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Tuesday, 04 October 2016

EU partners Nigeria in diversifying economy

Mr Fillippo Amato, an European Union (EU) official, says the Economic Partnership Agreement (EPA) between the EU and ECOWAS will help Nigeria to achieve its diversification drive. Amato, Counsellor, Head of Trade and Economics Section in EU, told newsmen in Abuja on Friday that the agreement, yet to be signed by Nigeria, would boost its non-oil exports. “First, all duties on exports from Nigeria to the EU will be brought to zero from the first day of the entry into force of the Agreement. “Signing the agreement will dramatically reduce the cost of Nigeria’s products exported to the EU thereby making them more competitive. “Second, duties on imports from the EU of machinery, capital goods, intermediate good (inputs) and raw materials will gradually be removed over a period of 20 years,” he said. He said machinery, capital goods, immediate goods and raw materials are inputs needed by the Nigerian industries to process and produce their raw materials to finished products. According to him, reducing duties on such imports will reduce a component of the production costs of the local industries. Amato added that duties on the import of agricultural products and on most consumer goods which the local industries were able to produce would not be removed under the EPA.

Source: vanguardngr.com