EU Earmarks N2.03tr For Nigeria, Others’ EPA Development

The Commissioner for Industry and Private Sector Promotion at the Economic Community of West Africa States (ECOWAS) Commission, Mr. Kalilou Traore yesterday said the European Union (EU) and its member states have set aside  6.5 billion euros (about N2.03trillion) to support West Africa’s Economic Partner Agreement (EPA) Development Programme  for the next five years.

He added that the partners have committed to jointly fund the development dimension of EPA for at least 20 years through trade liberalisation in West Africa and also improve the subsidy of processed products for export.

According to him, 20 countries have already signed EPA in the sub region except Nigeria and The Gambia.

But the Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar yesterday in Kano said the Federal Government refused to sign EPA because it was taking its time to come out from its current economic challenges.

Hajiya Aisha who spoke during a one-day sensitisation seminar on EPA organised by the EU and the ECOWAS held at the Grand Central Hotel, said: “Nigeria and Gambia withheld their signatories to the agreement due to some identified issues of national importance that needed to be addressed.”

The minister said the delay in signing EPA is not an attempt to undermine the efforts of the ECOWAS Commission as well as the EU on EPA but rather based on the need to address the economic challenges Nigeria is currently facing.

“We need sometime to consult further with  the relevant stakeholders and agree on the next step, while our gathering today is a step forward towards finalising on Nigeria’s position,” she said adding that trade agreements are too critical to be concluded and signed in a hurry.

“It became imperative that we reflect deeply on the trade liberalisation deal with the EU and its long-term impact on the continent’s efforts towards industrialisation and job creation; we need to leverage our abundant natural resources and large market to develop our industries,” she added.

She also emphasised the need to create jobs, “for our people, increase intra-African trade and achieve regional integration objective. Africa is on the rise and it is a very big and strategic market for any trading partner.

“We should diversify our economies, move away from export of raw materials by encouraging value-added export through industrialisation and have a better share of the global market.”

Also speaking at the event, the Head of EU delegation in Nigeria and ECOWAS, Mr. Michel Arrion who expressed worry over the delay in signing EPA by Nigeria, said: “Nigerian government seems to have some reservation over the signing of the agreement.