Minister Seeks Measures to Curtail Trade Injuries in New Policy Thrust

James Emejo in Abuja

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo yesterday highlighted the need to specify measures to be taken to avoid and curtail trade injuries in the proposed National Trade Policy.

The minister also 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, Adebayo noted that since the extant trade policy was promulgated in 2002, both Nigeria and the world have witnessed major developments including 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, pointing out that the development necessitated a review of the policy.

Reacting to the content of the draft policy as presented by the Trade Policy of Nigeria Review committee (TPNRC), the minister, who expressed satisfaction with the document, however, made some observations.

According to him, there was need to specify measures to be taken to avoid and curtail trade injuries, adding that security remained an important complementing policy for trade.

He said, “We cannot have optimal trade without security.”

Adebayo noted that international players who are interested in trading with Nigeria will need the reassurance of fairness.

He adding: “Therefore, we should address non-discriminatory aspects of this policy.”

He also stressed the need to highlight trade facilitation, especially with respect to customs, airports, sea ports, and transit.

Adebayo said, “Earlier this year, the National Bureau of Statistics reported that Nigeria recorded a N3.2 trillion trade surplus between January and June 2022. This is an indicator of a 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 $3.4 trillion market, the first step is to instil confidence in traders through the approval and implementation of an up-to-date trade policy,” he said.

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

Chairman of TPNRC, Prof. Mike Kwanashie said the review of the trade policy was carried out in accordance with 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.