Minister of industry, trade and investment, Otunba Adeniyi Adebayo, has restated the federal government’s commitment to driving trade facilitation and market access.
Adebayo, who represented President Muhammadu Buhari at the opening ceremony of the on-going 35th edition of the Lagos International Trade Fair (LITF) organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos, added that, “we are deploying to drive the facilitation of trade and market access, which is the imminent revision of Nigeria’s trade policy. The revision would capture the country’s current economic realities.”
“It would also consider the nation’s aspirations of further trade growth and access to markets both locally and regionally, especially in the advent of the implementation of the Africa Continental Free Trade Area (AfCFTA),” he stressed.
He assured that the fully revised version of the trade policy will incorporate significant strategies to mitigate against the concerns of traders, such as infrastructure bottlenecks and low domestic demand for ‘Made-in-Nigeria’ goods.
He pointed out that it will also strengthen domestic value chains, especially, in the agribusiness sector, saying, “as a Ministry, we recognise the role that government needs to play, to maintain confidence in both cross-border and wider international trade and investment.”
Governor of Lagos, Mr. Babajide Sanwo-Olu, noted that, “this annual trade fair has impacted greatly on the economy through the opportunities it has continued to provide to individuals and corporate organisations to showcase their products and services to a large population of people within this arena.”
Also, the president of LCCI, Mrs Toki Mabogunje, said, the theme of the fair, ‘Connecting Businesses, Creating Value’ underscored the importance of relationships and networking among businesses for the purpose of wealth creation.
Mabogunje said the Nigerian economic conditions had been challenging even as the economy recovers from the Coronavirus pandemic shocks and disruptions, saying, as investors, there was need to continue to demonstrate resilience and determination to forge ahead despite these challenges.