Nigeria to end import bans
The Nigerian government will lift prohibitions on the importation of 40 items, initially in place as a protectionist measure to assist the competitiveness of local manufacturers.
President Yar Adau implied that their World Trade Organisation (WTO) connection was behind the move. “We must realise the fact that as WTO member we are a signatory to the World Trade Organisation treaty and the trend is towards free market access which means we cannot sustain these bans for too long,” he said.
Adau added there was growing global pressure to remove the bans as well: “The trend all over the world is to allow goods to flow freely which means in the long run Nigeria will be forced to lift the ban on all commodities except those that are globally prohibited.”
Included in the 40 items is crude palm oil, which will attract a 35 percent duty. The ban on the importation of refined vegetable oil will remain. The government is now looking to improve areas of deficiency within the country’s capabilities.
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