Over 6,584 Nigerian companies admitted into ECOWAS trade scheme ― Awolowo

Over 6,584 Nigerian companies have been admitted into ECOWAS Trade Liberalization Scheme (ETLS), the Executive Director, Nigerian Export Promotion Council (NEPC), Dr Olusegun Awolowo, has said.

Represented by the Trade Promotion Advisor, NEPC Benin Export Assistance Office, Mrs Ngozi lbe, at a one-day sensitization workshop on ETLS, Dr Awolowo lamented that the implementation of the ETLS is uneven across West Africa.

He said that companies still face numerous challenges with export documentation, tariff and non-tariff barriers trading under the scheme.

As an incentive of ECOWAS sub-region, Dr Awolowo remarked that the scheme acts as the pull factor for production effectiveness and competitiveness, adding that it also provides room for the sustainability of the sub-region in a global community.

He said: “As we are aware, ETLS creates the framework for the free movement of transport goods and persons within ECOWAS. It includes the removal of tariff and non-tariff barriers (NTBs) to trade. The benefits of the ETLS for West Africa including but not limited to greater economic growth, more jobs and lower consumer prices.

“It is evident that only few multinational companies can survive exporting from Nigeria without government support through incentives like this. Over 6,584 companies have been admitted into the scheme.”

The NEPC director, however, added that not too many of these companies have optimised the benefits of the scheme, disclosing that a survey conducted by the council revealed that many registered exporters were not even aware of the scheme.

He added: “The aim of the event is to sensitise exporters on the administration and benefits of the scheme. The workshop would identify some of the plights facing the implementation of the scheme with a view to proffering necessary solutions.”

The guest speaker, Mr Ayodele Sunday listed some of the benefits to include alleviation of poverty, creation of access to a large market, removal of import duty, promotion of economic development and lower production cost.

Ayodele, however, pointed out some of the challenges confronting ETLS to include over-dependence on national resources, poor sensitization drive, infrastructural plights, mono-cultural, high volume of informal trade, fear of domination, limited sub-regional market and poor application of market-driven strategies among others.

The Trade Promotion Advisor, NEPC Benin Export Assistance Office, Mrs lbe noted that ETLS as a trade instrument designed by the regional bloc, the scheme offers unhindered market access and productivity to the 15 member countries, eliminates all non-tariff barriers impeding the free flow of trade in the sub-region and promotes economic relations within the sub-region.

 

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