The NOTN is the institutional framework and foundation for Nigeria’s trade policy infrastructure. It will prepare and update Nigeria’s trade policy in a rapidly changing global economic landscape, so as to maximize Nigeria’s gains from trade. It will align domestic trade policy priorities to changing global reality.
It will act to stop and reverse the failures and costs from the uncoordinated positions from MDAs in trade-related negotiations. The NOTN shall have government-wide responsibility for the conduct and management of Nigeria’s trade policy and lead Nigeria’s trade negotiations. NOTN shall coordinate negotiations, including through the issuance of negotiating instructions to negotiators.
The NOTN was set up in order to plug a gap by establishing the trade policy framework that prepares Nigeria for engagement in a global economy undergoing rapid change.
Specifically, the strategic rationale for establishing the NOTN is to:
- Correct and reverse the failures that have resulted from Nigeria’s trade negotiations in a number of current Agreements;
- Resolve the existing coordination deficit in Nigeria’s trade policy and stop the associated costs to economic growth and impediments in implementing the economic and trade policy priorities of government;
- Achieve coherence in trade, fiscal, monetary and foreign policies and, as a consequence, use trade policy and negotiations (as an instrument) to drive growth and provide policy space for Nigeria’s priorities for structural transformation to industrialize, diversify and modernize;
- Enlarge Nigeria’s market beyond the domestic to regional and global markets, by connection to value supply chains, through negotiated Free Trade Agreements (FTAs);
- Re-frame Nigeria’s strategic economic relations to regions of growth and new centers of economic gravity; and,
Modernize Nigeria’s infrastructure for trade policy and negotiations in line with global best practices and, in so doing, re-position Nigeria as a coordinated economy, in its negotiation