RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home News

Stakeholders decry low access to ECOWAS trade scheme

Rate Captain by Rate Captain
August 30, 2019
in News
Reading Time: 3 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Major private sector players have called for the removal of barriers that have hindered the full implementation of the Economic Community of West African States’ Trade Liberalisation Scheme.

They spoke on Wednesday in Lagos at a one-day sensitisation workshop on ETLS organised by the ECOWAS National Unit, Ministry of Foreign Affairs, in collaboration with the National Approval Committee and the Lagos Chamber of Commerce and Industry.

AlsoRead

How I Lost N200 Billion”: Femi Otedola Reflects on His Biggest Financial Setback

EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Scheme Fraud

Kenya to Relocate Health Data from U.S. Servers After Trump’s USAID Funding Cuts

The ETLS is a trade instrument designed by the regional economic committee to boost intra-regional trade among member states. It is administered by the ECOWAS Commission through member states’ ECOWAS National Units to encourage duty-free trade among 15 countries that make up ECOWAS. The countries are Nigeria, Ghana, Republic of Benin, Cote d’Ivoire, Gambia, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone, Togo, Burkina Faso and Cabo Verde.

The scheme also aims at offering unhindered access to the 15 member countries and promoting economic activities within the sub-region. It equally aims at establishing a Customs union among member states, targeting total elimination of Customs duties and taxes of equivalent effect, removal of non-tariff barriers and the establishment of Common Customs External Tariff barriers to protect goods produced in member states.

However, as laudable as these ideals seem, there was no consensus that many entrepreneurs, especially in the micro-small and medium enterprises sector, had fully key into the scheme.

In his own presentation, the Assistant Chief Trade Officer, Nigerian Export Promotion Council, Sunday Ayodele, who said the agency was in the position to issue export certificate to Nigerian entrepreneurs that wanted to export their goods, noted that in accessing the opportunities provided by the ETLS, Nigeria ranked a distant third behind Ghana and Cote d’Ivoire.

He said for any products to be qualified to access the ETLS, the local content must be 60 per cent and any entrepreneur or business concern not registered by the member states’ relevant ministries and bodies might not access it too.

He said, “With the ETLS, as a producer of goods, you cannot just dump your goods on any country in the scheme. You must have been registered with relevant government agencies and bodies and your goods verified for quality on both ends for you to access it.”

A representative of the National Agency for Food and Drug Administration and Control, Mrs Simisola Onabajo, stated that some of the edible products exported from Nigeria suffered ‘reject alerts’ due to poor packaging, among others.

She added that NAFDAC would not compromise on the quality of drugs, food and pharmaceuticals in order to make them acceptable in the region and globally.

The Permanent Secretary, Ministry of Foreign Affairs, Mustapha Suleiman, said the ETLS if well utilised would not only give Nigerian goods a greater access to a regional market, “it will boost production and healthy competition.”

A representative of the ECOWAS Commission, Moustapha Gnankambary, noted that the ETLS would afford the consumers access to diversified products, while the business concerns could access 300 million consumers.

The President, LCCI, Mr Babatunde Ruwase, noted that the sensitisation workshop was timely, as it provided an opportunity to review the progress the ETLS had recorded and the challenges confronting it.

Ruwase who was represented by the LCCI’s Deputy President, Mrs Toki Mabogunje, said there was a need to highlight the challenges and its prospects in order to make the scheme better.

He said, “The ETLS remains the operational tool to promote free trade in the sub-region. It has become necessary for all stakeholders to come together to discuss the progress the scheme has made so far and the challenges confronting it.”

Other challenges confronting the ETLS highlighted at the event are poor implementation, infrastructural challenges, fear of domination and  dumping .

Tags: The Punch
Previous Post

Food imports gulped $14bn in five years — CBN

Next Post

S.Africa’s Discovery warns of falling full-year profits

Related News

Otedola acquires 5.52% of Transcorp Plc.

How I Lost N200 Billion”: Femi Otedola Reflects on His Biggest Financial Setback

by Rate Captain
August 22, 2025
0

In a rare moment of vulnerability, billionaire businessman Femi Otedola has shared the story of how he lost nearly N200...

EFCC Launches Task Force to Combat Naira Mutilation and Dollarization

EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Scheme Fraud

by Victoria Attah
June 17, 2025
0

The Economic and Financial Crimes Commission (EFCC) has charged Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria...

Kenya to Relocate Health Data from U.S. Servers After Trump’s USAID Funding Cuts

by Victoria Attah
June 4, 2025
0

Kenya’s Ministry of Health announced plans to relocate critical health data hosted in the United States to local servers, following...

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Nigeria’s Equities Market Reels as Foreign Investment Plummets Amid Global Tensions

by Rate Captain
May 26, 2025
0

In April 2025, Nigeria’s equities market faced a stark reality check as foreign portfolio investment (FPI) cratered by 92.39%, plunging...

Next Post

S.Africa's Discovery warns of falling full-year profits

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

$26 Billion for unidentified source passed through Binance-Cardoso

CBN Auctions N1.15 Trillion in Treasury Bills as Investors Eye Higher Yields

January 22, 2026
CBN Allows Oil Companies to Resume Dollar Sales to Banks in Effort to Boost Supply.

Five MPC Members Pushed for 50bps Rate Cut in November 2025, CBN Minutes Reveal

January 22, 2026

Popular Story

  • The Redenomination Rumor: Analyzing Nigeria’s Naira Stability

    Naira Edges Higher to N1,419.35 as External Reserves Climb to $45.95 Billion

    0 shares
    Share 0 Tweet 0
  • IMF- Nigeria’s Economy to Grow by 2.7%

    0 shares
    Share 0 Tweet 0
  • Nigeria, others get $40b as global FDI falls to $1.2tr

    0 shares
    Share 0 Tweet 0
  • Businesses and governments may have to pay to use Twitter, Says Elon Musk

    0 shares
    Share 0 Tweet 0
  • India Raises Interest Rates For First Time In Four Years

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>