Govt Should Create Enabling Environment To Aid Chemical Importers – Expert

A seasoned chemical engineer and supply chain expert, Uzoma Nnaji has called on the government to create an enabling environment for chemical importers to enhance Nigeria’s industrial growth and economic development.

She made this clarion call in a media briefing recently highlighting the utmost relevance of boosting industrial growth and ensuring the stability of essential supply chains by enabling supportive environment for chemical importers.

“Chemical importers face numerous challenges, including high import duties, fluctuating foreign exchange rates, and complex regulatory requirements,” Nnaji explained. “These barriers not only hinder business operations but also affect the availability of critical raw materials needed by various industries, from pharmaceuticals to food production.”

Nnaji stressed the need for government intervention in several key areas. First, she suggests reducing import duties on essential chemicals to make them more affordable for local manufacturers.

“Lowering these tariffs can significantly reduce production costs, making Nigerian products more competitive in the global market,” she noted.

Another major concern is the volatility of the foreign exchange market, which impacts the cost of imported goods.

Nnaji advocates for the establishment of more stable and predictable exchange rate policies to help importers plan and manage their finances more effectively.

“A stable foreign exchange rate is vital for importers to maintain steady operations and avoid sudden financial losses,” she said.

Furthermore, Nnaji calls for streamlining the regulatory process for chemical imports.

“Simplifying the approval and clearance procedures can save time and reduce bureaucratic bottlenecks,” she stated. “Efficient regulatory frameworks are essential for fostering a business-friendly environment and encouraging more investments in the sector.”

Nnaji also underscored the importance of government-supported training programs to enhance the knowledge and skills of importers.

“Education and training can empower importers to thrive better in international trade and compliance,” she added. “This will ultimately lead to a more robust and equipped chemical import sector.”

Nnaji’s experience in supply chain management and chemical importation, coupled with her academic background in Chemical Engineering and International Business Management, underscores her insights and recommendations.

Her call for a more enabling environment for chemical importers is a crucial step towards industrial growth and economic stability in Nigeria.