The World Trade Organisation (WTO) has emphasized the need for Nigeria to review its customs procedures to promote timely and cost-effective practices, and thereby enhance the nation's trade efficiency. This formed part of the submissions during the recently concluded sixth Trade Policy Review of the WTO in Geneva, Switzerland, which focused on Nigeria.
Members expressed concerns over the high rate of physical inspection of containers at Nigerian ports, citing high inspection rates and trade delays.
They noted that longstanding import prohibitions on a wide array of agricultural products, coupled with tariff peaks and additional levies, had the potential to worsen food insecurity, higher food price inflation, and negatively affect private sector investments in the agricultural sector.
There were also concerns over the high number of outstanding notifications by Nigeria, including on anti-dumping, agriculture, subsidies, state trading enterprises, quantitative restrictions, and import licensing.
The Nigerian delegation, led by the Permanent Secretary, Federal Ministry of Industry Trade and Investment, Amb. Nura Rimi, indicated that they would work to address these outstanding notifications and make use of technical assistance provided by the WTO secretariat.
In his remarks during the policy review session, Nigeria's Ambassador to WTO, Adamu Abdulhamid, who doubles as Chairperson of the WTO Trade Policy Review Body for the 2024/2025 period, explained that the review provided Nigeria with a good opportunity to better understand and discuss the country's trade policy developments since its previous review in 2017.
He said members of the WTO Trade Policy Review Body consistently appreciated Nigeria's active participation and constructive role at the WTO, including the ratification of the WTO Fisheries Subsidies Agreement.
Meanwhile, the federal government has submitted a review of the nation's trade policies to WTO.
The review is part of efforts to increase the nation's share of global trade and secure maximum possible benefits from international trade. It follows a report by the WTO secretariat and the federal government and would be the sixth review of the country's trading policies since it became an active member of the global trade body in 1995.
