Nigeria is yet to sign the Economic Partnership Agreement (EPA), which is inspired by the European Union (EU) with the aim of eliminating trade restrictions between it and ECOWAS member states. Following years of secretive negotiations led by the EU, the EPA text was finalised in 2014 with promised benefits to developing countries like Nigeria including better access to EU markets and integration into a global economy. However, with negative reactions from Nigerian manufacturers, civil society actors and trade experts citing the imbalanced benefit to European producers having unfettered access to the Nigerian market over local industries, the former President, Goodluck Jonathan refused to sign the EPA. During the 49th Ordinary Session of the ECOWAS, in Dakar, Senegal in June 2016, the government of Muhammadu Buhari delayed endorsing the EPA, opting instead to continue consultations with Nigerian citizens. As a contribution to the consultation process, this briefing examines the EPA in the context of the Nigerian economy and offers alternative paths for sustainable economic development. Read Full Report
As Nigeria begins to come to terms with the perilous state of the economy with the drop in oil prices, a warning has gone to the country to be wary of the dangers inherent in borrowing.
Chairman of the Public Accounts Committee of the House of Representatives, Honourable Kingsley O. Chinda gave this warning at a conference on “Promoting Accountability in the Management of Public Debt” Organized by Social Action in November 2015, in Abuja.