What measures does the Nigerian government take to promote regional integration for exports?
The Nigerian government has taken several measures to promote regional integration for exports, including ¹:
- *Tariffs and quotas*: Nigeria employs a combination of tariffs and quotas to protect local industries and generate revenue.
- *ECOWAS Common External Tariff (CET)*: Nigeria is a member of the Economic Community of West African States (ECOWAS) and applies the ECOWAS CET, which has five bands of duty rates.
- *Local content laws*: Laws are in place to ensure local participation in various sectors of the economy, including oil and gas, ICT, and advertising.
- *Import substitution policies*: Policies aim to increase local production through subsidies, tariffs, quotas, and other barriers to trade.
- *Preference for domestic manufacturers*: A directive stipulates that preference be granted to domestic manufacturers, contractors, and service providers in government procurements.
- *Port rehabilitation*: The Nigerian Port Authority has undertaken rehabilitation of port terminals, deepened water channels, and upgraded common user facilities to improve trade facilitation.
Here are some of the measures that the Nigerian government takes to promote regional integration for exports
1. Nigeria signed the African Continental Free Trade Area Agreement (AfCFTA) in July 2019 and ratified the agreement in December 2020.
2. Nigeria and the United States both belong to several international organizations, including the United Nations, International Monetary Fund, World Bank, and World Trade Organization.
3. Nigeria has bilateral investment agreements with 31 countries, 15 of which are in force.
4. Nigeria has double tax treaties with 13 countries and is a signatory to 21 investment-related instruments.
