Simon Manley, the UK’s permanent representative to the World Trade Organization (WTO) and United Nations (UN) in Geneva, says British investors in Nigeria have expressed concerns over harmful business practices in the country.

Speaking during Nigeria’s trade policy review in Geneva, Manley highlighted that British investors are also worried about the involvement of state-owned enterprises in market-distorting practices.

The British government official welcomed Nigeria’s efforts “on challenging, but necessary, economic reforms.”

“In particular, we have been pleased to see the work done to improve the monetary policy environment and the removal of fuel subsidies,” Manley said.

“However, to be honest Permanent Secretary, we would like you to go even further and faster. For example, there are concerns around the impact of state-owned enterprises on the business environment.”

“As the Secretariat noted in its report, as of 2022 around 40 state-owned enterprises were operating in key sectors like energy.”

“These state-owned enterprises, to be honest, often employ market-distorting practices and benefit from unfair competition in our view.”

“Other concerns that British businesses investing in Nigeria have raised include examples of harmful subsidies, forced technology transfer, discriminatory enforcement of competition policy, and complex regulatory barriers.”

“And we have indeed picked up on some of those issues and concerns in our Advanced Written Questions.”

“So we would encourage our Nigerian colleagues to address these harmful practices in order to boost investment, boost trade, improve its business environment and ultimately increase Nigerian prosperity.”

• ‘THE AFRICAN CONTINENTAL FREE TRADE AGREEMENT ALREADY BENEFITTING NIGERIA’

Manley said the African Continental Free Trade Agreement (AfCFTA) is already benefiting Nigeria’s economy and business environment.

For future growth, he said they are looking forward to Nigeria implementing the digital trade protocol of the AfCFTA.

“We congratulate Nigeria on commencing commercially meaningful trade under the Agreement by joining the Guided Trade Initiative on 16 July,” he said.

“We, in the UK, are proud to have supported the Nigeria AfCFTA Coordination Office on reaching this milestone and we are currently supporting the implementation of the Digital Trade Protocol flowing from the Agreement, which is an ambitious and comprehensive framework designed to facilitate digital trade and unlock the potential of the digital economy right across the continent.”

“According to the joint World Bank-WTO Policy Note last year on digital trade in Africa, if African countries were to improve their digital regulatory environment to that of the best on the continent, trade costs could fall by 17% in goods and 25% in business and professional services.”

“So, we look forward to Nigeria implementing that Digital Trade Protocol to the benefit of its businesses, its consumers, and its future growth.”

As a co-chair of the informal working group on gender, Manley also lauded Nigeria’s commitment to empowering women economically.

“As a little practical example, I was delighted to hear the recent story of Madam Chinwe Izenwa. A 73-year-old female entrepreneur and CEO of LeLook, a bags and fashion accessories company, who was the first Nigerian, I understand, to use the AfCFTA’s Guided Trade Initiative,” he said.

“She has even given herself the nickname 0001, as she holds the first Agreement certificate of origin.”

“An excellent example of Nigeria’s action on women’s economic empowerment, delivering real-world benefits.”

Manley commended Nigeria’s proactive engagement in the WTO, describing the country as a friend to the multilateral system.

Acknowledging the leadership of Ngozi Okonjo-Iweala, the WTO director-general, he described her as the organisation’s most renowned Nigerian.

• ‘NIGERIA HAS BEEN A STRONG ALLY IN PLURI-LATERAL NEGOTIATIONS’

Manley also commended Adamu Abdulhamid, chair of the WTO trade policy committee, for his significant contributions.

He stated that the organisation would particularly acknowledge Nigeria’s efforts in dispute settlement, as the focal point for the African Group, and in fisheries.

“Nigeria has been a strong ally in pluri-lateral negotiations, whether on Services Domestic Regulation, Investment Facilitation for Development, and e-commerce,” he said.

