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FG launches its trade policy for 2023-2027

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By Okunloye Abiodun

Trade has proven to be a catalyst for growth, enhancing competitiveness.

In an effort to boost Nigeria trade sector and enhance its global trade position, the Nigerian government recently introduced the Trade Policy of Nigeria (TPN) 2023-2027. This strategic plan was revealed on Thursday during a dialogue meeting themed “Trade as a catalyst for economic diversification” in Abuja, and it aims to foster the rapid growth and overall progress of the country’s economy. As numerous emerging economies have demonstrated, trade has proven to be a catalyst for considerable growth. Trade has a transformative effect by enhancing competitiveness, generating employment opportunities, and alleviating poverty, as outlined in the policy.

Also, the main aim of the policy is to make the most of these encounters and capitalise on the countless possibilities presented by an increasingly interconnected and open world, with the end goal of establishing a prospering trade industry. The TPNs main objective is to expedite growth that benefits the impoverished, using policies that are market-driven and align with Nigerian rights and obligations in the World Trade Organization. By doing so, the TPN aims to establish a just and balanced foundation for boosting Nigeria involvement in international trade.

Manufacturing will also contribute greatly to the economy.

The alignment between the Medium-Term National Development Plan 2021-2025 and Agenda 2050 is duly recognised by this statement. Emphasising the importance of harmonious operations, the policy details that TPN 2023-2027 have been strategically crafted to seamlessly integrate with the National Industrial Revolution Plan, investment initiatives, as well as other sectoral policies. It is aimed at fostering inclusiveness and maintaining coherence within the domestic policy environment. Also, during his speech at the event, Francis Meshioye, president of the Manufacturers Association of Nigeria (MAN), expressed his belief that exporting agricultural products should be reconsidered.

Speaking further, he emphasised that exporting these raw materials leads to the depletion of valuable resources, resulting in Nigeria having to import the finished processed forms of these agricultural products. Consequently, he advocated for a shift in this practice to ensure sustainable resource management and self-sufficiency. According to him, the economy’s welfare lies in granting priority to the manufacturing industry and enhancing it, which would enable the nation to obtain a characteristic contribution from its agricultural output.

More employment opportunities will be created for young individuals.

He expressed the notion that in due course, a multitude of employable young individuals found everywhere will begin to find occupation with them. As a result, numerous benefits will be reaped. This shall result in enhanced environmental stability since a significant number of young people will refrain from participating in acts of insecurity or criminal endeavours. Instead, they will become involved in entrepreneurial pursuits, particularly on a smaller scale, or secure jobs in the manufacturing industry where their productivity will flourish.

To boost economic growth, Doris Anite, the Minister of Industry, Trade, and Investment, emphasised the need for manufacturers to transition from exploitative practices to focusing on exports. She further highlighted the importance of manufacturers clearly declaring their exported goods and reinvesting the resulting interest or profits back into the economy. Also, exporters are expressing their grievances, citing the deplorable condition of the road to the marketplace. They assert the government’s responsibility to intervene and rectify the situation. However, she queried these exporters that they repatriated the foreign currency back to the country upon exporting their goods.

There should be effective leadership and an unwavering focus on the people.

Lastly, Adetokunbo Adekayode, who was the former president of the Abuja Chamber of Commerce and Industry, voiced his opinion during the event, emphasising the resilience and strength of the Nigerian population. He stressed the crucial requirement of effective leadership and unwavering focus on the people. Additionally, Adekayode strongly urged the government to take proactive measures, including the identification and development of export readiness, empowerment of pertinent organisations, and the implementation of a well-defined export policy.


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AN-Toni
Editor
2 months ago

FG launches its trade policy for 2023-2027. – Trade has proven to be a catalyst for growth, enhancing competitiveness.Express your point of view.

Adeoye Adegoke
Member
2 months ago

Trade has indeed proven to be a powerful catalyst for economic growth and competitiveness. The launch of the trade policy for 2023-2027 by the FG is a significant step towards fostering a vibrant and thriving trade environment.
By establishing a clear and comprehensive trade policy, the government can provide a framework that promotes fair trade practices, encourages investments, and facilitates the flow of goods and services. This can create opportunities for businesses, stimulate job creation, and contribute to overall economic development.
A well-designed trade policy can also enhance the competitiveness of domestic industries by encouraging innovation, improving productivity, and fostering healthy competition. It can provide a roadmap for leveraging Nigeria’s strengths and resources, while also addressing potential challenges and barriers to trade.
It’s exciting to see the government’s commitment to trade and recognizing its potential as a driver of growth. I believe that a well-executed trade policy can unlock new opportunities, strengthen international partnerships, and contribute to the overall prosperity of Nigeria.

Kazeem1
Member
2 months ago

I wholeheartedly concur that trade is essential to spurring economic expansion and boosting corporate competitiveness. It gives businesses the chance to work with other nations and broaden their markets. I’m interested to watch how this trade strategy affects developments in the future.A well-crafted trade policy can also boost home sector competitiveness by promoting creativity, raising output,

Taiwo
Member
2 months ago

FG announces the details of its trade strategy for 2023–2027. – Trade has been shown to increase competitiveness and act as an economic catalyst. The need for local production and economic growth should be the central tenet of our trade policy. We must make sure that the laws encourage more foreign trade and our own domestic industry.

SarahDiv
Member
2 months ago

The Trade Policy of Nigeria (TPN) 2023-2027 brings hope for economic growth through market-driven strategies. Prioritizing processed agricultural exports aligns with sustainable resource management. Addressing infrastructure concerns and emphasizing effective leadership resonates with the need for a robust, inclusive trade industry.