International Trade in Goods and Services in Nigeria: Overview

International Trade in Goods and Services in Nigeria: Overview

by Damilola Salawu, Damilola Oyebayo, Damilola Obafemi and Doyinsolami Oyeleye, Olaniwun Ajayi LP

Please note the law-stated date of this resource. It does not consider recent events, including legal developments related to the 2022 Ukraine crisis. For resources concerning these topics, see Russia Sanctions and Related Considerations Toolkit.

A Q&A guide to international trade in goods and services in Nigeria.
This Q&A covers key matters relating to the regulation of international trade in Nigeria, including recent trends, trade agreements, trade negotiations, rules relating to the supply of services, imports and exports requirements, trade remedies, and international trade sanctions.

Recent Trends

1. What are the recent trends affecting the regulation of international trade in your jurisdiction?

Political Considerations

Following the implementation of the Economic Recovery and Growth Plan (ERGP) from 2017 to 2020, His Excellency, President Muhammadu Buhari, the President of the Federal Republic of Nigeria, established the Economic Sustainability Committee (ESC) on 30 March 2020 to, among other things, develop a clear Economic Sustainability Plan in response to the 2019 novel coronavirus disease (COVID-19) pandemic. In line with this mandate, the ESC developed the Nigeria Economic Sustainability Plan 2020, which incorporates the ERGP.
The main objectives of the Economic Sustainability Plan include the following:
  • Stimulate the economy by preventing business collapse and ensuring liquidity.
  • Retain or create jobs using labour intensive methods in key areas such as agriculture, facility maintenance, housing, and direct labour interventions.
  • Undertake growth-enhancing and job-creating infrastructural investments in roads, bridges, solar power, and communication technologies.
  • Promote local manufacturing and production at all levels and advocate the use of “Made in Nigeria” goods and services.
Following the adverse impact of COVID-19, the Economic Sustainability Plan provides a blueprint of how to sustainably check the effect of the virus on the economy, trade, health, education and other critical sectors.

 

Economic Situation

Nigeria’s economy unexpectedly came out of recession in the fourth quarter of 2020 with the agriculture and telecommunication sectors compensating for the drop in oil production. GDP growth was estimated at 0.11% in the last three months of 2020, compared with a decline of 3.6% in the third quarter. Economists have lauded the recovery in non-oil GDP growth. The agricultural sector rose by 1.6% year on year. Among its subsectors, fishing and livestock grew the fastest, at 5.7% and 2.2% respectively, compared with 1.4% and 1.1% for crop production and forestry.
In January 2021, inflation rates in Nigeria rose to 16.47%, so that the country missed its single-digit inflation target due to macroeconomic constraints, such as increasing food prices and rising debt levels (cum arrears in payments). While there are indications that the rates may drop by Q2 and Q3 of 2021 due to the opening of borders, activities such as farmer and herder clashes may prove counteractive.
The drop in Brent crude price (and of foreign exchange reserves) due to lower oil exports in 2019 has had a significant impact on oil revenues.
The total trade year to date amounted to NGN23.20 trillion. Nigeria’s imports were valued at NGN5.38 trillion, representing an increase of 33.77% in Q3 2020 against the level recorded in Q2 2020 and 38.02% compared to Q3 2019. Nigeria’s export component increased by 34.85% to NGN2.99 trillion in Q3 2020 compared to Q2 2020; however, it decreased by 43.41% compared to Q3 2019. According to the National Bureau of Statistics’ Foreign Trade Report, the value of imports in Q3 2020 represented the highest level for any quarter since 2017, while the value of exports in Q3 2020 represented the lowest level of any quarter since 2017. Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of NGN2.38 trillion during Q3 2020. This also represents the widest merchandise trade deficit since 2017.
The main trading partners in Q3 2020 (export trade) include:
  • India (16.73%).
  • Spain (10.97%).
  • The Netherlands (7.61%).
  • South Africa (6.81%).
  • Turkey (5.01%).
The main trading partners in Q3 2020 (import trade) include:
  • China (30.51%).
  • The US (8.96%).
  • The Netherlands (8.24%).
  • India (6.58%).
  • Belgium (3.95%).
It is estimated that with the re-opening of the Nigerian land border and the coming into force of the African Continental Free Trade Area (AfCFTA), there will be improved and increased trade volumes, especially with neighbouring countries.
With the country still coming to terms with the impact of the COVID-19 pandemic, the Nigerian Office for Trade Negotiations formulated a National Recovery and Growth Plan. In this regard, the Nigerian Government earmarked NGN2.3 Trillion Naira as COVID-19 stimulus to restore the economy.
The Economic Sustainability Plan also includes a National Medium, Small and Micro Enterprises (MSMEs) Survival Fund to cushion the impact of COVID-19 on the economy and create an environment for small businesses to thrive. A major highlight of the 2021 Budget seeks the quick passage of the Petroleum Industrial Bill, which is expected to boost confidence and attract further investments into the oil and gas sector and increase revenues.
Looking forward, The Economic Sustainability Plan and Nigeria’s Medium-Term Expenditure Framework (2021-2023) both emphasize the need to diversify Nigeria’s economy and ensure growth in non-oil exports. Nigeria is showing what green recovery can mean for countries that are most affected by the climate crisis. By investing in renewable capacity, energy access and equity, women’s empowerment, climate-smart agriculture and economic diversification, Nigeria can set itself on a path to build back fairer, stronger and cleaner.
Nigeria is currently developing other areas of its economy by diversifying from oil and by building a competitive manufacturing sector, especially in the automotive assembly, cement, textile and clothing sectors. Some of the industries that Nigeria most recently intends to put focus on are the mining and agricultural industries.

