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FG receives a draft copy of Nigeria’s trade policy

By Guardian Nigeria
12 October 2022   |   4:02 am
Minister of Industry, Trade and Investment, Adeniyi Adebayo, yesterday, described the ongoing review of Nigeria's Trade Policy by his ministry as one of the legacies of the President Muhammadu Buhari administration.

Minister of Industry Trade and Investment, Niyi Adebayo

Minister of Industry, Trade and Investment, Adeniyi Adebayo, yesterday, described the ongoing review of Nigeria’s Trade Policy by his ministry as one of the legacies of the President Muhammadu Buhari administration.

Speaking, while receiving a draft copy of the revised Trade Policy in Abuja, the Minister noted that since the extant trade policy was promulgated in 2002, “both Nigeria and the world have witnessed major developments such as the explosion of E-commerce and digital payments, the agreement establishing the African Continental Free Trade Area (AfCFTA) agreement and the withdrawal of the United Kingdom from the European Union (Brexit).”

He added that the African Growth and Opportunity Act (AGOA) was just in its second year, saying the development necessitated a review of the policy.

“Earlier this year, the Nigerian Bureau of Statistics (NBS) reported that Nigeria recorded an N3.2 trillion trade surplus between January and June 2022. This is an indicator of a positive trade balance where exports outweigh imports. The World Bank reports that trade contributes about 34 per cent­ of Nigeria’s GDP.

“While these figures are very encouraging, there is a lot we can do especially with the commencement of trading under the AfCFTA. To take advantage of this potential $3.4 trillion market, the first step is to instill confidence in traders through the approval and implementation of an up-to-date trade policy,” he said.

The Minister who claimed to have gone through the draft as presented by the Trade Policy of Nigeria Review committee (TPNRC), expressed satisfaction with the document.

He, however, urged the committee to specify measures to be taken to avoid and curtail trade injuries, adding that international players who are interested in trading with Nigeria will need the reassurance of fairness, hence non-discriminatory aspects of the policy should be addressed.

“I believe security is an important complementing policy for trade. We cannot have optimal trade without security. Finally, there is a need to highlight trade facilitation, especially concerning customs, airports, sea ports, and transit”, he noted.

He called on the committee to incorporate his suggestions as part of the stakeholder engagements leading to the finalization of this Policy.

Chairman of TPNRC, Professor Mike Kwanashie said the review of the trade policy was carried out following global practices, stressing that since the document was put in place in 2002, the economy has witnessed a lot of changes necessitating a review of the document.