information technology.

Vietnam also praised Nigeria's active participation and constructive role at the WTO, including its ratification of the WTO Agreement on Fisheries Subsidies, the adoption of the Protocol amending the TRIPS Agreement, its involvement in Joint Statement Initiatives (JSIs) on e-commerce, investment facilitation for development, MSMEs, and domestic services trade regulation, as well as its leadership of the African Group in agricultural negotiations at the WTO.

In recent years, trade in goods and services has increasingly contributed to Nigeria’s GDP, with manufacturing's share in the GDP surging to 15.7% in 2023. Nigeria has also been pursuing a growth and development plan, introducing new trade and investment policies aimed at diversifying its economy.

Nigeria is making every effort to step up regional integration as a key member of the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA).

During the TPR session, several WTO members showed their interest in Nigeria’s experience in establishing the National Action Committee to accelerate the ratification of the AfCFTA.

Some suggested Nigeria join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) and the Government Procurement Agreement, as well as include domestic service commitments in its WTO schedule of commitments.

Besides, some others noted that Nigeria’s transparency and predictability in the business and investment environment can benefit from further reforms, and called for Nigeria to deal with its notification obligations, which have resulted in a high rate of physical inspections of containers. They urged Nigeria to reconsider its customs procedures to promote more timely and cost-effective practices.

Regarding tariffs, Nigeria has bound only 19.7% of its tariff lines, with the average bound tariff rate standing at 120%. The average applied tariff rate was 12.8% in 2023. Participants encouraged Nigeria to enhance its predictability and governance, and to consider reducing its ceiling tariff rates.