By Samuel Oyejola
Protecting the economy, the industries and small businesses that provide jobs for majority of Nigerians is the reason Nigeria is reluctant to sign the Economic Partnership Agreement (EPA), President Buhari has revealed.
The President gave this revelation while receiving a Letter of Credence from the Head of Delegation of the European Union to Nigeria, His Excellency Ketil Iversen Karlsen in Abuja on Thursday.
He expressed fear that the EPA would expose the industries and small businesses to external pressures and competitions, which could lead to closures and job losses.
“We are not enthusiastic about signing the EPA because of our largely youthful population. We are still struggling to provide jobs for them, and we want our youths to be kept busy.
“Presently, our industries cannot compete with the more efficient and highly technologically driven industries in Europe. We have to protect our industries and our youths,’’ he said.
The President had in 2016 told the European Parliament that Nigeria would not sign the EPA because it would threaten the industrialization of the country.
The goal of the EPA according to the EU is to promote sustainable economic growth and development, reduce poverty in the region and gradual integration into the world economy, which would bolster regional economic integration.
President Buhari further explained that his insistent on probity, transparency and accountability in the public and private sectors is to secure the future of the country for all Nigerians, especially the youths.
The President said more than 60 percent of Nigerians fall into the age category of youths and deserve to inherit a stable and prosperous country that they can be proud of, adding that the government will work assiduously to prevent waste and the depletion of resources by corrupt Nigerians.
President Buhari, who commended the EU for its support for the rehabilitation of the North East, noted that the Nigerian economy was already being repositioned to attract more investments that will create jobs.
In his remarks, Karlsen said the EU will continue to support President Buhari’s administration in the key priorities it listed; security, economy and the fight against corruption.
He said the EPA was designed to accommodate and protect some economies that would find it difficult to compete.
“We are hopeful that there will be a signature on the agreement,’’ he added.
“The EPA seeks to push the ECOWAS region to open its market to EU goods and services faster and more substantially than goods and services from other regions. The situation would impose higher adjustment costs that must be borne over a much shorter time period, on the region than trade negotiations and import liberalization interests would suggest,” according to Chibuzo Nwoke of the Nigerian Institute of International Affairs.
Nigeria is the only ECOWAS state that is yet to sign the agreement.
