The Federal Government has announced plans to review the nation’s trade policy in order to develop trade as an alternative source of revenue and reduce the nation’s over dependence on oil.
Speaking in Abuja at an enlarged national focal point meeting, Permanent Secretary of the Ministry of Trade and Investment, Mr Dauda Kigbu says the last trade policy which was put in place eleven years ago is overdue for review.
He said the new trade policy to be put in place will serve as a basis for rapid, equitable and sustainable growth that will broaden the nation’s product base, encourage non-oil exports and proper use of trade defence mechanisms.
The Minister of Trade and Investment, Olusegun Aganga on Monday said now is the time for Nigeria to secure her own share of global wealth by boosting export of manufactured goods.
The Minister, who made this call at the third Nigeria non-oil export conference, exhibition and awards, disclosed that the country spends millions of foreign exchange importing finished products made from raw material exported to other countries which paint a ridiculous picture of Nigeria in the global market.
Mr Aganga called on Nigerians to expand and promote the nation’s non-oil exports by identifying pragmatic solutions to the critical issues impeding the country’s export growth to make lasting changes.
Three key issues that were discussed at the conference were quality assurance, packaging and branding and incentives for production.
These were identified as the main obstacles to launching Nigerian products in the global markets especially with the fierce competition by manufacturers from other countries.
The conference is set up to discuss issues with Nigeria’s non-oil exports and find acceptable solutions.