James Emejo in Abuja
The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, yesterday said a new trade policy to reflect the current realities in the global economy would be unveiled by the end of the year.
He said the document which was currently being updated would soon be submitted to the Federal Executive Council (FEC) for approval.
Analysts have severally lamented the absence of a trade policy for the country, a development which they linked to the increasing cases of dumping of substandard products and other adverse trade practices by foreign countries.
However, Adebayo at a press conference on the Nigeria at 60 celebration, pointed out that the proposed blueprint would be “one that would be applauded by Nigerians.”
He also described Nigeria as a ‘colossus’ that should be respected when compared with other regional economies, particularly Ghana, following recent comments that the economy of the latter may have edged out the former in recent times.
The minister, however, said preparations had commenced towards the continuation of the Nigeria @60 celebration.
Although the country turned 60 on October 1, 2020, Adebayo explained that President Muhammadu Buhari had directed that the celebration be year-long to last till September, considering the “significance of the age in our journey to nationhood.”
As a result, the minister said an inter-ministerial ownership sub-committee on the anniversary had outlined a series of activities aimed at drawing attention to those attributes that the country is endowed with and which needed to be harnessed for the common good of all.
According to him, “The events lined up in the coming weeks include exhibition of made-in-Nigeria products, live performances of cultural troupes from the six geopolitical zones of the country, essay competition, photo gallery, exhibition of Nigerian cuisines, compendium and national award.”
However, while commenting on the much-awaited trade policy framework, Adebayo said: “We have got a trade policy. We are in a process of updating and completing our it.
“We are hopeful that before the end of this year, we will be able to take the policy to the Federal Executive Council (FEC) for approval.
“The document is undergoing review. We want to bring our trade policy up to current. We want to update it to be effective for the current situation of the world economy.”
Also, reacting to suggestions that some Nigerians feel there’s nothing to celebrate 60 years after independence, the minister likened the scenario to the saying that a “prophet is not accepted in his own hometown,” arguing that the country remains an economic powerhouse in Africa.
“It is amazing when people compare Nigeria with Ghana. Let us be honest, even the economy of Lagos is bigger than that of Ghana let alone that of Nigeria,” the minister posited.
He said deliberate efforts have been made by the Buhari administration to strengthen economic base by encouraging the growth of small and medium enterprises.
Adebayo said: “The celebration seeks to showcase the rich cultural heritage of our people to the world such that Nigeria can become a destination of choice for tourism. Certainly, if properly developed, tourism can significantly contribute to the country’s Gross Domestic Product (GDP).”
