The Federal Government has been tasked to properly articulate regulations, enhance industrialisation and champion economic diversity to promote Nigeria’s trade and investment outcomes.
Speakers at the Special Roundtable to Inaugurate the Bashir Adeniyi Centre for International Trade and Investment, themed, ‘Nigeria’s Trade and Investment: Challenges and Ways Out’, at the Nigerian Institute of International Affairs (NIIA), on Friday in Lagos, gave the charge.
Director General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, emphasised that instead of focusing on Foreign Direct Investment (FDI) to develop the nation, domestic investors should rather be supported and not stifled.
She said that there is a lot of lip service to the issue of industrialisation, explaining that trade cannot be a standalone but must be powered by industrialisation.
She further stated that due to the series of challenges faced by the private sector, such as inconsistencies and lack of clarity of regulations, cost of doing business and access to finance, production capacity has constantly been low.
“Before you put out a regulation, you should have established the possible outcomes, which the private sector has to interpret to apply, but then you don’t wait for us to interpret it. Then you sanction us for not applying the regulations appropriately. We have to rethink the regulatory environment and how regulators should not see the private sector as criminals,” she said.
According to her, the education sector is supposed to create or produce skills for industries, but the curriculum isn’t producing the right kind of people or the right skills.
On his part, the 2023 Presidential candidate for Social Democratic Party (SDP), Prince Adewole Adebayo, reiterated that trade does not necessarily mean international trade.
He explained that a country that can trade well within itself would do very well also, saying Nigeria should aim at producing more and consuming less.
Former governor, Cross River State, Donald Duke, said the essence of trade has to do with nation building, adding that a nation that doesn’t produce anything would continue to have a currency that deteriorates.
He harped on the need for Nigeria to conquer the ECOWAS region in terms of trade, explaining that it would be futile to think the nation could compete with countries like Germany and China in trade and production as it does not have the efficiency and production capability.
Comptroller General, Nigeria Customs Service, Bashir Adeniyi, said the centre represents a strategic recognition of the vital intersection between customs administrations and international trade facilitation in today’s global economy.
He expressed optimism that the centre would become a catalyst for innovative solutions to Nigerian trade and investment challenges and will foster collaboration among our stakeholders in the public and private sector.
Director General, NIIA, Prof. Eghosa Osaghae, said the new centre would be a finishing centre for senior executives in Customs, as it would offer world-class certification courses.
