Dike Onwuamaeze
The federal government has disclosed that it is set to update Nigeria’s trade policy in order to enhance the country’s access to regional markets in preparation for effective implementation of the African Continental Trade Agreement (AfCFTA).
President Muhammadu Buhari disclosed this in Lagos while speaking at the opening ceremony of the 2021 Lagos International Trade Fair (LITF), which was orgainised by the Lagos Chamber of Commerce and Industry (LCCI).
He also disclosed that Nigeria recorded $10.1 billion foreign investment announcements in the first half of 2021.
Buhari, who was represented by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, stated that the updated trade policy would ameliorate the country’s current economic realities.
He said: “One of the major policy thrust we are deploying to drive the facilitation of trade and market access is the imminent revision of Nigeria’s trade policy.
“Its revision will caption our current economic realities and our aspiration to further facilitate trade and access to markets both locally and regionally, especially in the advent of the implementation of the AfCFTA.”
He added that, “the fully revised version of the trade policy will incorporate significant strategies to mitigate the concerns of traders, such as infrastructure bottlenecks and low domestic demand for “Made in Nigeria” goods. It will also strengthen domestic value chains, especially in the agribusiness sector.
“As a government, recognise the role that governments needs to play to maintain confidence in both cross-border and wider international trade and investment.”
The President also remarked that Nigeria is bouncing back strong from the setback of 2020, which was occasioned by harsh effects of COVID-19, as the country has witnessed over 100 per cent increase in foreign investment announcements.
He said: “The year 2020 was challenging for all economies but Nigeria is coming back strong. In the first half of this year investment announcements were at $10.1 billion, an increase of 100 per cent on 2020. Investors from Europe, CHINA, Morocco and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affects our nation.”
Buhari pleaded to Nigerians to patronise locally manufactured goods.
“It is in this regard that our government signed the executive order 003 in 2017 and several campaigns have been lunched to create necessary awareness and momentum. I want to use this medium to call for collaboration between various federal government agencies and the state government’s toward this end.
“The corporation of all of us as patriotic Nigerians as well as that of our friends and partners from around the world will be required to achieve our targets,” he said.
In his remarks during the opening ceremony, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, said that the import of the trade fair could not be overemphasised especially its impact on Small and Medium Enterprises and the opportunity it provides business to network.
Sanwo-Olu, who was represented by Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs. Lola Akande, said: “I wish to let you know that we are doing everything within our power as a state to secure the traditional site of the Trade Fair Complex from the federal government and also ensure increase economic activities of our dear state.”
The President of LCCI, Mrs. Toki Mabogunje, said that the theme of this year’s international trade fair is “Connecting Businesses, Creating Value.”
She said: “This theme underscores the importance of relationships and networking among businesses for the purpose of wealth creation. The theme also underlines the value of interactions between producers and service providers and end-users. This is the cardinal objective of the Trade Fair.
“The LCCI recognised the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy. This trade fair provides a platform to identify non-oil alternatives and highlights the significance of value addition. The trade fair equally serves as an avenue to boost economic and commercial activities.”
