Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has said that the ongoing review of Nigeria’s trade policy will redefine commerce and trade in the country.
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 noted that with the African Growth and Opportunity Act only in its second year, the policy review had become even more imperative in order to tap into existing and future opportunities.
“Earlier this year, the Nigerian Bureau of Statistics reported that Nigeria recorded a N3.2tn trade surplus between January and June 2022. This is an indicator of positive trade balance where exports outweigh imports. In fact, 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. In order to take advantage of this potential $3.4tn 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, having gone through the draft as presented by the Trade Policy of Nigeria Review committee, expressed satisfaction with the document, but made a few observations
According to him, there was a need to specify measures to be taken to avoid and curtail trade injuries.
“I believe security is an important complementing policy for trade. We cannot have optimal trade without security,” he said.
