Public Management

Nigeria joins other 106 WTO members in approving Trade Facilitation Agreement

Friday, 20 January 2017 19:09

Nigeria has made the list of World Trade Organization (WTO) members to approve the Trade Facilitation Agreement (TFA), which is expected to reduce trade costs by over 14% for low-income countries and more than 13 percent for upper middle-income countries by restructuring the flow of trade across borders.

According to the Minister of Industry, Trade and Investment, Okechukwu Enelamah (photo), only three more approvals from members are needed to complete the two-third threshold that will bring the TFA into force.

Nigeria’s ratification of the Trade Facilitation Agreement is a reflection of our commitment to the WTO and a rules-based economy. It is evidence of President Muhammadu Buhari’s commitment to rapidly implement his presidential initiative on the creation of an enabling environment for business. Nigeria would like to see a strengthened WTO that reflects the development principles of developing countries like Nigeria and we praise the effectiveness of DG Azevêdo in this regard,” he said.

Finalized at the WTO’s 2013 Bali Ministerial Conference, the TFA contains a series of measures for expediting the movement, release and clearance of goods, including goods in transit across borders. This agreement is groundbreaking as it is the first time in WTO history that the commitments of developing and least-developed countries are related in their capacity to implement the TFA.

Besides Nigeria, other African countries that have approved the TFA are; Botswana, Niger, Togo, Côte d’Ivoire, Kenya, Zambia, Lesotho, Mali, Senegal, Swaziland, Gabon, Ghana and Mozambique.

Anita Fatunji

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Verdant Capital has invested $3 million in Nigerian fintech Bfree to help recover distressed loans in Africa. The deal will allow Bfree to...
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...

Cybersecurity Key to Côte d'Ivoire's Tech Future– VITIB's N'ZI
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.