Print

Wednesday, 11 April 2018

Nigeria and the West Africa-EU free trade agreement

While the UK prepares to leave one of the world's largest trading blocs, Africa's most populous country, Nigeria, is declining to join one in the first place. Nigerian President Buhari is yet to sign the Economic Partnership Agreement (EPA), which aims to establish a free trade area between 16 West African countries (and Mauritania) and the European Union. In a statement delivered in the Nigerian capital Abuja Thursday, the Nigerian president said he didn't sign to protect national industries and the country's youth population. "Our industries cannot compete with the more efficient and highly technologically driven industries in Europe." "We are not enthusiastic about signing the EPA because of our largely youthful population," he said.The EPA plans to remove trade restrictions between ECOWAS (Economic Community of West Africa States) and the EU. The partnership covers goods as well as cooperation on development. West Africa is the EU's top trading partner in sub-Saharan Africa. The EU is West Africa's largest trading relationship.

Source: CNN