2-IN-1 STORY: Buhari: Why Nigeria Can't Endorse ECOWAS-EU Deal; Delay In Endorsing EPA Affects Investment In West Africa — Mahama

President Muhammadu Buhari

President Muhammadu Buhari says Nigeria is yet to endorse the ECOWAS-European Union Free Trade deal because some of the terms can restrict manufacturers’ trading activities.

Daily Trust report continues:

Speaking at the weekend after the 49th Ordinary Session of the Economic Community of West African States held in Dakar, Senegal, Buhari said Nigeria would not want such a thing to happen.

Buhari, who was represented by Vice President Yemi Osinbajo, said Nigeria would continue consultations within the country regarding her stance on the deal known as the Economic Partnership Agreement (EPA) between ECOWAS and the European Union.
The EPA is a free trade deal initiated by the European Union and the ECOWAS negotiators covering trade in goods and development cooperation.

“There are ongoing negotiations on it. We are discussing it with the Manufacturing Association of Nigeria (MAN) and some other key economic players. We understand some of the terms of this agreement are capable of restricting the manufacturers’ trading activities and we would not want this to happen. It is equally important that as we make the decision, we take into consideration the concerns of these critical stakeholders and tread cautiously,” he said.

Buhari emphasized that Nigeria was yet to fully endorse the agreement because of those concerns, saying his administration would continue its wide consultations with relevant stakeholders before reaching a conclusion on it.

At the end of the summit, Liberian President, Ellen Sirleaf Johnson, was chosen as the chairperson of the ECOWAS Authority of Heads of State and Governments, taking over from her Senegalese counterpart, Mr. Macky Sall.

Delay In Endorsing EPA Affects Investment In West Africa — Mahama

Ghana’s President John Dramani Mahama

Daily Trust reports that the delay in signing the European Partnership Agreement (EPA) by Nigeria and Gambia has been described as a major disincentive to foreign investments in the West African region, President John Mahama of Ghana has said.

Mahama said the delay was denying Ghana particularly some capital investments.

He disclosed that Ghana and Cote d’Ivoire had contracted separately, interim Economic Partnership Agreements with the European Union in order to mitigate the hardship caused by the inconclusive joint sub-regional agreement.

“We had hoped that we should be able to negotiate an ECOWAS-wide EPA, but unfortunately due to the non-signature of the EPA by Nigeria and Gambia, it is obvious that Cote d’Ivoire and Ghana have to enter into some transitional arrangements in other that our economies will not suffer,” he said.

Mahama pledged his commitment to the discourse in other to bring about a regional trading framework with the EU saying, “But even in those circumstances we will continue to work hard so that the whole sub-region can have a partnership agreement so that we can advance our integration.”

The interim European Partnership Agreement with the European Union allows Ghanaian exporters some waivers in tariffs. According to recent developments, failure to sign will lead to a 19.4% tariff increase on exports. Ghana has till October this year to ratify the agreement.