FG Launches Four-Year Trade Policy To Curb Exploitation, Boost Revenue

The Federal Ministry of Industry Trade and Investment (FMITI) has unveiled a four-year trade implementation policy to address issues affecting growth in the sector.

The trade policy was launched on Thursday by the Minister of Industry, Trade and Investment, Doris Anite, at a trade dialogue in Abuja themed, “Trade as a Catalyst for Economic Diversification.”

The minister decried the tough economic situation of the country which is forcing some companies to shut down their Nigerian operations.

Companies like GlaxoSmithKline Consumer Nigeria and Consumer goods giant, Procter & Gambles have exited Nigeria.

Anite said there was a need to have a strategy for trade in the country as part of the move to promote positive trade practices that would improve the country’s balance of trade.

She said, “There are lots of challenges ranging from the regulators themselves, poor infrastructure, like roads, absence of a real network, multiple roadblocks, multiple taxation, delay in processing exports.

“Trade is the backbone of the country and there must be a guideline to support this sort of criticality that we are going to place in our trade, this is why we are launching the Trade Policy of Nigeria from 2023 to 2027.”

The minister cited some of the key highlights which include: “updated bilateral investment agreement model that balances investors’ rights and obligations while providing investment facilitation.

“The establishment of the National Quality Council (NQC) for effective implementation of the Nigeria National Quality Policy, aimed at ensuring Nigeria’s products meet international standards.

“Substantial investments in infrastructure, including rail, road, and aviation sectors.

“Introduction and approval by the Federal Executive Council (FEC) of Nigeria’s first Investment Policy document (2023 – 2027), promoting responsible, inclusive, balanced, and sustainable investment in targeted sectors”.

She explained that the ministry has lots of bills pending with the National Assembly.

Some of the bills she listed are, the USM measures bill; the federal produce inspection bill; the national export promotion zone bill; the oil and gas replacement bill and the bankruptcy bill.

“We are reviewing also individual stakeholders to ensure that we come up with the right policies and not the right laws that will support businesses, that will promote the growth of the industries,” the minister said.

The Country Director World Bank Shubham Chaudhuri said Nigeria has not fully embraced good trade policies.

He said trade plays a major role in helping a country realise the potential of job creation and youth engagement.

Chaudhuri said, “Trade potential won’t be realized unless Nigeria fully and competently engages with the rest of the world”.

The United Nations Development Programme, (UNDP) Resident Representative, Mohamed Yahya, said trade dialogue is paramount for the promotion of international integration.

Yahya who was represented by Mr. Henry Akwitti assured the ministry of the UNDP’s support to tackle the challenges in the sector and boost growth.

“Developing policies that aim to stimulate Nigeria’s economy, create market access and new jobs are in line with the United Nations Sustainable Development Goals and it is interesting to say that we will always support this endeavour through our technical assistance channels” Yahya said.