The Federal Government has unveiled the Trade Policy of Nigeria (TPN) 2023-2027 to substantially increase the contribution of the trade sector to the GDP and Nigeria’s share of global trade.
The TPN was unveiled during a dialogue meeting themed, “Trade as a catalyst for economic diversification” held on Thursday in Abuja to accelerate the growth and development of the national economy.
The policy states that the experience of many emerging economies has shown that trade can stimulate substantial growth through its positive impact on competitiveness, job creation and poverty reduction.
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The policy’s overarching objective is to leverage these experiences and benefit from the vast opportunities offered by a rapidly globalising and liberalising world to develop a vibrant flourishing trade sector.
The TPN focuses on accelerating pro-poor growth, through the pursuit of market-oriented policies, based on principles that are consistent with Nigeria’s rights and obligations in WTO thereby ensuring a fair and equitable platform for catalysing the country’s participation in global trade.
This is aligned with the Medium-Term National Development Plan 2021-2025 as well as the Agenda 2050.
The policy further states that the TPN 2023-2027 has been designed to effectively work in harmony with the National Industrial Revolution Plan (NIRP), investment and other sectoral policies to ensure inclusiveness and consistency with the domestic policy environment.
Speaking at the event, Francis Meshioye, president of the Manufacturers Association of Nigeria (MAN), said that agricultural products should not be exported as the export of raw materials means that Nigerians are losing significant resources which it will eventually have to import back as a finished process of the agricultural product.
He said that It is in the best interest of the economy that the manufacturing sector is given priority and boosted so that the country can have a typical input of its agricultural production.
He spoke further, “Eventually we will be able to employ more employable youths which are all over. Even so, we will gain a lot of advantages. It will lead to the security of the environment because many youths will either be engaged in insecurity or criminal activities or be engaged in business, be engaged in small-scale business, or be employed in the manufacturing sector and be productive.
Doris Anite, minister of Industry, Trade and Investment, said manufacturers should go from exploitation to exportation, declare what they are exporting and bring back the interest/ proceeds of their export to grow the economy.
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“Exporters complain that the road to the market is very bad and the government should come and fix it and I ask them when you export, did you bring back the dollar? Where do you want the government to get money to fix the road?”
Also present at the event, Adetokunbo Adekayode, former president of the Abuja Chamber of Commerce and Industry, said that Nigerians were strong and resilient people who needed leadership and focus. He further urged the government to identify and create export readiness, empower relevant organisations and put a clear policy on export.
