March 29, (THEWILL) – The Federal Government has inaugurated a committee on the review of Nigeria’s Trade Policy.
The Minister of Industry, Trade and Investment, Adeniyi Adebayo, while inaugurating the committee in Abuja, explained that the review marks a significant new trajectory on how Nigeria uses international trade and investment as veritable tools for economic growth and poverty reduction.
Adebayo stated that the major objectives of Nigeria’s Trade Policy, which were first articulated in a document in 1989 under the Structural Adjustment Programme, was later revised in 2002; and has not been reviewed since then.
“So, today, we have begun a new phase in the ongoing efforts by the Ministry to review and update the National Trade Policy of Nigeria 2002, with a view to ensuring that the new trade policy framework reflects the very dramatic changes that have taken place in the global trade and economic policy landscape, especially the 2008/2009 global financial and economic crises, as well as the current health, economic and social impacts of the COVID-19 pandemic”, he explained.
According to him, “All the developments have greatly affected the way we produce and trade, including the evolution of global production networks and global value chains and it is, therefore, the firm commitment of the Ministry that Nigeria has to strategically respond to these global trends, in order to promote and sustain its trade performance.
“It is also the Ministry’s expectation that the updated Trade Policy of Nigeria document will effectively capture the nine core policy priorities of the recently launched Medium-Term National Development Plan 2021-2025.”
Adebayo listed the priorities to include building a thriving and sustainable economy; enlarge agriculture output for food security; attain energy sufficiency in power and petroleum products; and expand transport and other infrastructure development.
He said others are expanding business growth, entrepreneurship and industrialisation; improve access to quality education, affordable health care and productivity; enhance social inclusion and reduce poverty; build systems to fight corruption, improve governance and create national cohesion; and improve security for all.
“Under these circumstances, it is important for us to ensure that the new Trade Policy of Nigeria is not only consistent with international best practices to enhance productivity and competitiveness, but also fully takes into account the realities of the national economy in the 21st century”, he emphasised.
Adebayo noted that all national trade policy frameworks need to explicitly address all aspects of development, including sustainable development, by providing opportunities for creating wealth through income generation and distribution, increased employment and competitiveness, as well as economic and social well-being.
“This is more so, as trade has been central to ending global poverty; and continues to contribute to the economic growth and development of all economies, big or small”, he pointed out.
The Minister further stated that to ensure transparency and predictability, it is important that the Trade Policy of Nigeria adopts a prospective approach, such as a five-year cycle, which will be the first in this dispensation.
In a remark, the Chairman of the Committee, Mr Mike Okpanachi, who commended the Federal Government for the setting up of the committee said the move would go a long way in enhancing the growth of the nation’s economy.
He promised the committee’s commitment towards producing a trade document that would meet international best practices in the sector.
Members of the committee were drawn from the Federal Ministry of Industry, Trade and Investment, Nigeria Office for Trade Negotiation, Nigeria Customs Service, Corporate Affairs Commission, Central Bank of Nigeria, National Association of Nigerian Traders, NANTS, and Academia among others.
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