By Franklin Alli
The Manufacturers Association of Nigeria (MAN), yesterday, hailed
the Federal Government’s decision not to join other West African
States to endorse the Economic Partnership Agreement (EPA)
between West Africa and the European Union, as this action would
prevent the country from losing N208 trillion ($1.3 trillion) revenue.
The Economic Partnership Agreement is a reciprocal preferential
trade Agreement being promoted by the European Union to create a
Free Trade Area (FTA) between the EU and the African, Caribbean
and pacific Group of States [ACP] through six regional economic
communities into which the ACP is divided’
Signing the EPA in its present form, would cost Nigeria alone $1.3
trillion revenue losses from finished goods coming from the
European Union while the negative effects EPA would have on local
manufacturing range from shutdown of local industries and job
losses due to unfair competition.
MAN, in a statement signed by its director general Remi Ogunmefun,
said Our commendation is sequel to the briefing to stakeholders by
the Honorable Minister of Industry, Trade and Investment, Mr.
Olusegun Aganga, July 24, 201’4, where he reiterated the
determination of Nigeria to continue to pursue the implementation
of the Nigeria Industrial Revolution Plan (NlRP), local content
policies, and transformation in Agriculture sector amongst others.
The Minister was categorical that based on the mission of
Government in these areas, it is inconceivable that the Federal
Government will ignore national interest, particularly genuine
concerns expressed by stakeholders in the country and go ahead to
sign the Economic Partnership Agreement.
It will be recalled that the Summit of ECOWAS Heads of State and
Government at their meeting in Accra, Ghana on July I0, 2014
approved the EPA and instructed the regional chief Negotiators to
take steps to start the process of signing and implementing the
agreement.
Nigeria, at various stages in the EPA negotiation process, had voiced
strong opposition to the agreement and raised concerns that the
Agreement could only lead to deindustrialisation in West Africa, with
serious economic and employment consequences for Nigeria
because of her 60 percent share of the regional market and Gross
Domestic Product (77 per cent).
MAN opposition is also premised on the fact that from all
parameters, West African States, including Nigeria are not at the
same level of economic development with any European country to
warrant the conclusion of a reciprocal trade relationship espoused in
the trade agreement with EU.
MAN is therefore advising that notwithstanding the status of EPA
and ECOWAS Common External Tariff (CET), Nigeria should
continue to insist on the incorporation of the 196 tariff lines which
the country had earlier recommended for reclassification in the CET
regime in addition to the urgent need to design appropriate
instruments that will take care of the 241tariff lines that currently
enjoy various levels of levies as protective measures in Nigeria’
Earlier, Chief Kola Jamodu, President of MAN, noted “no country
can develop without protecting its industries; he added that Nigeria
stands the risk of having its market flooded by European goods with
resultant negative effect on our industries and economy” if the EPA
is approved in its present form.

www.vanguardngr.com/2014/08/nigeria-rejects-epa-avert-n208trn-revenue-loss/

And someone would ask why the economy of other west African state are grumbling. I wonder what other west african leaders are thinking before signing that document of slavery. That is why a big, strong and prosperous Nigeria should be the aspiration of all Africans to mitigate the over bearing influence of these Europeans.

When a country is economically colonized, the effect is poverty. They become accountable to the colonial masters.

Dreal1247: When a country is economically colonized, the effect is poverty. They become accountable to the colonial masters.

So true! And I don't just understand how these smaller African countries simply miss the point. Expecially our West african brothers such as Ghana.

Eldavido1:

So true! And I don't just understand how these smaller African countries simply miss the point. Expecially our West african brothers such as Ghana.

Abeg leave Ghana out of it and face your front!

did i just read $1.3 trillion?

Nigeria produces 77% of the West African GDP. Tomorrow some midgets will be comparing their miserable broke-a$$ nation with Nigeria.

SantaMafia: Abeg leave Ghana out of it and face your front!

What is your problem? Nigeria and Ghana are the largest economies in West Africa. The President of Ghana is the current head of ECOWAS. The guy went ahead to sign a document with other African head of state involve. A document that mortgage the future of West Africa industrially and you said we shouldn't complain. Are you for real? If those goods find there way into Ghana and other countries, what stop then getting smuggle into nigeria? I think you are the one that need to face his front.

atlwireles: Nigeria produces 77% of the West African GDP. Tomorrow some midgets will be comparing their miserable broke-a$$ nation with Nigeria.

The very reason nigeria has the capacity to opt out. If nigeria where a small market it would have been practical impossible not to be blackmail into signing that devilish document.

Eldavido1:

What is your problem? Nigeria and Ghana are the largest economies in West Africa. The President of Ghana is the current head of ECOWAS. The guy went ahead to sign a document with other African head of state involve. A document that mortgage the future of West Africa industrially and you said we shouldn't complain. Are you for really? If those goods find there way into Ghana and other countries, what stop then getting smuggle into nigeria? I think you are the one that need to face his front.

Ghana's president should be impeached as ECOWAS chairman and Ghana's president!

