Foreign Economic Relations
Nigeria's foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States (ECOWAS), and encourage inflows of foreign portfolio and direct investment. In October 2005, Nigeria implemented the ECOWAS common external tariff, which reduced the number of tariff bands. Prior to this revision, tariffs constituted Nigeria's second largest source of revenue after oil exports. In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks. Nigeria joined the Organization of the Petroleum Exporting Countries in July 1971 and the World Trade Organization in January 1995.
Read more about this topic: Economy Of Nigeria
Famous quotes containing the words foreign, economic and/or relations:
“Was I not born in this Realm? Were my parents born in any foreign country?... Is not my Kingdom here? Whom have I oppressed? Whom have I enriched to others harm? What turmoil have I made to this Commonwealth that I should be suspected to have no regard of the same?”
—Elizabeth I (15331603)
“One set of messages of the society we live in is: Consume. Grow. Do what you want. Amuse yourselves. The very working of this economic system, which has bestowed these unprecedented liberties, most cherished in the form of physical mobility and material prosperity, depends on encouraging people to defy limits.”
—Susan Sontag (b. 1933)
“She has problems with separation; he has trouble with unityproblems that make themselves felt in our relationships with our children just as they do in our relations with each other. She pulls for connection; he pushes for separateness. She tends to feel shut out; he tends to feel overwhelmed and intruded upon. Its one of the reasons why she turns so eagerly to childrenespecially when theyre very young.”
—Lillian Breslow Rubin (20th century)