The United States and the European Union have raised concerns at the World Trade Organization about Nigeria’s central bank curbs on access to foreign currency, a WTO official said on Wednesday.

The bank, seeking to conserve its dollar reserves, said in June that importers could no longer get hard currency from the interbank market to buy 41 items including rice, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture and Indian incense.

At least nine WTO members raised concerns about the trade-related impact of the rules at a meeting of the WTO’s Council for Trade in Goods on Tuesday, the WTO official said.

Nigeria’s representative at the meeting said the Nigerian trade ministry was also very concerned and had requested a rollback or standstill of the policy as soon as the bank announced it, the WTO official said.

The U.S. representative at the meeting expressed “strong concern” about the effect on U.S. exports such as agricultural goods, plastics, aircraft and aircraft parts and metal and metal products, adding that the affected exports were worth $500 million in 2013 and 2014, the official said.
The U.S. trade official also said the central bank had justified its action by saying it was “in order to encourage local production of these items”, which revealed its protectionist motivation.

She added that it was damaging the Nigerian economy and would have the opposite of the intended effect, but the Central Bank had tightened the measures in the last few months.

The EU official at the meeting said Nigeria also seemed not to have sought approval from the International Monetary Fund for its foreign exchange curbs and said they were having a significant impact on trade.

Other countries that had concerns about the curbs were Thailand, which was worried about agricultural shipments, Norway and Chile, which were concerned about fish and Switzerland, Uruguay, Iceland and Malaysia, which were worried about the “systemic” impact.

The Nigerian official at the meeting said the bank should have had consultations with stakeholders beforehand, including the Nigerian trade ministry, the WTO official said. (Reuters)

Favparis:
what a Waste of 5mb

drss:
this thread is for economist not roadsite food sellers.

nobilie:
The imbalance trade that affected Nigeria for decades which just took a little turn around in few months is bringing about shook in the economy of these countries. This is the reason Africa will not grow until we refuse their grants/aids and tighten our policies in the area of imports, training, local technological development, restriction of studies abroad and development of local contents.

Let us use what we have. if you can not assemble your vehicle in Nigeria, forget about Nigerian market.
Thank God we have a change in the right direction.

This is from a man without a university degree. Some will say the current minister of finance has got very little experience. Please keep your input and relax. we must see a new and better Nigeria.

God bless Nigeria.

The U.S. representative at the meeting expressed “strong concern” about the effect on U.S. exports such as agricultural goods, plastics, aircraft and aircraft parts and metal and metal products, adding that the affected exports were worth $500 million in 2013 and 2014, the official said.

Goke7:


Truth is the western powers are wary of PMB especially in his drive to revamp Nigeria's indigenous economy, we really need to pray, they don't continue to use pdp and their biafra touts to incite Nigerians against PMB. reason PMB himself has assembled a bunch of fearless cabinet members like fashola, audu ogbeh, amaechi and so on. It takes guts to deal with the western world and call their bluff.

Goke7:


Truth is the western powers are wary of PMB especially in his drive to revamp Nigeria's indigenous economy, we really need to pray, they don't continue to use pdp and their biafra touts to incite Nigerians against PMB. reason PMB himself has assembled a bunch of fearless cabinet members like fashola, audu ogbeh, amaechi and so on. It takes guts to deal with the western world and call their bluff.

CSTR2:
What indigenous economy?
Indigenous economy and yet he opened the borders to indiscriminate rice imports.
Compare this to the much maligned jonathan that focused on home grown agricultural self-sufficiency, and an attempt at rewamping the home-grown automobile industry,e.t.c.
It was the jonathan administration that even blocked the EU trade deal.
The west is annoyed with buhari, but his phantom indigenous policy is not one of them, because it is virtually non-existent.
Stop trying to be a sycophant.

Realdeals:
US and EU should wail more!

Favparis:



Hi Mr. Economist, what contribution has this your Economic brain contributed to the development of our economy?

Since you know this Economy so well, has it changed anything in this crumbling sector?

Answer Me

PassingShot:
This is an indication that PMB/CBN took the right decision. Any economic decision that makes US/EU frown at us or report us to any body is surely good for our own economy.

OnReflection:


First the threat to impose economic sanctions on South Africa (President Barack Obama is threatening to impose trade sanctions on South Africa for blocking imports of meat from the United States) and now this expression of disquiet?

Clearly, Africa's economic renaissance poses a direct threat to the hegemonic interests of the United States.

drss:
d economy at d moment is dying due to buari's body odour.

CSTR2:
Africa pose no threat whatsoever to the US. The combined African GDP is just at $2.0 trillion compared to a single US state of carlifornia with a GDP of $2.3trillion .
The US provided a forum called the AGOA for african countries to export their products to the US as a means of helping them.
South Africa decided to play smart by eating her cake and having it at the same time, and the US threatened to drop the hammer and they would be in the right.

Introduction: Why Africa Matters to the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Mwangi Kimenyi
Advancing Peace and Security in Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Lesley Anne Warner
China in Africa: Implications for U.S. Competition and Diplomacy . . . . . . . . . . . . . . . . . . . . . . . . 6
Yun Sun
Key Sub-Saharan Energy Trends and their Importance for the U.S. . . . . . . . . . . . . . . . . . . . . . . . 8
John P. Banks
Transforming the U.S.-Africa Commercial Relationship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Witney Schneidman
U.S. Development Assistance and Sub-Saharan Africa: Opportunities for Engagement . . . . . 14
George Ingram and Steven Rocker