“British Investors Concerned About Harmful Business Practices in Nigeria” – UK Official

Simon Manley, the UK’s permanent representative to the World Trade Organization (WTO) and United Nations (UN) in Geneva, has voiced concerns from British investors regarding harmful business practices in Nigeria. Speaking during Nigeria’s trade policy review in Geneva, Manley highlighted issues including the involvement of state-owned enterprises (SOEs) in market-distorting activities and other challenges impacting the country’s business environment.

While commending Nigeria’s progress on economic reforms—such as the improvement of monetary policy and the removal of fuel subsidies—Manley urged the Nigerian government to accelerate these efforts. He noted that as of 2022, around 40 SOEs operated in key sectors like energy and often engaged in practices that disrupted fair competition. He also pointed out other investor concerns, including harmful subsidies, forced technology transfers, discriminatory enforcement of competition laws, and complex regulatory barriers. Manley encouraged Nigeria to address these issues to attract more investment, improve trade, and enhance economic prosperity.

On the African Continental Free Trade Agreement (AfCFTA), Manley praised its early benefits to Nigeria’s economy and business environment. He highlighted Nigeria’s participation in the Guided Trade Initiative and expressed optimism about the country’s implementation of the AfCFTA’s Digital Trade Protocol. Citing a joint World Bank-WTO policy note, Manley emphasized that improving digital regulatory frameworks across Africa could reduce trade costs significantly, boosting growth in goods and services. He commended the UK’s support for Nigeria’s AfCFTA Coordination Office in achieving these milestones and pledged continued collaboration.

As co-chair of the WTO’s informal working group on gender, Manley celebrated Nigeria’s progress in women’s economic empowerment. He shared the success story of Madam Chinwe Izenwa, a 73-year-old entrepreneur and CEO of LeLook, a fashion accessories company, who became the first Nigerian to use the AfCFTA’s Guided Trade Initiative. Her achievement, he said, demonstrated the real-world impact of Nigeria’s actions in empowering women economically.

Manley also acknowledged Nigeria’s leadership and engagement within the WTO, describing the country as a valuable ally in multilateral trade discussions. He praised Nigeria’s contributions to dispute settlement, fisheries negotiations, and pluri-lateral initiatives such as services regulation, investment facilitation, and e-commerce. Manley highlighted Nigeria’s role in ensuring balanced outcomes in these agreements and expressed hope that Nigeria would become a founding party to the WTO’s e-commerce agreement.

Concluding his remarks, Manley encouraged Nigeria to persevere with its reform efforts, emphasizing that enduring progress comes from meaningful struggle.