Stakeholders in the Organised Private Sector have called for safeguards against a sudden surge in imports that may follow Nigeria’s eventual signing of the African Continental Free Trade Area agreement.
Eschewing the ACFTA and EPA may be a blessing in disguise for Nigeria.
President Muhammadu Buhari of Nigeria very explicitly stated to the new Ambassador of the European Union that Nigeria was determined not to sign the Economic Partnership Agreement for West Africa.
It appears from all indications that the African private sector is either kept at the back door or yet to be given a pride of place in the AfCFTA process.
The implementation of common ECOWAS tariff will make Nigeria lose businesses because it means that once a tariff is paid in one country, no other tariff will be paid in any other country in West Africa.
The President said he had been reluctant to sign the Economic Partnership Agreement among ECOWAS countries because of the need to protect the economy, especially the industries and small businesses that currently provide jobs for majority of Nigerians.
Uganda, in many ways like Nigeria, will investigate concerns by a sector of the business community before making major commitments.
Nigerian President Muhammadu Buhari said his government has already commenced wider consultations on the Africa Continental Free Trade Area, CFTA.
Nigerian President Muhammadu Buhari will not attend the African Union summit in Rwanda because certain key stakeholders in Nigeria indicated that they had not been consulted.
The Manufacturers Association of Nigeria urges the Nigerian government not succumb to the pressure by the European Union to sign the EU-ECOWAS Economic Partnership Agreement as well as the African Continental Free Trade Area.
Organised labour pleaded with President Muhammadu Buhari not to sign the African Continental Free Trade Agreement CFTA.
Shell used an arbitration case it filed with the International Centre for the Settlement of International Disputes to railroad the government into brokering truce between it and Malabu Oil and Gas Ltd, its estranged erstwhile partner and the original licensee.
Tanzania’s former President has warned Nigeria to resist pressure to sign the Economic Partnership Agreement, (EPA), with the European Union, because according to him, such contracts are counterproductive.
Several Nigerian lobby groups, including an organization of retired ambassadors, are putting pressure on the Nigerian government to reject the application because of the decades-old dispute over Western Sahara and Morocco’s geographical distance.
"We have looked at the agreement and we believe that the agreements are situated in the 19th century and we are now in the 21st century," Nigerian govt claims
To survive and grow its economy, Nigeria’s best option might be to protect its infant industries and grow them to a point where it can comfortably play on the grand waters of international trade. Until then, the EPA might be a right step in the wrong direction.
The treaty is an important attempt by two developing countries to move toward a new generation of BITs fully aligned with the evolution of international law.
While the debate on the treaty regulating business impact on human rights is likely to continue for a while longer, some recent developments in international investment law seem to be moving forward on international human rights law obligations for businesses
Morocco and Nigeria signed a new investment treaty, which is a good illustration of the new “generation” of investment protection.