Nigeria has ratified the Trade Facilitation Agreement (TFA), making it the 107th World Trade Organisation (WTO) member to do so.
A statement released by the Ministry of Industry, Trade and Investment over the weekend indicated that only three more ratifications from members are needed to achieve the two-third threshold that will bring the TFA into force. Nigeria’s instrument of acceptance was submitted to the Director-General of WTO, Roberto Azevêdo, by the Trade Minister, Okechukwu Enelamah, on the margins of the World Economic Forum in Davos, Switzerland.
“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,” the statement quoted Enelamah. On November 10, 2014, Nigeria submitted its Category A notification to the WTO outlining which substantive provisions of the TFA it intends to implement upon entry into force of the Agreement.
Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.