Buhari explains why Nigeria yet to sign ECOWAS EPA

President Muhammadu Buhari on Thursday listed the need to protect Nigeria’s businesses from unhealthy competition, pressures and closure as some of the reasons why the country is reluctant in signing the Economic Partnership Agreement (EPA) among the countries making up the Economic Community of West African States (ECOWAS).

Buhari explained this to the Head of Delegation of the European Union that Nigeria had been reluctant to sign the EPA among ECOWAS countries because of the need to protect the economy, especially the industries and small businesses that currently provide jobs for majority Nigerians.

The European Union sponsored Economic Partnership Agreement and Monetary Union, covers investments, goods and services and development cooperation, ostensibly to help West African countries integrate better into global trading system and fast tract growth for the region.

But President told the EU delegation that “the insistence 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”

Receiving a Letter of Credence from the Head of Delegation of the European Union to Nigeria, Iversen Karlsen, at the State House, the President said his administration would continually promote the culture of honesty and integrity in service, which will guarantee a better future for the youth.

“Our insistence on probity is to encourage people to be accountable, and accept honesty as a lifestyle so as to secure the future of our youths,’’ he said.

He noted further that more than 60 per cent 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.

According to him, “signing of the agreement will 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.

Buhari used the opportunity to commend the EU for its support for the rehabilitation of the North East, also 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.