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How does the Nigerian government address export-related market access barriers and restrictions?

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(@helen-olamide)
Posts: 2050
Illustrious Member Customer
Topic starter
 
[#3319]

How does the Nigerian government address export-related market access barriers and restrictions?


 
Posted : 29/04/2024 4:57 pm
(@adeyankie)
Posts: 940
Prominent Member Customer
 

The Nigerian government addresses export-related market access barriers and restrictions in the following ways ¹:
- *Tariffs and quotas*: Nigeria employs a combination of tariffs and quotas for the dual purposes of revenue generation and protecting local industries from highly competitive imports.
- *Local content laws*: Local content laws are in place across sectors of the Nigerian economy. Originally introduced to ensure local participation in labor and across the value chain of the oil and gas sector, local content requirements have gradually begun to spread to other sectors such as information and communications technology (ICT) and advertising.
- *Import substitution policies*: The Nigerian government has several import substitution policies which aim to increase local production through subsidies, tariffs, quotas, and other barriers to trade.
- *Port practices*: Nigerian port practices continue to present major obstacles to trade. Importers report erratic application of customs regulations, lengthy clearance procedures, high berthing and unloading costs, and corruption.


 
Posted : 29/04/2024 4:58 pm
(@edwardadex233)
Posts: 1000
Noble Member
 

The Nigerian government has taken several steps to address export-related market access barriers and restrictions, including 

 

 Prioritizing self-sufficiency as key to economic growth and national security.

 Promoting backward integration, import substitution, and local content laws.

Implementing the Petroleum Industry Act to facilitate increased investment in Nigeria’s oil and gas industry.

Encouraging trade through the African Continental Free Trade Agreement aimed at creating intra-African trade and a $3.4 trillion economic bloc across Sub-Saharan Africa.

 Implementing the Renewable Electrification Action Program to enhance green energy supply.


 
Posted : 02/05/2024 6:58 am
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