ISTI’s convention to boost export trade, maritime sector

Nigeria’s first International Sea Trade and Investment (ISTI) convention slated for October 5 and 6, in Lagos, may have been described as an opportunity to boost the country’s export trade and position the maritime sector to attract global buyers and investors. 

The event, with the theme “Exploring New Trade Frontiers”, is designed as a platform to address issues of new and direct trade routes between Nigeria and the leading trading partners, explore cross border potentials along the regional trade corridor, the development of viable import/export markets, standardization of goods and services to meet global certification for export, safety and security on our waterways, import and export financing, market linkage, trade and infrastructure investment.

Also, the convention is aimed at identifying impediments to export trade restrictions, facilities and regulations within the maritime sector, as well as create the platform for stakeholders to develop a roadmap to address issues of products, standardisation, financing, incentives and the lack of infrastructure plaguing the industry.

The Chairman of ISTI’s Steering Committee, Adebayo Sarumi, said the maritime and trade in the Sub-Saharan Africa region has experienced an unprecedented growth in the last few years, contributing over $15 billion yearly to Nigeria’s economy, but pointed out that this can grow to as much as $50 billion in the next couple of years.

“We plan to bring the best minds to this two day convention featuring conference and exhibition that will engage interactive discussions, high level networking and unrivaled business intelligence through participation of the industry’s foremost stakeholders, decision makers, investors and trade specialists,” he said.

Sarumi said the convention will set the stage to further consolidate Nigeria’s position as a regional trade, maritime and logistics hub in Africa, aimed at supporting government’s diversification programme.