On Tuesday, 11 October 2022, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo received a draft copy of the revised trade policy of Nigeria 2023-2027 in Abuja.
The minister described the ongoing review of Nigeria’s trade policy by his ministry as one of the legacies President Muhammadu Buhari‘s administration would leave for the people of Nigeria. Adebayo observed that since the extant trade policy was promulgated in 2002, “both Nigeria and the world have witnessed major developments’’.
According to him, these include the explosion of E-commerce and digital payments, the agreement establishing the African Continental Free Trade Area (AfCFTA) and the withdrawal of the United Kingdom from the European Union (Brexit).
Earlier in the year, the Nigerian Bureau of Statistics (NBS) reported that Nigeria recorded a N3.2 trillion trade surplus between January and June 2022. “This is an indicator of positive trade balance where exports outweigh imports. In fact, the World Bank reported that trade contributes about 34 per cent of Nigeria’s Gross Domestic Product (GDP).
‘’While these figures were very encouraging, there is a lot more 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 said he had gone through the draft as presented by the Trade Policy of Nigeria Review Committee (TPNRC), expressed satisfaction with the document.
However, he emphasized the need to ensure that measures were taken to curtail trade injuries. “I believe security is an important complementing policy for trade. We cannot have optimal trade without security. International players who are interested in trading with Nigeria will need reassurance of fairness. Therefore, we should address non-discriminatory aspects of this policy,’’ the minister said.
He explained that there was need to highlight trade facilitation especially with respect to customs, airports, sea ports and transit.. Adebayo also urged the committee to incorporate his suggestions as part of the stakeholder engagements leading to the finalization of the policy.
Earlier, the Chairman of Trade Policy of Nigeria Review Committee, Prof. Mike Kwanashie, had assured Nigerians that the review of the trade policy was carried out in accordance with global practices.
According to him, since the document was put in place in 2002, the economy had witnessed a lot of changes necessitating a review of the document.
The Director-General, Nigerian Office for Trade Negotiations (NOTN), Ambassador Fred Agah, confirmed that the committee took necessary steps to give the country the best. “This document should be the beginning of the reform. As you go through it, you will see issues of enhancing productive capacity which touches on investment policy, the industrial revolution plan and several areas. If those complementary policy areas are not updated, then this document will remain only what a paper on it says,’’ Agah said.