BedLam: The worst pattern of slavery is offering yourself for the chains! I don't know what heads these leaders have, while I can discern Francophone countries has been lobbied by France, the case seems more opaque for me to see through why Ghana and co would want to tie them selves down! We are no longer in the era of physical chains, it's economic and mental slavery!

I think those leaders where entice by the offer of grants and aid associated with the EPA. That's the only explanation I can come up with.

Eldavido1:

I think those leaders where entice by the offer of grants and aid associated with the EPA. That's the only explanation I can come up with.

A dollar earned is worth more than 5 dollars given....Abraham Lincoln.

BedLam: China even fall my hand, I wonder why them no lobby.

China doesn't have a formal trade agreement with ECOWAS as an economic block. But I think they have with the individual countries. The Europeans are smarter, a trade agreement with the economic block and a market size of more than 300 million people is much more appealing and over rides that of individual countries.

BedLam: A dollar earned is worth more than 5 dollars given....Abraham Lincoln.

I like that! Exactly what Mahama and his associate fail to see.

interesting.

Eldavido1:

I think those leaders where entice by the offer of grants and aid associated with the EPA. That's the only explanation I can come up with.

I guess as much but on the Ghana case the present government have done nothing but wreck the system and it seems they got no back up .. so they have no choice but to go with it.. only if another political steps in or Ghanaians put more pressure on the government

iamord:
I guess as much but on the Ghana case the present government have done nothing but wreck the system and it seems they got no back up .. so they have no choice but to go with it.. only if another political steps in or Ghanaians put more pressure on the government

Even if another government comes in Ghana, it will be difficult to reverse the EPA. The will more or less have to live with it. ECOWAS is divided already, Ghana would have leverage on the support of Nigeria to reject it. But I guess it's kind of too late now.

BedLam: A dollar earned is worth more than 5 dollars given....Abraham Lincoln.

so much truth

Eldavido1:

Even if another government comes in Ghana, it will be difficult to reverse the EPA. The will more or less have to live with it. ECOWAS is divided already, Ghana would have leverage on the support of Nigeria to reject it. But I guess it's kind of too late now.

So what do you think happens to ecowas now?

Do you think nigeria's objection to the epa will stop the other countries from signing it?

the one thing that worries me is if other ecowas countries sign the agreement it could have negative effects on the little intra ecowas trade we have.

davitogreat:

So what do you think happens to ecowas now?

Do you think nigeria's objection to the epa will stop the other countries from signing it?

the one thing that worries me is if other ecowas countries sign the agreement it could have negative effects on the little intra ecowas trade we have.

As it is, other ECOWAS member countries have sign the EPA already. All Nigeria could do now is to accelerate our industrial development to be able compete with foreign product. This is because, soon smuggle product will start flooding the Nigerian market even if we ban the importation of such into nigeria.

Eldavido1:

Even if another government comes in Ghana, it will be difficult to reverse the EPA. The will more or less have to live with it. ECOWAS is divided already, Ghana would have leverage on the support of Nigeria to reject it. But I guess it's kind of too late now.

well you are right.. this present government has been very corrupt . and seem to have poor economist and thinkers.. well I believe that what ever decision will be in the interest to suite the country.. so with time there will still be a way out.. but at this stage I am tired of saying that a lot of the thing s we import can be home grown and processed.. cos the people in power seem to be deaf and blind.. but I am optimistic that Ghana will still cone through. . speaking on leveraging on the support of Nigeria.. so u see how we all behave on naira land.. I believe this is how the ECOWAS is... just that its formal and sugar coated.. there is no unity amongst us.. what's the state of intra trade between us both . we are both fighting on the line there is no hope on that.. till Africans learn to unite to fight one common enemy . . for now its on s Oyo level

iamord:

well you are right.. this present government has been very corrupt . and seem to have poor economist and thinkers.. well I believe that what ever decision will be in the interest to suite the country.. so with time there will still be a way out.. but at this stage I am tired of saying that a lot of the thing s we import can be home grown and processed.. cos the people in power seem to be deaf and blind.. but I am optimistic that Ghana will still cone through. . speaking on leveraging on the support of Nigeria.. so u see how we all behave on naira land.. I believe this is how the ECOWAS is... just that its formal and sugar coated.. there is no unity amongst us.. what's the state of intra trade between us both . we are both fighting on the line there is no hope on that.. till Africans learn to unite to fight one common enemy . . for now its on s Oyo level

I usually believe there are some level of cooperation between ecowas already in terms of trade though mostly informal. This can be seen between nigeria and Ghana expecially in the areas of Nollywood and ghollywood, small scale businesses and some large scale also like the west african gas pipeline that supply Ghana and few nigerian banks and telecom firms operating in ghana. Forget all these banters and insult that go on here on Nairaland, Nigerians do it even between themselves. what's on ground is a different picture completely. The only issue is, most of the inter african trade should be more formal rather than the mostly informal trading going on which is not capture in member countries economy. Sometimes I tend to think that the seed of Ghana economic problems where sawn from the last administration.