Fedral Government may lose $1.3tn to EU over Trade Accord

OLUSEGUN AGANGA

Trade and development experts has expressed fears that Nigeria may lose over $1.3 trillion if government eventually ratifies the Economic Partnership Agreement (EPA), a trade accord framework with the European Union countries (EU), which it signed four months ago in Dakar, Senegal.

The stakeholders were also apprehensive of the likely lose of investments and jobs that may  arise from ratifying the agreement by the West African regional economic block, under the aegis of the Economic Community of West African States (ECOWAS).

They were of the consensus that the agreement did not address the issue of re-imbursement of the fiscal lose put at $1.3 trillion for Nigeria and over 50 per cent of some developing countries’ budget that rely on custom duties.

Speaking at an Enhanced National Focal Point meeting (ENFP), organised by the National Association of Nigerian Traders (NANTs), in Abuja, the Vice Chairman, National Focal Point Committee,  Ademola Oyejide and the President, NANTs, Ken Ukaoha, averred that the private sector was completely opposed to signing the agreement in its current form.

The negotiation Oyejide hinted, started 12 years ago, between the EU and ECOWAS, adding that it deals essentially with trade between the two regions.

On the October deadline set by EU, Ukaoha said, Nigeria does not need to shiver over deadlines set by the EU, as there have been several deadlines set in the past.

He said the EPA negotiation if eventually ratified portends negative implications for the country, adding that government officials must stand by objecting to it.