The Minister of Trade and Investment in Nigeria, Dr. Okechukwu Enelemah, has asked the National Assembly to review some laws and practices to provide for an enabling environment for industry, trade and investment.

He made the appeal during the ongoing sectoral debate in a bid to find strategies to diversify the Nigeria’s economy.

The Minister urged the National Assembly to fast track work on the independent warehouse regulatory agency bill.

He further called for secured transactions in movable assets bill to unlock potentials for the Micro Small and Medium Enterprises.

He told the lawmakers that Nigeria’s economy was more diversified than it seemed.

“The much talked about oil sector, which has historically accounted for three-quarter of the government’s revenues and as much as 90 per cent of the foreign exchange earnings, actually contributes only 14 per cent of the Gross Domestic Product (GDP),” The Minister stated.

He further pointed out that agriculture contributed only about a fifth of the nation’s GDP and accounted for only a small fraction of Nigeria’s export earnings.

“We need legislative backing and intervention to reform some of the laws and practices that have been holding back our economy,” he told the lawmakers.

Some of the laws he urged the lawmakers to look into to ease business engagements in Nigeria were Company and Allied Matter Decree, the Railway Corporation and Postal Services Acts.

Mr Enelemah insisted that it was only by reviewing these laws that the nation could guarantee the much needed private investments in the sectors.