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Export products from Nigeria to Europe especially cocoa, may be at risk of higher prices from other West African products due to zero tariff to other competing countries. This is the major fallout at the first-ever World Trade Day celebration in Nigeria held in Port Harcourt on Monday, May 22, 2017, at the University of Port Harcourt’s Institute of International Trade & Development (IITD).
Nigeria’s trade with the EU had risen to as high as 20 billion euros before it crashed by 50 per cent last year, according to figures released in Port Harcourt by Fillipo Amato, Trade Officer, EU, who was represented by Ib Ikpoki, a senior official on the trade desk in the EU.
The presenter said all of the ECOWAS countries have now signed for the EU-West Africa Economic Partnership Agreement (EPA) except Nigeria and that South Africa, East Africa, West Africa (especially Ghana and Cote D’Ivoire) would be exporting to Europe at zero export duty and some at between six and 12 per cent rates.
By this, he said, Nigeria’s exports would become higher in price for items of same quantity and quality, thereby making Nigerian goods less competitive in the European market.
Of the 20 Billion euros worth of exports in 2014, Nigeria’s oil/gas topped to the size of 17.5 billion euro, distantly followed by cocoa 352 euros. This is as Nigeria now leads West Africa in online inquiries trade to the tune of 1,163hits followed by Cote D’Ivoire 1,110, though he described Nigeria as a late starter. He also said most of the inquiries come from Lagos, while Port Harcourt is totally missing.
Ikpoki said Ghana and Cote D’Ivoire now export at zero per cent ,while Nigeria still pays duty, a scenario that got most experts in the huge audience worried.
Explaining why Nigeria refused to sign on, the president of Forum of South-South Chambers of Commerce (FOSSCCIMA), Billy Harry, said it was not caused by the government.
He said it was the private sector and manufacturers that feared for dumping and objected to its adoption in Nigeria. He observed that West African countries hardly favoured Nigeria’s position and could have harmonised their positions to face the EU.
The FOSSCCIMA boss however said the private sector needed more awareness on the EPA deal to take valid decision, saying the series of seminars so far held by the EU was part of the education needed for a decision.
Supporting the position, the immediate past president of the Port Harcourt Chamber of Commerce (PHCCIMA), an engineer, Emeka Unachukwu, said the organised private sector in Nigeria was not moved by the sweeteners offered by the EU. “We want solid actions to help Nigeria in manufacturing, not zero export duty which may not do much”.
Ignatius Chukwu