 

Negotiations of International Trade Agreements

At the 13th extraordinary session of African Union Heads of State and Government held virtually on 5 December 2020, the union adopted the decision to commence trading under the AfCFTA. In November 2020, the Federal Executive Council of Nigeria had ratified the country’s membership of the AfCFTA, with the agreement coming into effect on 1 January 2021.
The end of 2020 also saw the re-opening of the borders. As a country with the largest African population and more than USD500 Billion in GDP, Nigeria will definitely be a major player in the market.
The AfCFTA has been designed as a multi-stage process. The negotiated issues will be constituted into legal instruments. Phase 1 involved issues on origin, schedules of tariff concessions, and schedules of specific commitments on the five priority service sectors (business services, communications, finance, tourism, and transport). Phase 2 negotiations on intellectual property rights, investment, competition policy, and e-commerce and currently ongoing.
The Nigerian Government is still committed through the National Office for Trade Negotiations (NOTN) to develop a Nigerian Schedule of Specific Commitments for Trade in Services, carried out through a consultative process. From this process, working in accordance with the agreed five priority sectors under the AfCFTA, Nigeria identified the five following sectors for services liberalisation:
  • Business and professional services.
  • Communication services.
  • Financial services.
  • Tourism services.
  • Transport services.
Nigeria will work with the Economic Community of West African States (ECOWAS) to develop a unified Schedule of Specific Commitments for Trade in Services as part of the implementation of the AfCFTA Agreement.

Trade Agreements

2. Is your jurisdiction a member of the World Trade Organization (WTO)? What are the main international, regional or bilateral trade agreements to which your country is a party?

Nigeria has been a member of the WTO since 1 January 1995, having been a member of the General Agreement on Tariffs and Trade (GATT) since 18 November 1960. Nigeria ratified the WTO Trade Facilitation Agreement on 20 January 2017 and the amended WTO Agreement on Trade-Related Aspects of Intellectual Property Rights 1994 (TRIPS) Agreement on 16 January 2017.

 

International Trade Agreements

Nigeria is a party to the African Growth and Opportunity Act (AGOA), which is a US trade act that grants products from 40 sub-Saharan African countries (including Nigeria) duty-free access to the US market.
Nigeria also signed a Joint Declaration on Cooperation with the European Free Trade Area (EFTA) on 12 December 2017 in Buenos Aires, on the margins of the 11th WTO Ministerial Conference. This Declaration sets the framework for Nigerian trade agreements with EFTA states.

