Olisa Agbakoba, a senior advocate of Nigeria (SAN), has urged the Central Bank of Nigeria (CBN) to lead a policy discussion on the enactment of a trade remedies legislation.

Agbakoba, in a letter dated March 17 and addressed to Godwin Emefiele, CBN governor, said trade protection remedies are necessary to support the local industry and discourage the smuggling of foreign products.

The letter is a reaction to a statement by Emefiele that explained the reason for stopping the sale of foreign exchange (FX) to milk importers.

Recall that Ngozi Okonjo-Iweala, director-general of the World Trade Organisation (WTO), said the European Union (EU) had filed complaints against Nigeria against Nigeria over policy restrictions on milk and dairy products importation.

The lawyer commended Emefiele’s commitment to protecting the country against unfavourable trade practices.

“As the minister of trade and industry works on a new trade policy, we recommend the institutionalization of a protective trade regime by enactment of a trade remedies legislation,” Agbakoba said.

“Trade remedies legislation imposes anti-dumping duties on dumped products. There is also counter-veiling special duties measures imposed on exports into Nigeria subsidized by a foreign country.

“The trade remedies legislation will also prohibit imports if it is adjudged that they will cause material injury to local industries, for example by impeding growth.

“We call on the CBN to lead a policy discussion to enact legislation to establish the office of national trade negotiator and a trade remedies legislation.”

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