WTO charges Nigeria to update customs procedures at ports – Business – The Guardian Nigeria News – Nigeria and World News

The World Trade Organization (WTO) has expressed concern over the high rate of physical inspections of containers in Nigerian ports.

The WTO cited these high inspection rates as a major factor contributing to trade delays and called on the federal government to review customs procedures for more timely and cost-effective enforcement.

During the recent Nigerian Trade Policy Review held in Geneva, Switzerland, the WTO noted that long-standing import bans on a wide range of agricultural products, together with high tariff peaks and surtaxes, could increase food insecurity and contribute to rising food prices. It will lead to inflation and will negatively affect the private sector’s investments in agriculture.

The organization also noted Nigeria’s backlog of notifications in various areas, including anti-dumping measures, agriculture, subsidies, state business enterprises, quantitative restrictions and import licensing.
The Nigerian delegation headed by Amb. Nura Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, stated that they will address these pending notifications with the technical assistance provided by the WTO Secretariat.

In his remarks at the policy review session, Nigeria’s Ambassador to the WTO, Adamu Abdulhamid, who chairs the WTO Trade Policy Review Body for the 2024/2025 period, emphasized that the review offers Nigeria a valuable opportunity for better understanding and understanding. Discuss the country’s trade policy developments since the last review in 2017.

He noted that members of the WTO Trade Policy Review Board have consistently appreciated Nigeria’s active participation and constructive role in the WTO, including the ratification of the WTO Fisheries Subsidy Agreement.

The federal government has already submitted a review of the country’s trade policies to the WTO as part of its strategy to improve trade efficiency. This review aims to increase Nigeria’s share in global trade and maximize the benefits of international trade. This report, which follows a report by the WTO Secretariat and the federal government, is the sixth review of Nigeria’s trade policies since it became an active member of the global trade organization in 1995.