Business
Nigeria Ratifies WTO’s Trade Pact
The Ministry of Industry, Trade and Investment says Nigeria has ratified the Trade Facilitation Agreement (TFA), which making Nigeria the 107th World Trade Organisation (WTO) member to endorse the agreement.
The information is contained in a statement by Constance Ikokwu, the Strategic Communications Adviser to the minister in Lagos, Friday.
The statement said that Dr Okechukwu Enelamah, the Minister of Industry, Trade and Investment submitted Nigeria’s instrument of acceptance to Mr Roberto Azevêdo, the Director-General of the WTO at the onging World Economic Forum in Davos, Switzerland.
According to the statement, only three more ratifications from members are needed to achieve the two-third threshold that will bring the TFA into force.
“Nigeria’s ratification of the Trade Facilitation Agreement is a reflection of our commitment to the WTO and a rules-based economy.
“It is evidence of President Muhammadu Buhari’s commitment to rapidly implement his presidential initiative on the creation of an enabling environment for business.
“Nigeria would like to see a strengthened WTO that reflects the development principles of developing countries like Nigeria and we praise the effectiveness of DG Azevêdo in this regard,” Enelamah said.
It said that Nigeria submitted its Category A notification to the WTO on Nov. 10, 2014,
outlining substantive provisions of the TFA it intends to implement upon entry into force of the agreement.
According to the statement, the TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement.
It said the TFA contained provisions for fast-tracking the movement, release and clearance of goods, including goods in transit.
“It also sets out measures for effective cooperation between customs and other relevant authorities on trade facilitation and customs compliance issues.
“It contains provisions for technical assistance and capacity building in this area.”
It said that a 2015 study conducted by WTO economists, showed that full implementation of the TFA would reduce members’ trade costs by an average of 14.3 per cent, among others.
Other African countries that have ratified the agreement are Botswana, Niger, Togo, Côte d’Ivoire, Kenya, Zambia, Lesotho, Mali, Senegal, Swaziland, Gabon, Ghana and Mozambique.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.