Agbakoba seeks CBN’s lead for trade remedies legislation to protect local industries
The Lead Partner, Olisa Agbakoba Legal, Dr. Olisa Agbakoba SAN, has called on the Central Bank of Nigeria (CBN) to lead policy discussions for trade improvement in Nigeria.
In a statement, Agbakoba said the essence of such trade policies would be to protect local industries and check any acts of dumping goods on Nigeria, just as is already contained in the CBN 5-year policy plan.
He, however, recommended the institutionalization of a protective trade regime by enactment of a Trade remedies legislation, while the Minister of Trade and Industry worked on a new policy.
Full text of Agbakoba’s letter to the CBN Governor, Mr. Godwin Emefiele:
“While congratulating our Dr. Ngozi Okonjo-Iweala on her recent appointment as 7th Director-General of the World Trade Organization (WTO), we very much welcome your fair trade comments for a strong policy to protect our local industries against unfavourable trade practices and to create jobs for Nigerians.
In the discussions with Dr Okonjo-Iweala, you referred to trade protection remedies to support local industry. This is brilliant!
We also note that the CBN 5-year policy plan also supports growing our local industry by discouraging dumping and smuggling of foreign goods. Trade support for local industries identified rice, maize, cassava, cotton, cocoa, tomato, oil palm, poultry, fish, etc.
As the Minister of Trade and Industry works on a new trade policy, we recommend the institutionalization of a protective trade regime by enactment of a Trade remedies legislation. Trade remedies legislation imposes anti-dumping duties on dumped products.
There is also counter-veiling special duties measures imposed on exports into Nigeria subsidized by a foreign country.
The trade remedies legislation will also prohibit imports if it is adjudged that they will cause material injury to local industries, for example by impeding growth.
We call on the CBN to lead a policy discussion to enact legislation to establish the Office of National Trade Negotiator and a Trade Remedies Legislation.”
