Nigeria, Brazil, others to discuss investment easing

Nigeria, Brazil, China, the European Union (EU) and a host of other leading economic powers have agreed to converge in Abuja to discuss investment facilitation between their countries.

At the World Trade Organisation (WTO) Mini-Ministerial meeting in Marakech, Morocco, the group of WTO Friends of Investment Facilitation for Development (FIFD) pledged support for the success of the high-level investment forum taking place in Abuja slated for November, co-hosted by the Ministry of Industry, Trade and Investment and the Economic Community of West African States (ECOWAS) Commission in partnership with FIFD.

This WTO investment coalition is made up of Nigeria, Argentina, China, Australia, Brazil, Chile, Colombia, Hong Kong, Japan, Korea, Mexico, Pakistan, Russia, Singapore, Switzerland, Canada and the European Union.

A draft declaration is being negotiated for finalization at the WTO in Geneva, Switzerland, as part of the deliverables for the Buenos Aires, Argentina, and ministerial conference in December.

“Nigeria is part of this coalition because we see investment and trade facilitation as a positive and pro-development agenda, and ensure that the WTO is better responsive to domestic economic priorities,” said the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah.

“In his remarks, the Director General/Chief Negotiator of the Nigerian Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe, expressed delight at the progress made so far, saying, “This is for economic growth and recovery, creation of employment opportunities and connection to global value chains.”