SAN FRANCISCO, January 27, (THEWILL) – Ambassador of the European Union (EU) to Nigeria and ECOWAS, Mitchel Arrion, on Wednesday in Abuja, questioned Nigeria’s decision not to sign the Economic Partnership Agreements (EPA) long after the initiative was formally launched in February 2014, after over 10 years of negotiations.
Imports from Europe to West Africa are worth approximately €31 billion annually, while West Africa’s exports to the EU account for €37 billion, a situation Arrion said would benefit Nigeria immensely, especially if the nation’s transparency image was considered improved in the eyes of the international community.
EPAs are trade and development agreements negotiated between the EU and African, Caribbean and Pacific (ACP) partners engaged in regional economic integration processes, aimed at promoting trade and investment, sustainable development and poverty reduction.
However, the House of Representatives on Wednesday resolved to investigate the nature of the EPA between Nigeria and the EU.
The lawmakers during a debate on the motion titled: “Call for caution in the implementation of the EPA between EU and Nigeria,” expressed regrets over the collapse of the textile industry due to unhealthy competition by foreign companies and smuggling of textile products through the borders.
Following the adoption of the motion, Speaker Yakubu Dogara referred the motion to the joint committee on commerce and industry for further legislative action.
In his lead debate, Segun Adekola called for the intervention of the House to thoroughly examine the terms and conditions of the proposed EPA with EU.
While expressing reservation on the recent push by the EU to expand its economic relations with Nigeria through the implementation of the EPA, the lawmaker noted that the policy had been resisted by various operators and stakeholders.
Adekola explained that based on the terms of agreement, the EU would offer 15 members of the Economic Community of West African States (ECOWAS) full access to its market and in return, members of ECOWAS would open up 75 percent of their markets with over 300 million consumers to Europe over a 20-year period.
“Nigeria has a weak manufacturing base occasion by infrastructural deficit and environmental factors, and thus is not on the same economic pedestal with any European countries to warrant such a reciprocal trade as envisaged in the trade agreement,” he said.
“The agreement would lead to stunting of the growth of industries in West Africa, with serious economic and employment consequences for Nigeria which controls 60 percent share of the regional market.”
Story by David Oputah
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