NigeriaBusinessInfo.com
NEWS GOVT & AGENCIES CAPITAL MARKET OPPORTUNITIES ECONOMIC DATA CHAMBERS OF COMMERCE TOURISM SCREENSAVERS
 Home Subscribe
News & Features Section
Quick find? Search 100s of Pages
Nigerian Newspapers
The Guardian
ThisDay
Punch
Vanguard
BusinessDay
Weekly Magazines
Tell
NewsWatch
Other News Sources

<
All Africa.com
Africa Intelligence.com
Others
News Archive
Corporate Personalities
Classified Adverts
Interactive Homepage
Site Map

Like this site? Fill out and submit the form below to send an e-mail to your friend about it.
Privacy Policy

Your Friend's E-Mail Address:
Your E-Mail Address:
Your Name:
N
B
I
Nigeria Set To Establish West Africa Free Trade Zone (Posted 25th Nov, 2001) Tell your friends about this page! Email it to them.

The concept of trade is as old as time itself. Modern civilisation and its attendant development is an offshoot of trading activities. The West African sub-region has a long history of trade and commerce, which is traceable to the era of trade by barter and the trans Saharan trade routes.

Thus, the recent disclosure by the Minister for Cooperation and Integration in Africa, Chief Bimbola Ogunkelu of the establishment by Nigeria and six other West African countries of a free trade area is a much-expected development. The initiative, which is part of the fruit of the new democratic dispensation in Nigeria, is one of President Olusegun Obasanjo's programmes to forge the integration of the people on the continent by encouraging closer economic relation by national governments.

The participating countries in the programme are Niger, Benin, Cote d'Ivoire, Ghana, Burkina Faso, Mali and Nigeria. Basically, the aim of the free trade zone is to eliminate tariff regimes inhibiting persons, goods and services originating from the affected countries. Consequently, all barriers impeding the free flow of goods will be dismantled.

According to the Minister, the short to medium term goal of the project is to facilitate the integration of Africa through infrastructure development. This is being pursued vigorously at the ECOWAS sub-regional level. Strong indications of these are the numerous projects at various stages of implementation. Among these are:

  • An ECOWAS marine transportation, ECOMARINE 
  • Air transport facility, ECOAIR Rail network from Lagos to Accra with possible extension to Dakar through Abidjan 
  • Joint electricity power pool 
  • A West African Gas Pipeline to boost electricity supply for industrial and domestic usage 
  • A project named INTELCOM II, to service the regions telecommunication sector trans-coastal and trans-Sahelian highways to facilitate land transportation 
  • Single currency for the sub-region by 2004 
  • An ECOWAS passport, and 
  • An African Parliament

This idea is quite similar to the European experience in trans-border interactions, which is manifested through the European Union (EU).

As globalisation and the principle of contending market forces (liberalisation) are fast eroding geographical barriers in the flow of goods and services globally. At the least it is hoped that the new free trade zone idea will enjoy the maximum support and cooperation of the government's of each participating states. This much is expected with the balance that the democratisation wave in Africa has achieved in terms of political stability, instabilities in the past has been the bane of such earlier projects. With time the fruit of this programme will be reaped with careful implementation.

© NigeriaBusinessInfo.com

Tell your friends about this page! Email it to them.

UP


N
B
I
Our Recent Features

ZINOX Launches First Made-in-Nigeria Computer

Nigeria Internet Group (NIG) Holds Convention

Jim Ovia Becomes The Charter President of Nigeria Internet Group, NIG

September 11 Terrorist Attacks Affect Lagos Trade Fair

First Bank of Nigeria PLC. Launches New Products

Governor Attah's Power Calculations

NITEL's GSM Gamble

Nigeria’s LNG Company Awards Gas Project Contract

Nigeria’s Power & Steel Minister Speaks on Improving Power Supply

Nigeria's Fuel Bogey

 

Submit your comments about this site or something you found on it.
Privacy policy

NAME:

E-MAIL:

Tick to receive updates


Home   News & Features   Govt & Govt Agencies   Capital Market   Investment Opportunities   Economic Data   Chambers of Commerce    News Archive   Tourism & Leisure   Corporate Personality of The Month   Useful Nigeria-Specific Sites   Classified Adverts   Submit your Email for News Alerts   Recommend Us to Someone   Search This Site   Site Map    Link to Us   Legal Notices/Disclaimer   About This Site   Privacy Policy   About Us   Contact Us

   

Copyright © 2000-2001 bROADBASE(UK) Ltd & Broad End(Nig) Ltd. All rights reserved. Copyright © 2000-2001 Nigeriabusinessinfo.com. All rights reserved.