The Federal Government on Monday inaugurated a committee to review the National Trade Policy of Nigeria 2002.
The committee constituted officials 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, among others.
Inaugurating the committee in Abuja, the Minister of Industry, Trade and Investment, Niyi Adebayo, said the ceremony marked a new and significant trajectory on how Nigeria uses international trade and investment as veritable tools for economic growth and poverty reduction.
Adebayo stated that Nigeria’s trade policies were first articulated in a document in 1989 under the Structural Adjustment Programme, but were later revised in 2002.
However, he lamented that the policy document has not been reviewed or revised since then.
He said, “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.”
According to him, all the developments have greatly affected the way the country produce and trade, including the evolution of global production networks and global value chains.
The minister said that it is 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 added.
The minister listed the priorities of the new trade policy to include building a thriving and sustainable economy; enlarging agricultural output for food security; attaining energy sufficiency in power and petroleum products; and expanding transport and other infrastructure development.
Others are to expand 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.
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