Trade Costs In Nigeria Are Too High To Attract Investments ― DG, World Trade Organisation.
Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), yesterday told the President, General Muhammadu Buhari, and his cabinet that Nigeria’s trade costs are too high to attract local and foreign investors. Information Guide Nigeria
She said this through a video link on the second day of the Mid-term Ministerial Performance Review at the presidential villa, Abuja.
The DG added that there is a need to step up in the security sector to attract foreign and local investments.
According to her, the country must cut down not only on trade cost but also infrastructure cost, linkage cost, regulatory cost, customs cost, and other costs.
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Iweala buttressed that Nigeria’s trade cost was equal to 306 per cent tariff, one and half times are higher than the cost in high-income countries.
As reported by NIGERIAN TRIBUNE, IN Iweala’s words: “Improving security and lowering transaction cost for foreign investment, even for domestic investment, would be necessary. And Nigeria is part of a group of countries negotiating an agreement on investment facilitation at the WTO. jamb results
“Once this agreement is negotiated, ratified, and is being implemented, it could be instrumental in attracting additional trade-oriented investment.
“To complement investment facilitation, Nigeria has to cut down on trade cost, infrastructure cost, linkage cost, regulatory cost, customs cost, basically, all costs associated with moving goods from tie factory or farm gate to the final consumer.
“Nigeria’s trade costs are too high. According to the World Bank-ESCAP trade costs for 2019, trade costs for African countries are on the average equivalent of a 304 per cent tariff and for Nigeria, it’s even slightly higher at 306%.
“These numbers are one and half times higher than trade cost in high-income countries. Such high costs are not conducive to forming a regional value chain.
“Congestion, capacity constraints, and high costs in our ports make life difficult for anyone seeking to build supply chain operations in Nigeria and hence, expand trade from there.”
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