 

Bilateral Trade Agreements

Nigeria has bilateral investment agreements with 31 countries, 15 of which are in force. The country also has double tax treaties with 13 countries and is a signatory to 21 investment-related instruments, and nine memorandum of understanding agreements.
In 2000, Nigeria and the US signed a Trade and Investment Framework Agreement (TIFA). This agreement provides for dialogue on improving and enhancing trade and investment opportunities between the two countries. The eighth US – Nigeria TIFA council meeting was held in March 2014 and Nigeria was represented by the Federal Ministry of Industry, Trade and Investments (FMITI).

 

Regional Trade Agreements

Nigeria is a founding member of the African Union and the ECOWAS. The Abuja Treaty provides for the establishment of the African Economic Community (AEC) by 2028, using existing regional economic communities as pillars.
Under the regional free trade agreement agenda, a regional instrument known as ECOWAS Trade Liberalisation Scheme (ETLS) was established in 1990 to achieve an effective free trade area within the ECOWAS. All members of the ECOWAS, including Nigeria, have been implementing this scheme since 1990. Other ECOWAS-related schemes include the ECOWAS Protocol of Free Movement, which establishes the right of entry, residence and establishment of ECOWAS citizens in the region.
Nigeria is a member of the AfCTA. This agreement is to establish a single market for goods and services across 54 counties, allow the free movement of business travellers and investments, and create a continental customs union to streamline trade and attract long-term investment. Full implementation of the agreement will take some time as negotiations covering trade, dispute settlement, investment, competition policy and intellectual property rights will have to be completed.

Trade Negotiations

3. What are the authorities responsible for negotiating trade agreements? How long does it usually take to conclude a trade deal with your country?

The NOTN, which is part of the FMITI, is the body responsible for leading negotiations of Nigeria’s trade agreements. It was established in May 2017 by the Federal Executive Council to:
  • Maximise the country’s trade and economic potential.
  • Correct and re-balance longstanding economic anomalies in Nigeria’s trading relationships.
The NOTN is made up of members from the FMITI, Federal Executive Council, Ministry of Foreign Affairs, Federal Ministry of Finance, Nigerian Customs Service, Federal Ministry of Justice, Federal Ministry of Budget and National Planning, Nigerian Immigration Service, Nigerian Investment Promotion Commission, and National Bureau of Statistics.
The NOTN’s mandate is to lead all Nigeria’s trade negotiations and, in co-ordination with the Nigerian Investment Promotion Commission, to unify Nigeria’s trade and investment negotiating policy framework. Trade proposals in Nigeria’s negotiations (bilateral, regional, continental and multilateral) must reflect the priorities and actual operation activities of the Nigerian Industrial Policy and Competitiveness Advisory Council.
An example of trade negotiations handled by the NOTN is the AfCFTA. The negotiations started during the African Union Johannesburg Summit in 2015. The first stage of negotiations, which covered trade in goods and services, were concluded in March 2018 with execution of the treaty in 2019. While this is not representative of all trade negotiations conducted by Nigeria, this provides an indication as to the typical time frame for entering into trade agreements with Nigeria, as Nigeria led the negotiations as Chief Negotiator.

Supply of Services

4. Is your jurisdiction a party to international agreements on cross-border trade in services? Is your jurisdiction taking part in the negotiations of the Trade in Services Agreement (TiSA)?

Nigeria is currently partly a party to the WTO General Agreement on Trade in Services (GATS), with specific commitments in the financial, communication, and transport services sectors. Foreign nationals, corporations and individuals can own up to 100% equity in any enterprise. Nigeria is also committed to its obligations to the ECOWAS and under the Global System of Trade Preference (GTSP). There are no obligations relating to cross-border services within the ECOWAS.
Under Articles 7 and 8 of the AfCFTA Agreement, all countries are to participate in the Phase 2 negotiations, which include trade in services protocols (see Question 1, Negotiations of International Trade Agreements).
Nigeria is not taking part in the negotiations of the TiSA.
5. What domestic legislation and international rules apply to the supply of financial services and legal services in your jurisdiction? What are the main requirements that service providers must comply with?

