The United Kingdom has called on Nigeria to deepen its economic reforms by addressing market-distorting practices linked to state-owned enterprises, which are said to hinder trade and investment.
Speaking during Nigeria’s Trade Policy Review at the World Trade Organisation in Geneva on Monday, Simon Manley, the UK’s Permanent Representative to the WTO, commended Nigeria’s removal of fuel subsidies and monetary policy adjustments as bold steps. However, he stressed the need for quicker reforms to create a business-friendly environment.
Manley referenced a WTO Secretariat report indicating that as of 2022, around 40 state-owned enterprises, particularly in the energy sector, were engaged in practices that stifled competition.
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He described these actions as harmful to private sector growth and urged the Nigerian government to take decisive action to improve the trade and investment climate.
British businesses operating in Nigeria have raised concerns over harmful subsidies, forced technology transfers, discriminatory enforcement of competition laws, and regulatory complexities, which Manley said discourage investment.
He also praised Nigeria’s trade diversification efforts in manufacturing and agriculture, as well as infrastructure investments in energy and transport, noting their contribution to economic growth.
The remarks were part of the ongoing UK-Nigeria Strategic Partnership aimed at reducing trade barriers and fostering mutual economic growth.
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