By Franklin Alli
THE Federal Government has signed World Trade Organisation (WTO)’s Trade Facilitation Agreement (TFA). This is to reduce cost of trade, turn-around time on import of goods and to boost export of non-oil products between the country and its trading partners.

In a statement, WTO said: “Nigeria is the 107th WTO member to ratify the agreement and only three more ratifications from members are needed to bring the TFA into force.   Nigeria’s instrument of acceptance was submitted by the country’s Minister for Industry, Trade and Investment, Okechukwu Enelamah, to WTO Director-General, Roberto Azevêdo, during the just ended World Economic Forum in Davos, Switzerland.”

According to WTO, TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.

“Nigeria’s ratification of the Trade Facilitation Agreement is a reflection of our commitment to the WTO and a rules-based economy. It is evidence of President Muhammadu Buhari’s commitment to rapidly implement his presidential initiative on the creation of an enabling environment for business” Enelamah said.

“Nigeria would like to see a strengthened WTO that reflects the development principles of developing countries like Nigeria and we praise the effectiveness of DG Azevêdo in this regard” the minister added.