“While we may not always see eye to eye, Nigeria has, rightly, kept our feet to the fire in ensuring that those pluri-lateral outcomes are balanced for all Members.”

“Thanks to Nigeria’s input, we can be confident that the agreements reached are a fair compromise of ambition, commercial value, and inclusivity.”

“We were glad to have reached a stabilised text on e-commerce this summer. We welcome your confirmation, Permanent Secretary, this morning that consultations are ongoing back in Nigeria and we hope to count you as one of the Agreement’s founding parties as we move swiftly forward towards legal incorporation.”

Manley encouraged Nigeria to continue its reform efforts, adding that “Only the things for which you have struggled will last.”

The presidency has taken a swipe at former President Olusegun Obasanjo over comments credited to him.

While speaking at the Chinua Achebe leadership forum held at Yale University in the US, the former president described the 2023 general election as a “travesty.”

Obasanjo called for Nigeria to appoint new, credible leaders for the Independent National Electoral Commission (INEC) with short tenures to prevent corruption and re-establish trust in the institution.

But in a statement on Monday, Bayo Onanuga, special adviser to the president on information and strategy, said Obasanjo left many unresolved problems for the country, adding that he presided over the most fraudulent election in Nigeria’s history.

“The beneficiary of the sham election, Umaru Yar’adua, admitted that the election was seriously flawed and, as Justice Muhammed Uwais’s panel recommended, worked towards electoral reforms,” the presidential aide said.

“It is hypocrisy writ large when a man who presided over the worst election in Nigeria demands the sack of the leadership of the Independent National Electoral Commission.”

“The only positive of the Obasanjo era was fiscal and monetary policy management buoyed by a consistent rise in crude oil prices throughout his eight-year tenure.”

“This rise in crude oil prices started in 2000 and peaked in 2013 when it reached over 100 dollars per barrel before a decline in 2014, which set the oil-dependent economy downward.”

“The current economic crisis the All Progressives Congress administrations have been battling since 2015 is the product of the poor choices in economic management made by Obasanjo and the two successors from his party.”

The presidential aide also added that under Obasanjo, there were no efforts to modernise the military until the administration of former President Muhammadu Buhari came on board.

Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says the judiciary should address the issue of senior lawyers receiving “obscene legal fees” from political officeholders.

Speaking in Abuja on Monday at the opening of the 6th annual criminal law review conference, Olukoyede said how the lawyers collect such fees “conflicts with existing statutes.”

“If a lawyer would not care about the source from which a sitting governor or any other public servant pays him millions of naira to defend him in the electoral tribunal, the lawyer must necessarily be mindful of the fact that the only proper way to collect such humongous amounts is through the financial system,” NAN quoted the EFCC chairman as saying.

“Aside from violating money laundering regulations, hauling millions of naira of professional fees from public office holders in liquid cash as senior lawyers do is only aimed at tax evasion.”

“It is needless to stress that the best act of mentoring from leaders of the bar to the younger generation of lawyers is by living out the ethical demands of the profession.”

The EFCC chairman also alleged that lawyers are aiding illicit financial flows into offshore accounts.

“The most traumatic discovery of the EFCC in recent years was the subjugation of national interest and wellbeing to personal interest by lawyers who aided briefcase foreign investors to fleece the nation in dubious transactions,” he added.

“The P&ID scam, the Mambilla power project, and Sunrise issues are cases in point.”

He said while the anti-graft agency had had cause to prosecute judicial officers and senior lawyers and earned convictions, his respect for the bench and senior members of the bar remained undiminished.

“However, based on the unique experiences of the EFCC in the prosecution of corruption cases, I am particularly interested in systemic reforms in our justice delivery system that capture the process for the discipline and regulation of judicial officers.”

“The regulation and discipline of legal practitioners. Ethics, values, and standards of legal practice.”

“These are essential to me because the job of the EFCC is ensuring that the corrupt do not find space in our national life. And when they do, to make them pay for their deeds.”