17th March 2021
Mr Godwin Emefiele
Governor of the Central Bank of Nigeria
Plot 33, Abubakar Tafawa Balewa Way
Central Business District,
Dear Mr Emefiele,
RE: NIGERIA’S TRADE POLICY AND RESTRICTIVE TRADE
While congratulating our Dr Ngozi Okonjo-Iweala on her recent appointment as 7th Director-General of the World Trade Organization (WTO), we very much welcome your fair trade comments for a strong policy to protect our local industries against unfavourable trade practices and to create jobs for Nigerians.
In the discussions with Dr Okonjo-Iweala, you referred to trade protection remedies to support local industry. This is brilliant! We also note that the CBN 5-year policy plan also supports growing our local industry by discouraging dumping and smuggling of foreign goods. Trade support for local industries identified rice, maize, cassava, cotton, cocoa, tomato, oil palm, poultry, fish, etc. As the Minister of Trade and Industry works on a new trade policy, we recommend the institutionalization of a protective trade regime by enactment of a Trade remedies legislation.
Trade remedies legislation imposes anti-dumping duties on dumped products. There is also counter-veiling special duties measures imposed on exports into Nigeria subsidized by a foreign country. The trade remedies legislation will also prohibit imports if it is adjudged that they will cause material injury to local industries, for example by impeding growth. We call on the CBN to lead a policy discussion to enact legislation to establish the Office of National Trade Negotiator and a Trade Remedies Legislation.
Dr. Olisa Agbakoba, OON, SAN