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() The Federal Government is building on the foundation laid by the Agricultural Transformation Agenda through the establishment of the Green Alternative or Agriculture Promotion Policy. This aims to enhance productivity by improving access to land, information, knowledge, and inputs. It also includes soil fertility, production management, storage, processing, marketing and trade. Private sector investment will support improved access to finance and agribusiness investment. The Agriculture Transformation Agenda is designed to realign the Federal Ministry of Agriculture and Rural Development to include institutional setting and roles, youth and women, infrastructure, climate smart agriculture, research and innovation, food, consumption and nutrition security. One key strategic activity is the integration of the agriculture value chain to improve access to markets, which will revitalize the Nigerian Commodity Exchange (NCX) to fast-track exports, and improve inventory management and storage capacity at the national level. Implementation of the totality of these initiatives is designed to address the continuing challenges of the sector, which include limited access to financing and inputs for farmers, serious threat of climate change on yield, limited access of agricultural outputs to the national and international markets, and output price instability.

To formalize and give legal backing to the policy reform initiatives highlighted above, the National Assembly is considering for enactment a number of bills that are meant to support diversification and achieve structural transformation of the economy. These bills include () the National Bio-safety Bill. The latter provides a regulatory, institutional and administrative mechanism for safety measures in the application of modern biotechnology in Nigeria in order to prevent any adverse effect on human health, animal, plant life and the environment.

() As part of the use of market instruments for diversification, in 2011, the Nigerian Sovereign Investment Agency (NSIA) - independent from government - was established to manage and invest in a diversified portfolio of medium to long term revenue of the three tiers of Government. Its mandate and functions include, inter alia, to prepare for the depletion of Nigeria's hydrocarbon resources, ()

The 2002 Nigerian Trade Policy Regime was designed to integrate the country into the global trading system with a view to maximizing the advantages of globalization. The goals of that trade policy were threefold. First, to maximize the benefits from trade, create jobs and engender economic growth and inclusive development while safeguarding the Nigerian economy from unfair trading practices, protecting Nigerian consumers, and the environment from unsustainable practices. Second, to enhance Nigeria's competitiveness in the global trading environment, through the creation of an enabling environment that supports diversification of exported products through removal of all encumbrances to production and trade. Third, to deepen and expand the nation's contribution to international trade with the aim of building a fair, transparent and equitable trading platform that responds to the demands of domestic stakeholders and creates opportunities for win-win for foreign trade partners. While these objectives remain valid, since 2002 the global trading environment has undergone radical transformation that requires domestic trade policy adjustments.

The implementation of the ERGP, the envisaged conclusion of the negotiations for the Continental Free Trade Area (CFTA) and its implementation, the implementation of the United Nations Sustainable Development Goals (SDGs) and, scope for Nigeria's bilateral negotiations, shall be the main drivers of both the economic policy reform, in general, and trade policy reform, in particular.

This report has presented recent developments in Nigeria and the challenges currently facing the economy especially the economic recession. While this is a challenging period for the economy, it is also presents a historic opportunity for domestic policy and structural reforms in an economy abundant with opportunities. Trade policy remains central as an engine for growth and for driving sustainable and inclusive development aspiration of the country. Hence, Nigeria remains committed to the WTO process and the rules-based Multilateral Trading System.

Nigeria intends to diversify its economy away from oil by building a competitive manufacturing sector, which should facilitate integration into global value chains (GVCs) and boost productivity; as well as a strong services sector to be supported by an enabling environment for private-sector-led growth, industrial competitiveness and sustainable development. ()

Given the central role of the gas and petroleum sector to Nigeria's economy, and despite the country's wealth of oil and gas, the sector continues to face many challenges, including sporadic supply disruptions; oil thefts leading to severe pipeline damages, production losses, pollution, and disruption of production; aging infrastructure; and poor maintenance and the resulting oil spills. ()

Table 2.1 Selected trade-related legislation, March 2017
Area Title of law/regulation
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Import prohibitions Endangered Species (Control of International Trade and Traffic) Act, Cap E9.LFN, 2004
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As part of its Vision 20:2020 and the Nigerian Economic Recovery and Growth Plan (ERGP) (2017-2020), Nigeria strives to become one of the top 20 leading global economies by 2020. To meet this objective, the country aims to diversify away from oil by building a competitive manufacturing sector which facilitates integration into Global Value Chains (GVCs) and boosts productivity, as well as a strong services sector. The Government's priorities are to invest in infrastructure to create an enabling environment for growth, industrial competitiveness and sustainable development.