Financial Services

Regulatory Framework. The primary legislation regulating the provision of financial services in Nigeria is the Banks and Other Financial Institutions Act (BOFIA). The new BOFIA 2020 now regulates all financial institutions that provide financial services in Nigeria either physically, electronically or virtually. BOFIA, in addition to the Central Bank of Nigeria (Establishment) Act, vests powers in the Central Bank of Nigeria (CBN) to regulate the provision of financial services in Nigeria. Similarly, in accordance with Nigeria’s undertakings under the GATS in relation to financial services, the country accords the treatment of most favoured nation (MFN) to all member countries. Nigeria is currently negotiating the use of travellers’ cheques as part of the economic integration of the ECOWAS.
Main Requirements. There are different types of financial services that can be provided in Nigeria. The general rule is that no person (including foreign nationals) can carry out any type of financial business in Nigeria unless it is a company incorporated in Nigeria and holds a valid licence.
In addition, to operate in Nigeria or establish a relationship with Nigerian banks, foreign banks and other entities must meet one of the following conditions:
  • Have a physical presence in their country of incorporation.
  • Be licensed in their country of incorporation.
  • Be affiliated to any supervised financial group.
(Section 3(5), BOFIA.)

Legal Services

Regulatory Framework. The Legal Practitioners Act (LPA) regulates the provision of legal services in Nigeria. Regulatory bodies include the:
  • Council of Legal Education (established under the Legal Education Act).
  • Body of Benchers (established under the LPA).
  • Legal Practitioners Privileges Committee.
  • Legal Practitioners Disciplinary Committee.
  • Nigerian Bar Association.
Although Nigeria is a member of the WTO and has signed a number of bilateral treaties regionally and internationally, it does not have any special treaties or agreement with respect to the provision of legal services.
Main Requirements. The LPA defines a legal practitioner as a person who is entitled to practise as a barrister and solicitor in Nigeria, either generally or for the purpose of any particular office or proceedings. A person is only entitled to practise as a barrister and solicitor if either:
  • Their name is on the roll of legal practitioners kept by the Supreme Court of Nigeria.
  • They are authorised to practise as a barrister by a warrant of the Chief Justice of Nigeria for the purposes of a proceeding (this is particularly applicable to foreign legal practitioners who practise in countries with a similar legal system to that of Nigeria).
Foreign qualified lawyers from common law jurisdictions wishing to re-qualify to practise in Nigeria must successfully complete the six-month Bar Part 1 course and the one-year Bar Part 2 course at a Nigerian law school.
6. Are there restrictions on market access for specific services sectors?
There are no limitations or restrictions on market access to the service industry in Nigeria, except professional qualification requirements.

Imports

Customs Authority

7. What is the authority responsible for enforcing customs laws and regulations?

 

Under the Customs and Excise Management Act 2004 (CEMA), the Nigerian Customs Service has legal authority to act on behalf of Nigeria in all customs-related matters.
The CEMA confers on all officers of the Nigerian Customs Service the same powers, authorities and privileges given to the Nigerian police to carry out or enforce the provisions of the CEMA. These include the powers to prosecute, arrest, search, and detain suspected persons and investigate breaches of the Act.
8. How can customs decisions be challenged?
Under the CEMA, any aggrieved person can challenge a decision of the Customs Board to seize goods by submitting their claim to the Board in writing within one month of the date of seizure. Civil proceedings can then be brought in a court of summary jurisdiction. If the court finds that the goods were liable to forfeiture at the time of seizure, the court will declare them as forfeited. The judgment can be appealed to the competent appellate court.

