In its latest Nigeria Development Update (NDU), the World Bank has recommended that the Nigerian government lift restrictions on food and fertilizer imports and align its tariffs with the Economic Community of West African States (ECOWAS) Common External Tariff (CET).
The global financial institution applauded Nigeria’s recent reforms in the energy and foreign exchange sectors but noted that additional trade-related measures are necessary for sustainable economic progress.
“The removal of the FX ban on 43 product lines, the temporary removal of tariffs on food products, and the re-launch of the single window are positive initial steps. Alongside the implementation of these measures, further actions should remove import bans on food and cleaning products, apparel, and fertilizers, as well as align tariffs with the ECOWAS Common External Tariffs (CET),” the report stated.
The World Bank emphasized the need for Nigeria to increase transparency in its tariff policies and streamline trade facilitation by minimizing non-tariff barriers. It also urged the Central Bank of Nigeria (CBN) to continue deepening the foreign exchange (FX) market by encouraging formal remittance inflows and allowing international oil companies to channel FX sales through official channels.
