EU’s Deputy Head of Delegation noted that the EU will not hesitate to withdraw the free access to European market enjoyed by the resenting countries: Nigeria, the Gambia and Mauritania.
Nigeria is to establish a free trade zone with Kenya, South Africa and Egypt. The four countries have already worked out modalities for establishing the zone.
Social Action has asked the federal government to not to sign the Economic Partnership Agreement with the European Union. Ghana and Ivory Coast have also resisted the EPA
A report authored by Social Action, a social development organisation, indicates that Nigeria stands to loose up to $1.3 trillion in forms of customs duties, taxation and other revenue sources throughout the 10 year implementation period of Economic Partnership Agreement (EPA).
Any attempt to encourage cheap EU imports will not only retard local production, it may also be counter-productive to the country’s industrialisation plans.
The European Union has asked Nigeria to sign the Economic Partnership Agreement with attractive offers including a €6.5bn (about N1.4tn) Development Programme.
The Manufacturers Association of Nigeria (MAN) has admonished the federal government to withhold its endorsement of the ECOWAS-EU economic partnership agreement.
Considering the mismatch of the two regions (Europe-ECOWAS) the Manufacturers Association of Nigeria and Associated Trade Unions raised concerns over the negative impact of the agreement on Nigeria’s industrialisation programme.
House of Representatives call for caution in the implementation of the EPA between EU and Nigeria.
The negative effects of opening up 75 percent of ECOWAS markets, with its 300 million consumers, to Europe over a 20-year period, are legion and cut across all facets of the economic life of Africa.
The EU is promoting the deal to boost its trade and expand its investment in the country. But, manufacturers are opposed to the deal’s endorsement.
The noise over perceived negative effects of the EPA between the European Union and ECOWAS on the Nigerian economy particularly the manufacturing sector is self-inflicted because Nigeria failed to do what it ought to do during the negotiations
Common External Tariff (CET) has remained an issue of strong discourse and controversy in West Africa for many years, particularly since the inception of the Economic Partnership Agreement negotiations.
Stakeholders have warned the Federal Government against signing the Economic Partnership Agreement (EPA) between Economic Community of West African States (ECOWAS) and European Union (EU), noting that Nigeria risks loosing about $1.3 trillion revenue if it signs the agreement.
An international conference designed to take a critical appraisal of the proposed Economic Partnership Agreement between Economic Community of West African States and the European Union will take place in Abuja between July 28 and 29 2015.
The National Association of Nigerian Traders (Nants), on behalf of civil society groups and private sector organisations in the sub-region, has blasted leaders of the Economic Community for West African States for secretly signing the Economic Partnership Agreement with the EU.
Pakistan is working on a proposal for early initiation of negotiations with Nigeria on Free Trade Agreement (FTA) to boost bilateral trade.
Africa must seek other viable alternatives in its quest for economic development, argue the editors of Business Day in Nigeria.
Nigeria’s House of Representatives has invited the Minister of Industry, Trade and Investment to brief it on details of the EU’s proposed Economic Partnership Agreement and present the worst case scenario should Nigeria refuse to sign it.
The federal government has stated that it declined endorsing the Economic Partnership Agreement (EPA) with the European Union because acting otherwise would have been inimical to the advancement of the varied growth policies currently being implemented by the government.