FG: New Trade, Investment Policies to Boost Growth, Economic Development

•NEPC, stakeholders hail move

James Emejo in Abuja

The federal government yesterday said the launch of the country’s first trade and investment policies would boost the local economy and facilitate increased foreign and domestic trade.

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, DR. Evelyn Ngige, stated this at the opening of the stakeholder’s sensitisation workshop on the maiden Nigeria Investment Policy (NINP) and Trade Policy (NTP) in Abuja.

On May 10, 2023, the Federal Executive Council (FEC) approved the implementation of the first Nigeria Investment Policy (2023-2027) and the review of the Trade Policy of Nigeria (2023 -2027).

Both policy documents marked the beginning of a new era in Nigeria’s investment climate of our country.

Ngige said both frameworks represented significant milestones in the journey for economic growth and development.

She stressed that the ministry remained committed to improving the domestic investment and business environment in order to position the country as one of the world’s preferred investment destinations.

She pointed out that the development of the first investment policy as well as the review of the country’s trade policy were useful outcomes of the sustained efforts of the ministry.

The NInP focuses on three pillars namely investment promotion, investment facilitation, and sustainable development, with the objectives to develop the investment policy framework, especially fast-tracking the process of Nigeria’s economic diversification, improving investment and business climate to attract both domestic and foreign direct investment.

The policy also seeks to improve investors’ experience and confidence through ensuring compliance with global best practices, while generating inclusive domestic growth for employment generation and wealth creation.

On the other hand, the review of the TPN was aimed towards the alignment of the document with emerging issues in global trade and Nigeria’s long-term goals of economic diversification, increased investment, employment generation, wealth creation, inclusive growth, sustainable development and export expansion.

Represented by the Director, Policy, Planning, Research and Strategies in the ministry, Mr. Babagana Alkali, the permanent secretary added that the TPN represented a comprehensive approach to addressing existing challenges and creating a competitive trade-enabling environment.

 Essentially, the TPN 2023-2027 seeks to promote trade as a catalyst for economic growth and development and recognises the positive impact of trade on competitiveness, employment generation, wealth creation and poverty reduction as well as aligns with domestic policies that enhance productivity, macroeconomic stability and promote good governance.

Also speaking at the workshop, Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, said the engagement with stakeholders came at an appropriate time when there is the need for innovative approach to maximize the vast potentials in the country for economic inclusiveness and sustainable growth.

He said although the concept of export and investment promotion are seemingly at variance, a critical examination of the two concepts clearly indicates that they are closely connected and critical to the development of any nation.

Yakusak, stressed that an effective investment policy plays a crucial role in promoting export growth by creating a conducive environment for both domestic and foreign direct investment (FDI), supports export-oriented industries, builds critical infrastructures to stimulate export activities, creates opportunity for foreign markets access and promotes technological development.

He said these elements were critical catalysts that propels economic development which the new policy seeks to achieve.

He added, “We at the NEPC will support any policy or instrument that will positively change the trade trajectory of the nation and bring about foreign exchange earnings, job creation and economic diversification.”

On her part, Director, Investment Promotion Department, Federal Ministry of Industry, Trade and Investment, Mrs Gertrude Orji, said the approval came at a time when the country is making concerted efforts to achieve economic recovery and growth.

She said, “You are all aware that before now, Nigeria did not have a single comprehensive document on Investment policy, all that was in place were Investment related laws and regulations of MDAs and agencies.

“In 2018, the immediate past Honourable Minister of Industry, Trade and Investment, having realized the need for the country to have a holistic and link-based Investment policy document, approved that the Department of Investment Promotion should develop a detailed and sustainable investment policy that will provide a comprehensive roadmap for boosting domestic, regional and international investment in Nigeria.”

She also explained that the process of reviewing the 2002 Trade Policy of Nigeria began in 2011, having realized the need to align with the current trend of the global and domestic economy.

She said the workshop therefore seeks to sensitize stakeholders and the general public on these two policies and their implications for the trade and investment environment in Nigeria.

This is as the organised private sector representatives including NACCIMA, also commended the launch of the policy documents.