MAN worried over ECOWAS-EU EPA, says Nigeria will remain a dumping ground

The Manufacturers Association of Nigeria (MAN) has described the ECOWAS – EU Economic partnership Agreement (EPA) as a mechanism to make Nigeria a dumping ground for finished products from the European Union.

According to a statement signed by the Director General, Segun Ajayi-Kadir, the EPA agreement, if signed by the Federal Government would lead to de-industrialization of the Nigerian economy.

The statement said, “The Agreement would lead to de-industrialisation as it is structured to limit the growth of manufacturing in West Africa, particularly in Nigeria. The implication of this is that our economy will remain a provider of raw materials and importer of finished products”.

The EPA negotiation process between West Africa and the European Union (EU) started in February 2014 and is currently in review by the administration of President Muhammadu Buhari.

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But MAN is insistent that the agreement is thoroughly checked, if it is to be ever considered.

“Nigeria’s concerns with respect to EPA Market Access should be addressed before the country could endorse the Agreement just as it was done before the take-off of the ECOWAS CET. This is to ensure that Nigeria is not used as a dumping ground for finished products from the European Union”.

Meanwhile, the association had earlier sent a warning signal to the present Government stating why the EPA, in it’s present form should ‘not be signed’.

“Taking into consideration the negative consequences the EPA would have on local manufacturing in particular and the economy in general, especially in the areas of job creation, loss of investment and revenue to government.

“Bearing in mind that with parameters to measure, West African States are not at the same level of economic development with any European Country. So the trade reciprocity can be tilted to the advantage of the EU

MAN believes that “given the reality of today’s world and the current stagflation in the economy, our nation can ill-afford to rely on exporting raw commodities such as crude oil, natural gas, solid minerals and unprocessed agricultural products. We need to break this circle and invoke deliberate efforts to industrialise our economy, which is consistent with Government policy on improving ease of doing business”, MAN stated.
By Akin Obakeye

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