Import Duties, Tariffs and Rates

9. Where can information be found about import tariffs and other customs charges?

General Tariffs and Rates

From 11 April 2015, Nigeria started implementing the new ECOWAS Common External Tariff (CET) for a five-year period (2015-2019). The comprehensive CET list can be found at Customs: CET Tariff. A fifth band was introduced in the CET at a rate of 35% for specific goods for economic development.
In addition to the CET, national complementary measures can be applied. These consist of an import tax adjustment (IAT) and a supplementary protection tax (SPT).
The IAT can be imposed where the most favoured nation duty originally applied by a member state is higher than the duty specified under the ECOWAS CET. The maximum IAT applicable is the difference between the duty applied by the member state originally and the duty set by the ECOWAS CET. The IAT can be applied for a maximum period of five years from 1 January 2015.
The SPT can be imposed when either the:
  • Volume of importation of a product entering the customs territory of a member state equals or exceeds 25% of the average import for the preceding three years of which data can be found.
  • Average of the “cost insurance and freight” (CIF) import price of shipments entering the customs territory of a member state falls below 80% of the average CIF import price for the last three years of which data could be found.
Information about import duties can be found in the:
  • CEMA.
  • Customs and Excise Tariff Act No. 4.
For duties on cars, the Nigerian Customs Services issues a National Valuation Database For Imported Motor Vehicles on a yearly basis.
The Financial Act 2020 is expected to affect the CEMA.

Preferential Tariffs

As a member of the ECOWAS, Nigeria grants tariff preferences to other ECOWAS member states, it also provides trade preference to all Global System of Trade Preference members.
Having ratified the AfCFTA, Nigeria committed to apply preferential tariffs to imports from other state parties in accordance with its schedule of concession tariffs.

Non-Tariff Barriers to Imports

10. Are there non-tariff barriers to imports into your jurisdiction?

Under the CEMA, the Nigerian President has the power to prohibit the importation of any specified goods. A list of prohibited goods is maintained and frequently updated by the Nigerian Customs Service. A detailed list of prohibited items can be found at Customs: Import Prohibition List.
A prospective importer must also comply with the Import Guidelines, which can be accessed at Customs: Destination Inspection.
Nigeria has a combination of tariffs and quotas for the double purpose of taxing international trade for revenue generation and protecting local industries from highly competitive imports. In recent times, Nigeria’s leaders have taken active steps to strategically grow certain sectors domestically and as a result placed a ban on certain imports. A list of prohibited and restricted goods can be found at Export.gov: Nigeria – Prohibited and Restricted Imports. However, one of the requirements of the AfCFTA is for member countries to progressively eliminate tariffs and non-tariff barriers to trade in goods, Therefore, in the coming years, Nigeria will have to balance this provision and review future closure of borders.
The Custom Excise, Tariff, etc (Consolidation) Act specifies the goods or parts of goods that must be sourced locally in the production of certain goods. For example, bona fide assemblers of bicycles can import non-banned parts, but rims, frames, forks and mudguards must be sourced locally.

Trade Remedies

Regulatory Framework

11. What is the main legislation relating to trade remedies? What are the authorities responsible for investigating and deciding on trade remedies?

Regulatory Framework

Nigeria does not have any legislation on trade remedies. The Nigerian Government, through the NOTN, recently signed an agreement with a leading trade law firm to support the drafting of Nigeria’s trade remedy legislation.
The law on anti-dumping is still regulated by the outdated Customs Duties (Dumped and Subsidies Goods) Act 1958, which provides that a special duty can be applied on any goods deemed to be dumped by companies or subsidised by any government or authority outside Nigeria. Goods are considered to be dumped if their export price is lower than their fair market price.
As Nigeria applies dualism in relation to international law, WTO rules on trade remedies would need to be implemented into Nigerian law before they can be applied.

 

Regulatory Authority

The Nigerian Customs Service and the Office of the Trade Remedy Authority are responsible for enforcing regulations on dumping and related activities in Nigeria.
The CEMA confers on all officers of the Nigerian Customs Service the same powers, authorities and privileges given to the Nigerian police to carry out or enforce the provisions of the CEMA. These include the powers to prosecute, arrest, search, and detain suspected persons and investigate breaches of the Act.

