Wednesday, February 1, 2012
New Policy To Boost Trade Potential Underway — Aganga
The Federal Government is currently working on a new trade policy that will optimally harness Nigeria’s trade potential for job creation , wealth generation and economic transformation.
The Minister of Trade and Investment, Mr. Olusegun Aganga, stated this during a meeting with the National Association of Nigerian Traders, in Abuja.
Those that attended the meeting with Aganga are the Minister of State for Trade and Investment, Dr. Sam Ortom; Permanent Secretary of the ministry, Mr. Dauda Kigbu; and top executives of NANTS led by its President, Mr. Ken Ukaoha.
Aganga noted that the committee, which was set up by the ministry to review the country’s existing trade policies, would soon complete its assignment.
The minister added that the Federal Government was committed to providing an enabling environment to boost trade and investment across all sectors of the Nigerian economy.
He said, “The Federal Government is ready to come up with policies that will facilitate trade and investment across all sectors of the Nigerian economy.
“We are responsible for trade, industry and enterprise. Already, we have set up a committee to look at the country’s existing trade policies. The committee is still working on the policies and has asked for extension of time.”
He also said, “I am optimistic that the committee will soon submit a creative, comprehensive, practicable and thought-provoking report that will remove all bottlenecks inhibiting the full actualisation of Nigeria’s trade potential.
“Our objective is to ensure that Nigeria has an all-inclusive trade policy that covers all sectors of the economy, including export of crude oil. We need to have a robust policy that will determine how and where we export our crude oil.”
Speaking on the ministry’s strategy for growing the nation’s industrial sector, Aganga stated that it would concentrate on areas where the country had comparative and competitive advantage, adding that the Federal Government was committed to partnering the Organised Private Sector to increase the productivity of local industries.
Speaking during the meeting, the NANTS President, Ukaoha, said that there was an urgent need to review and harmonise Nigeria’s trade policies to enable the country to maximise its abundant human natural resources for rapid economic transformation.
He said, “There is an urgent need to review and harmonise all existing trade policies, treaties and agreements between Nigeria and other countries. What we have discovered is that in the past, some people will just go abroad and sign different types of trade agreements on behalf of the Federal Government without recourse to the economic implications of such agreements to the Nigerian economy.”