The Minister of State for Finance, Ambassador Bashir Yuguda, said that Federal Government is seeking for a review of the Economic Partnership Agreements with the European Union by members of the African Union to effectively object local manufacturers. He stated this in his presentation as the guest lecturer at the 42nd Annual General Meeting of the Manufacturers Association of Nigeria.
It was made known in a report by the ministry on Sunday that the government would only assume economic measures that could promote the development of the Nigerian economy in line with the Vision 2020 objective.
Under the EPA, the European Union will directly offer the 15-member Economic Community of West African States and a non-member state, Mauritania, full access to its markets. Also, ECOWAS will progressively open up 75 per cent of its markets, with its 300 million consumers, to Europe over a 20-year period.
Technical dialogue were wrapped up last month with the European Union which presented a €6.5bn package over the next five years to aid ECOWAS to stifle the effects and costs of integrating into the global economy.
ECOWAS countries expected to partake in the agreement are Cape Verde, Burkina Faso, Ivory Coast, Guinea Gambia, Ghana, Liberia, Mali, Nigeria, Sierra Leone, Benin, Guinea-Bissau, Senegal, Niger and Togo.