 

Investigations and Enforcement

12. Does your jurisdiction apply a lesser duty rule and/or a public interest test in trade remedy investigations? Are there any other notable features of your jurisdiction’s trade remedy regime?

There is no legislation on trade remedy investigations (see Question 11). Nigeria does not apply public interest test in trade remedy investigations. The existing Customs Duties (Dumped and Subsidies Goods) Act 1958 provides that authorities can impose duties at a level lower than the margin of dumping if that level is considered adequate compensation for the injury or if, having regard to all circumstances, it is in the national interest.

Appeals

13. Is there a domestic right of appeal against the authority’s decision? What is the applicable procedure?

The Customs Duties (Dumped and Subsidies Goods) Act 1958 does not provide for any right of appeal or appeal procedure.

Sanctions and Export Controls

Regulatory Framework

14. What is the main legislation governing sanctions and export controls? What are the authorities responsible for enforcing sanctions and export controls?

The main legislation governing sanctions and export controls is the CEMA.
The Nigeria Customs Service, the FMITI and the CBN have authority over trade sanctions in Nigeria.
Although the Nigeran Export Promotion Council plays a role in encouraging exports, the main authority responsible for enforcing export regulations and controls is the Nigerian Customs Service.
The main requirements to export finished goods depend on the type of goods in question. However, the following general export requirements apply:
  • The exporter must be a registered/incorporated business in Nigeria.
  • The exporter must be registered with the relevant tax authorities and have a valid tax identification number.
  • The exporter must register with the Nigeria Export Promotion Council.
  • The exporter must open a domiciliary account with any commercial bank in Nigeria (all export proceeds must flow into that account).
  • The exporter must obtain a Nigerian Export Proceeds Form (NXP Form) from the commercial bank where the account is domiciled in respect of each export transaction.
  • To be exported, goods must be subject to inspection by inspection agents(s), who must:
    • inspect the quality, quantity and true value of the goods to be exported; and
    • issue a clean certificate of inspection for the goods within 72 hours after the inspection (if they meet the required standards).
  • The exporter must pay to a designated bank the Nigerian Export Supervision Scheme Administrative charge of 0.5% and 0.15% on the “free on board” (FOB) value of non-oil and oil/gas exports, respectively (this amount is then remitted to the CBN).

15. Are certain categories of goods subject to non country-specific export controls?

There are currently no categories of goods subject to specific export quotas in Nigeria.
However, there are a number of goods that fall under the export prohibition list, including:
  • Maize.
  • Timber (rough or sawn).
  • Raw hides and skin (including Wet Blue and all unfinished leather).
  • Scrap metals.
  • Unprocessed rubber latex and rubber lumps.
  • Artifacts and antiquities
  • Wildlife animals classified as endangered species and their products
(for example, crocodiles, elephants, lizards, eagles, monkeys, zebras, lions and so on).
  • All imported goods.
Additionally, the written permission of the Board of Customs and Excise is required before certain exported goods can be loaded into a ship of less than 100 tons register. These goods include:
  • Goods from warehouses.
  • Transit goods.
  • Any other goods subject to any import duty that has not been paid.
  • Drawback goods.
  • Export prohibited goods.
Any person involved in the exportation of the above goods without permission will be liable to a fine of NGN200.
16. Are there specific restrictions on trade with certain jurisdictions, entities or persons?
There are currently no restrictions on doing business with certain jurisdictions under Nigerian law. However, Nigeria has an import prohibition list that prohibits the importation of 44 items from any country (see Question 10). Nigeria does not enforce UN sanctions.

