EU reports writes WTO over CBN’s ban on forex for milk import

17 Mar EU reports writes WTO over CBN’s ban on forex for milk import

The European Union has written the World Trade Organisation (WTO) over the Central Bank of Nigeria’s ban of official foreign exchange for milk import, saying it distorts the balance of payment protocol.

The WTO Director General, Dr Ngozi Okonjo-Iweala revealed this in Abuja at a meeting with the CBN Governor, Godwin Emefiele on Tuesday.

She paid a courtesy call on Vice-President Yemi Osinbajo to thank him for

his unalloyed support through the long and arduous election process in the organization.

At the meeting with Emefiele, Okonjo-Iweala said that the WTO has remedies which can be explored without banning things, yet protect local industries against dumping and cheap imports.

She said: “I understand Nigeria is trying to establish a trade remedies authority and I want to strongly support that so we can use those remedies as a tool to help our industries to grow because some of the issues I raised yesterday. We have complaint against us from the EU about the violation of the Balance of Payment to trying to protect the diary industry and they feel that this is not the right instrument.

“As DG WTO, I have to make this known but this is an issue, which you said, you will like to engage in a little more detail so we can discuss  later about it.

“I want to say that I think that we have what it takes in this country, particularly in our young people to do the necessary, which is to look forward as to how we are going to create jobs and move this economy in the direction that will support our youth in the future.

Earlier Emefiele said there was the urgent need to diversify Nigeria’s economy to make it sustainable and reduce unemployment.

Emefiele called for the support of the WTO to enable Nigeria move away from its present, oil based economy to non-oil exports.

He said that the Federal Government was committed to moving the nation’s economy away from sole dependence on crude oil, adding that the support of the WTO was needed to achieve this.

“We need to think of how we can open up Nigeria. The current administration is serious about moving Nigeria away from an oil dependent economy to a non-oil economy.

“We have no choice than to make that economic transition because by 2025 many countries would have moved away from fossil fuel. At a point we will not be able to generate revenue from oil,’’ he said.

Emefiele expressed government’s commitment to creating opportunities for Nigerian youths to excel in their fields of endeavour.

The CBN governor reiterated that government had provided various support and intervention to Nigerians at the emergence of COVID-19.