• Saturday, May 18, 2024
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Non-compliance to trade rules cripples manufacturing sector

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Non compliance to trade rules and regulations by logistics practitioners has crippled the manufacturing sector, causing widespread poverty in the land, Samuel Ortom, minister of state for industry, trade and investment, has said.

“Lack of a proper compliance regime …has not only stifled our economic growth, distorted prices and undermined legal and judicial processes, it has also practically crippled our manufacturing sector”

Delivering a keynote speech at the 1st National Trade Compliance Summit with the theme, ‘Turning Trade Compliance into Competitive Advantage’ in Lagos, he said for Nigeria to enjoy its fair share of global wealth, it must tame the monster of unethical business practices, corruption and trade violations, which have contributed in stifling her development as a nation and slowing down economic transformation reforms.

According Ortom, compliance with policies and enthronement of ethical business practices on the part of all who deal, conduct or engage in commercial activities within the Nigerian business space will ensure that competitive advantage becomes the hallmark of business in the country.

Obiora Madu, chief executive officer and programme director of Multimix Academy, said a result of a recent Gap Analysis in Nigeria indicates that trade logistics practitioners need to deepen their knowledge of the ever dynamic international trade rules and technicalities in order to realign the paradigm, streamline their practice and engender professionalism and profitability in the international trade/shipping sub-sector of the national economy.

While using the medium to launch the online version of the Certified Import Compliance Manager Programme, Madu affirmed that the task of reworking the situation to improve the country’s national image will commence with equipping the personnel and reinforcing the system through closing up the noted capacity gap