ISDS Case Map
Nigeria
Africa's largest nations are trying to block the signing of the economic partnership agreements with the European Union, Peter Mandelson, EU trade commissioner has claimed.
The European Union Commissioner for Trade, Mr. Peter Mandelson was quoted recently as saying that Nigeria is "sitting like an elephant in the middle of the road."
Nigeria could also lose $680 million annually if the agreements were implemented, according to the Manufacturers Association of Nigeria
India decided on October 16 to extend a line of credit of 250 million USD and 100 million USD worth of agricultural and industrial supplying for the Economic Community of West African States (ECOWAS). It also agreed to sign within the next six months a bilateral investment promotion and protection treaty with Nigeria.
Nigerian captains of commerce and industry have warned that the proposed trade agreements are not in the best interest of the growth of industry in the country.
Manufacturers Association of Nigeria Export Group (MANEG), an arm of the Manufacturers Association of Nigeria (MAN) has listed the impediments to pro-export growth in the Economic Community of West African States (ECOWAS) sub-region.
Manufacturers Association of Nigeria has warned that harmonisation of tariffs under the proposed ECOWAS-EU Economic Partnership Agreement will lead to loss of over 478 million dollars (about N6.2 billion) in revenue from non-oil exports annually, and closure of some industries in the country.
The Federal Government has been called upon to take the lead in driving the Economic Community of West African States-Economic Partnership Agreement (ECOWAS-EPA) negotiations in order to guide the developing region towards effective regional integration and improved trade practices.
EU Trade Commissioner Peter Mandelson admitted that if the EPA negotiation does not finish this year, there are options available which he termed as expensive and not so good.
A number of African governments have made efforts to encourage investment in the continent by entering into bilateral investment treaties and adopting arbitration legislation.