Penalties

17. What are the consequences of non-compliance with sanctions and export controls?

The Nigerian Customs Service can impose sanctions such as seizure and forfeiture of goods. In cases of serious violations, civil or criminal liability may arise, and appropriate prosecution proceedings may be instituted in the Nigerian courts.
The Export Prohibitions Act sets out the penalties for failure to comply with export restrictions, in particular for failure to comply with export prohibitions on certain goods (see Question 15). Any person who takes, causes to be taken, induces any other person to take or attempt to take out of Nigeria any of the goods listed in the Act is guilty of an offence and liable on conviction to imprisonment for life (section 2, Export Prohibitions Act). In addition, any assets (movable or immovable) used by the convicted person in exporting the goods will be forfeited. Any customs officer who aids in the commission of this crime is guilty of an offence and liable on conviction to imprisonment for life. The CEMA also imposes sanctions for offences related to export controls.

Compliance

18. Are businesses subject to specific compliance requirements? What practical steps should a business take to ensure compliance with trade sanctions and import/export requirements?

Businesses must ensure that they comply with all export and import restrictions set out in the Export Prohibitions Act and the Nigeria Customs Service Guidelines. Key requirements include:
  • Incorporation of the business.
  • Obtaining sector-specific licences.
  • Tax compliance.
  • Compliance with the guidelines of the Nigerian Customs Service.

Foreign Trade Barriers

19. What is the procedure for local exporters to complain against foreign trade barriers contrary to the WTO or other trade agreements?

There are currently no set procedures for lodging complaints against foreign trade barriers contrary to the WTO under Nigerian law. However, the Nigerian Export Promotion Council is responsible for providing export incentives aimed at assisting Nigerian exporters to expand production for export, diversify export market and offer more competitive prices. Therefore, complaints can be informally channelled through the Council.

Developments and Reform

20. Are there impending developments or proposals for reform affecting international trade in goods and services?

The NOTN has stated that it will focus on:
  • Engaging with other ECOWAS member states to drive reforms needed to implement the economic integration agenda of the ECOWAS.
  • Establishing an ECOWAS Trade Policy Committee consisting of designated chief negotiators of ECOWAS members, which will recommend mandates, priorities and positions to ECOWAS principals.
  • Improving its focus by implementing actions to build relationships in updated strategic alliances, and its role in the multilateral trading system.
  • Ensuring that the goals and priorities of Nigeria’s trade relationships are to dynamically scale up action to use trade, investment and associated areas to accelerate growth, modernise and diversify the economy and expand employment opportunities for about two million Nigerians entering the labour market annually.
  • Negotiating strategic relations with notable trading partners using agreed 21st century templates for Nigeria’s trade agreements.
  • Establishing a rules-based trade remedy infrastructure.
  • Ensuring that the pace of establishment of a trade remedy infrastructure is accelerated.
  • Updating Nigeria’s trade policy to reflect the global shifts in the economic and trade policy landscape, and the ongoing changes in the centre of economic and trade gravity in the global economy.
  • Implementing and successful executing the provisions accepted on becoming a member of the AfFCTA.
Additionally, the Nigerian Export Promotion Council has proposed to set up a platform to address the logistics challenges of non-oil exports.

Contributor Profiles

Damilola Salawu, Partner

Olaniwun Ajayi LP

T +234 1 270 2551 Ext 2722
E [email protected]
W www.olaniwunajayi.net
Professional Qualifications. Barrister and Solicitor, Nigeria
Areas of Practice. Oil and gas; FinTech; emerging areas; international trade.

Damilola Oyebayo, Associate

Olaniwun Ajayi LP

T +234 1 270 2551 Ext 2729
E [email protected]
W www.olaniwunajayi.net
Professional Qualifications. Barrister and Solicitor, Nigeria
Areas of Practice. Finance and capital markets; international trade.

Damilola Obafemi, Associate

Olaniwun Ajayi LP

T +234 1 270 2551 Ext 2732
E [email protected]
W www.olaniwunajayi.net
Professional Qualifications. Barrister and Solicitor, Nigeria

Doyinsolami Oyeleye, Associate

Olaniwun Ajayi LP

T +234 1 270 2551 Ext 2732
E [email protected]
W www.olaniwunajayi.net
Professional Qualifications. Barrister and Solicitor, Nigeria

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