http://allafrica.com/stories/201408060717.html

[size=14pt]Nigeria Rejects EPA to Avert N208 Trillion Revenue Loss[/size]

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.

thank God we have a president with vision

Orjioorji: thank God we have a president with vision

correct. If our west African neighbors want to put themselves in economic slavery let them do so. Nigeria should just focus on herself.

This is no good news for Ghana.

And this is the kind if thread you can't find berem and egift, koboko and co

Its clear that countries that need to protect their young industries are rejecting these so called trade agreements. This is how India rejected one WTO agreement that was setup in the same way last week.
Kudos to these Governments (ours included). If we were a net exporter of goods, then it would be a symbiotic relationship, but in reality we are a net importer of goods. Any free trade agreement with the WEST is just a case of flooding our markets with foreign goods and also the continued devaluation of our Naira.

Good move from FG.
Has got it right again

Uncle Jona n his team ife unu n'ato mu nsha.. Makn d nigerian peeps v faith once again. God nyebekwa uncle Jona more wisdom, grace n peace. GEJ u r simply d best!!

Why west Africa?
Let other west African countries accept it na
Shey na we go talk for them?

i would have been very disapointed if Nigeria ever signed that enslaving document. This is a sign that the people at the hems of our economics affairs have sound knowledge of how to protect it. Kudos to gej and his team

Thank you Mr. President for not agreeing to this deal.