Trade Policy Review: Nigeria
Geneva, 13 November 2024
The Trade Policy Review of Nigeria was conducted by the World Trade Organization (WTO) on 13 November 2024. The review examined Nigeria’s trade policies and practices for the period 2019-2023.
Key Findings
- Nigeria’s economy has grown significantly in recent years, driven by the oil and gas sector.
- The country is a major exporter of crude oil and natural gas, and a leading producer of agricultural products such as cocoa, coffee, and palm oil.
- Nigeria has been implementing a number of trade liberalization measures, including reducing tariffs and eliminating import quotas.
- However, the country still faces a number of challenges to its trade policy, including:
- High levels of corruption
- Weak infrastructure
- Lack of transparency
Recommendations
The WTO recommended that Nigeria take the following steps to improve its trade policy:
- Reduce corruption
- Improve infrastructure
- Increase transparency
- Implement trade facilitation measures
- Diversify the economy
Nigeria’s Response
Nigeria welcomed the WTO’s recommendations and said that it would work to implement them. The country noted that it had already taken a number of steps to improve its trade policy, including:
- Establishing a National Anti-Corruption Commission
- Investing in infrastructure
- Enhancing transparency
- Implementing trade facilitation measures
Conclusion
The WTO’s Trade Policy Review of Nigeria provides a valuable assessment of the country’s trade policies and practices. The review identifies a number of challenges that Nigeria faces, but also acknowledges the progress that the country has made in recent years. The WTO’s recommendations will help Nigeria to further improve its trade policy and promote economic growth.
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WTO a new article on 2024-11-13 14:00 titled “Trade Policy Review: Nigeria”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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