‘Trade, Investment Policy To Improve Nation’s Competitiveness In Global Economy’

The national president of the Nigerian Association Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye has commended the President Bola Ahmed Tinubu-led Federal Government for the launch of the trade and investment policies for Nigeria, noting that the policy document is a blueprint that sets the tone for Nigerian businesses and investors to realize their potential in the local and international markets.

The NACCIMA boss spoke on behalf of the Organized Private Sector of Nigeria(OPS)at the stakeholders’ sensitisation workshop and public presentation of the 2023-2027 Trade and Investment Policies for Nigeria organised by the Federal Ministry of Industry Trade and Investment (FMITI) at the Nigeria Export Promotion Council (NEPC).

According to him, the policy underscores the emphasis on enhancing the competitiveness of Nigerian businesses in a globally dynamic landscape and strengthening institutional frameworks and regulatory environment that drives trade and investment

Oye said: “First and foremost, I would like to extend my heartfelt congratulations to the Federal Government of Nigeria for bringing this policy to fruition. This policy document is a blueprint that sets the tone for Nigerian businesses and investors to realize their potential in the local and international markets. The policy indeed acknowledges the current challenges and opportunities created by economic globalization and the need for Nigeria to improve her competitiveness in the global economy.

“The policy recommends measures that will strengthen our domestic industries and support our integration and participation in the global market. At the core of this initiative is the aim to improve Nigeria’s non-oil trade balance, use the talents of our youth and women entrepreneurs to achieve a positive trade excess. It is gratifying to see that the policy prioritizes the growth of Small and Medium Enterprises (SMEs) and the informal sector, which are the backbone of Nigeria’s economy.

“Furthermore, the policy underscores the emphasis on enhancing the competitiveness of Nigerian businesses in a globally dynamic landscape and strengthening institutional frameworks and regulatory environment that drives trade and investment. This is indeed commendable, as it will incentivise local businesses to invest more in research, development, and innovation, ultimately achieving sustained economic growth.”

He further noted, “What is missing now is an industrial policy, that will enable these two policies to have the final handshake with the industrial policy. Using the same mechanism, we believe that the industrial policy will be in place soon.”

In conclusion, as the President of NACCIMA and on behalf of the organized private sector, he urged all stakeholders, especially, the private sector, and international partners to embrace and support this initiative, adding that, “we should also be proactive in its implementation to ensure we achieve the desired objectives. Again, I congratulate the Federal Government of Nigeria for this initiative. The organized private sector is optimistic that it will lead to economic prosperity for Nigeria.”