The Nigeria’s Vice President Professor Yemi Osinbajo says, Corruption is a key factor militating against poor outcomes to negotiating trades and contract agreements in the Country.
The Vice President made this known while declaring open a two day capacity building training of Nigerian Trade Negotiators for improved terms of engagement with the rest of the world and to eradicate illicit Financial Flows in the country.
The capacity building is being organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in conjunction with the Inter-Agency Committee on Stopping Illicit Financial Flows (IFFs) from Nigeria.
Participants at the capacity building are senior and middle-level negotiators drawn from Ministries, Departments and Agencies (MDAs) of the government, who are involved in negotiating trade agreements with foreign nations and companies for Nigeria.
The Vice President said that the training of Nigerian Negotiators was timely for a better bilateral and multilateral Trade agreement in the country.
He said, “poorly negotiated trade agreements can lead to serious financial flows” and urged Negotiators to institute maintenance and monitoring mechanism of agreements to avoid failure.
Professor Osinbajo advised the Negotiators to “ensure scrutiny, accountability and transparency as well as checks and balances in carrying out any negotiated agreements in the country.”
Also Speaking the Special Assistant to the President on economic matters who is also the Chairman Inter-Agency Committee on Stopping Illicit Financial Flows (IFFs) from Nigeria Dr. Adeyemi Dipeolu said that “one of the ways in which illicit Financial Flows is carried out is through secret and poor undertaking of agreements”.
He said, “careful preparations, strong inter-disciplinary team, good research and good understanding are among key elements in carrying out favourable undertakings of any trade negotiation” urging Nigerians Negotiators to adhere for economic prosperity and reduction in Illicit Financial Flows in the country.
The Chairman Independent Corrupt Practices and Other Related Offences Commission (ICPC) Professor Bolaji Owasanoye said that the capacity building is aimed at equipping Nigerian negotiators for improved terms of engagement and mitigating IFFs.
He noted that “the idea of the training is to sensitise negotiators on the type of clauses to look out for to protect the laws of the country and prevent Nigeria from losing revenue through Illicit Financial Flows.”
He explained that the capacity building will help Nigeria’s negotiators prepare for the risks associated with negotiating trade, investment, tax, natural resource, and environmental agreements for the country.
Nnenna.O
