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TFA implementation to boost global trade by $1trn annually – WTO

By Prince Okafor
The World Trade Organisation, WTO, has estimated that the full implementation of the Trade Facilitation Agreement, TFA, globally could reduce trade costs by 14.3 percent and boost global trade by $1 trillion per year.

Pix shows a train struggling to have its way on its rail as traders at Agbado Crossing had already ‘hijacked’ the railway to display their wares. Photo by Lamidi Bamidele

This is coming even as Nigeria Economic Summit Group, NESG, signed two Memoranda of Understanding, MoUs, with the United States Agency for International Development, USAID, funded Nigeria Expanded Trade and Transport, NEXTT, to enhance operations in Nigeria.

Speaking at the signing ceremony in Abuja, Senior Fellow, Public Policy and Institutional Development, at the NESG, Tayo Aduloju, stated the organisation was committed to championing the reform of the nation’s economy into one that was open, inclusive and globally competitive.

He said: “With these MoUs, the NESG will take over NEXTT role in its strategic support to the Federal Ministry of Industry, Trade and Investment on trade policy and trade facilitation with a key focus on sustaining the technical support for the Trade Facilitation Agreement, which was led by the project, as well as driving the needed reforms for trade facilitation.

“The NESG would also provide technical assistance, training and institutional development support to improve transport infrastructure and services, and strengthen transport corridor governance along the Lagos-Kano-Jibiya (LAKAJI) Corridor with the goal of reducing the time and cost to trade.”

Meanwhile, the Chief of Party, NEXTT, Mr. Marc Shiman, noted:  “NEXTT is particularly excited about identifying home-grown Nigerian institutions who can engage government, private sector, and civil society on key development issues and economic policies in the country.”

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