FG to Introduce New Trade Policy to Disallow Dumping

• ’Investor confidence on the rise’
James Emejo in Abuja
Nigeria’s Chief Trade Negotiator, Mr.  Chiedu Osakwe, yesterday said trade remedies were being drafted to tackle disruptive trade practices particularly dumping of substandard products in the country.

He said government was working in collaboration with the World Trade Organisation (WTO) to draft both infrastructure and bill that would put an end to current dumping menace.

He also said the high governance standards set by the administration of President Muhammadu Buhari has continued to attract the “keenest and deepest expression of interest” by foreign investors in the Nigerian economy.

He would not give details of some of the foreign investors as most of them are still undergoing negotiations.
Speaking during an interactive session with journalists in Abuja,  Osakwe, who is also the Trade Adviser to the Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, also said the government was working on the review of existing trade policies to reflect the dynamics of the global economy and accord priority to the emerging digital or internet economy.

He said the enhancement of products standards remained a major concern for the current administration, adding that there are several practical work being done towards standards improvement so as to make Nigerian products more readily acceptable in the international market.

Such standards would also be consistent with the those set by WTO.
He also clarified that the country was yet to ratify the Economic Partnership Agreement (EPA) with the European Union adding that Nigeria would not be stampeded into singing agreement which is not in its favour.
However, he said the trade document was still being scrutinised.

He said: “We need to use trade policy to correct imbalances in global trade. “
He held that Buhari’s leadership was critical to reducing barriers to trade with other countries.
He added that the WTO is expected to hold Nigeria’s fifth trade policy review in June, a step that could further boost confidence in the economy.