Breaking: EU Reports Nigeria to WTO over Restriction on Products
- The EU has written to the World Trade Organisation to complain about Nigeria
- The union lamented over the country’s restriction policy on milk and dairy
- It would be recalled that CBN added milk and other dairy products to the forex restriction list
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A report by The Nation indicates that a complaint against Nigeria has been made to the World Trade Organisation (WTO).
According to the report, the European Union (EU) reported Nigeria to the international organisation concerning the nation’s policy on dairy products.
Dr. Ngozi Okonjo-Iweala, the WTO DG made this disclosure in Abuja on Tuesday, March 16, during her visit to the Central Bank of Nigeria (CBN).
Source: Twitter
Okonjo-Iweala said the WTO has received a letter from the EU complaining about Nigeria’s restrictions on milk and dairy products.
While noting that the WTO will look into the complaint, the former minister of finance urged Nigeria to take advantage of the trade remedy initiative in place at the organisation to protect local industries.
Legit.ng recalls that back in 2019, CBN added milk and other dairy products to the foreign exchange restriction list with the aim to boost investments in local ranches.
The CBN governor, Godwin Emefiele, said that the product would be struck out of the list so that investment in the sector can help the ongoing farmers-herders crisis.
Earlier, Legit.ng reported that Dr. Okonjo-Iweala on Monday, March 15, revealed that many people are worried about Nigeria’s multiple exchange rates policy.
She disclosed this while speaking with journalists in Abuja shortly after meeting President Muhammadu Buhari at the Presidential villa.
The WTO DG added that the organisation is also concerned about Nigeria’s multiple exchange rates regime and how it would affect trade.
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Oluwatobi Bolashodun is a Legit.ng journalist with six years of working experience in the media industry. She graduated from Babcock University in 2012 with a Bachelor’s Degree in Mass Communication. Oluwatobi is a Current Affairs Editor, mostly writing on political, educational, and business topics. She uses her team spirit to encourage others to work hard.
Source: Legit.ng
