Simon Manley, the UK’s permanent representative to the World
Trade Organization (WTO) and United Nations (UN) in Geneva, says British
investors in Nigeria have expressed worries over harmful business practices in
the country.
Speaking during Nigeria’s trade policy review in Geneva,
Manley said British investors in Nigeria are also worried about the involvement
of state-owned enterprises in market-distorting practices.
The British government official welcomed Nigeria’s efforts “on
challenging, but necessary, economic reforms”.
“In particular, we have been pleased to see the work done to
improve the monetary policy environment and the removal of fuel subsidies,”
Manley said.
“However, to be honest Permanent Secretary, we would like
you to go even further and faster. For example, there are concerns around the
impact of state-owned enterprises on the business environment.
“As the Secretariat noted in its report, as of 2022 around
40 state-owned enterprises were operating in key sectors like energy.
“These state-owned enterprises, to be honest, often employ
market-distorting practices and benefit from unfair competition in our view.
“Other concerns that British businesses investing in Nigeria
have raised include examples of harmful subsidies, forced technology transfer,
discriminatory enforcement of competition policy, and complex regulatory
barriers.
“And we have indeed picked up on some of those issues and
concerns in our Advanced Written Questions.
“So we would encourage our Nigerian colleagues to address
these harmful practices in order to boost investment, boost trade, improve its
business environment and ultimately increase Nigerian prosperity.”
‘THE AFRICAN CONTINENTAL FREE TRADE AGREEMENT ALREADY
BENEFITTING NIGERIA’
Manley said the African Continental Free Trade Agreement
(AfCFTA) is already benefiting Nigeria’s economy and business environment.
For future growth, he said they are looking forward to
Nigeria implementing the digital trade protocol of the AfCFTA.
“We congratulate Nigeria on commencing commercially
meaningful trade under the Agreement by joining the Guided Trade Initiative on
16 July,” he said.
“We, in the UK, are proud to have supported the Nigeria
AfCFTA Coordination Office on reaching this milestone and we are currently
supporting the implementation of the Digital Trade Protocol flowing from the
Agreement, which is an ambitious and comprehensive framework designed to
facilitate digital trade and unlock the potential of the digital economy right
across the continent.
“According to the joint World Bank-WTO Policy Note last year
on digital trade in Africa, if African countries were to improve their digital
regulatory environment to that of the best on the continent, trade costs could
fall by 17% in goods and 25% in business and professional services.
“So, we look forward to Nigeria implementing that Digital
Trade Protocol to the benefit of its businesses, its consumers, and its future
growth.”
As a co-chair of the informal working group on gender,
Manley also lauded Nigeria’s commitment to empowering women economically.
“As a little practical example, I was delighted to hear the
recent story of Madam Chinwe Izenwa. A 73-year-old female entrepreneur and CEO
of LeLook, a bags and fashion accessories company, who was the first Nigerian,
I understand, to use the AfCFTA’s Guided Trade Initiative,” he said.
“She has even given herself the nickname 0001, as she holds
the first Agreement certificate of origin.
“An excellent example of Nigeria’s action on women’s
economic empowerment, delivering real-world benefits.”
Manley commended Nigeria’s proactive engagement in the WTO,
describing the country as a friend to the multilateral system.
Acknowledging the leadership Ngozi Okonjo-Iweala, the WTO
director-general, he described her as the organisation’s most renowned
Nigerian.
‘NIGERIA HAS BEEN A STRONG ALLY IN PLURI-LATERAL
NEGOTIATIONS’
Manley also commended Adamu Abdulhamid, chair of the WTO
trade policy committee, for his significant contributions.
He stated that the organisation would particularly
acknowledge Nigeria’s efforts in dispute settlement, as the focal point for the
African Group, and in fisheries.
“Nigeria has been a strong ally in pluri-lateral
negotiations, whether on Services Domestic Regulation, Investment Facilitation
for Development and e-commerce,” he said.
“While we may not always see eye to eye, Nigeria has,
rightly, kept our feet to the fire in ensuring that those pluri-lateral
outcomes are balanced for all Members.
“Thanks to Nigeria’s input, we can be confident that the
agreements reached are a fair compromise of ambition, commercial value and
inclusivity.
“We were glad to have reached a stabilised text on
e-commerce this summer. We welcome your confirmation, Permanent Secretary, this
morning that consultations are ongoing back in Nigeria and we hope to count you
as one of the Agreement’s founding parties as we move swiftly forward towards
legal incorporation.”
Manley encouraged Nigeria to continue its reform efforts,
adding that “Only the things for which you have struggled will last”.
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