A Review of the Nigerian Energy Industry

New trade policy for inclusive economic growth underway – Aganga

Nigeria's minister_of_trade_and_investment, Olusegun_Aganga

04 September 2014, Abuja – The Federal Executive Council will soon approval a new national trade policy designed to fast track inclusive economic growth through industrialisation, trade and investment.

Also the Governor of Benue State, Dr. Gabriel Suswan has called on the Federal Government to establish Warehouse Receipt System in all the six geo-political zones across the country in order to reduce the country’s dependence on importation of raw materials.

These were the highlight of the just ended 7th National Council on Industry, Trade and Investment held in Markurdi.

Speaking during the event, the Minister of Industry, Trade and Investment, Olusegun Aganga, said, “In the area of trade, I am glad to inform that we have just completed a new National Trade Policy and Strategy, which will soon be presented to the Federal Executive Council for approval.This is the first time in over ten years that the country’s trade policy has been reviewed. For the first time in Nigeria’s history, we will have a trade policy that integrates with the industrial and investment priorities of the Nigerian people. Nigeria’s priorities for trade will facilitate job creation in Nigeria and boost exports on non-oil products to new markets”.

“Some objectives of our trade agenda include: to achieve non-oil exports to ECOWAS from the present nine per cent to 20 per cent by 2015, with the ultimate goal of increasing the value of Nigeria’s recorded export to ECOWAS from $276.5 million in 2011 to $706.1 million in 2015; increase recorded non-oil export to other African countries from current three per cent of global export to 10 per cent by 2015, and to increase Nigeria’s non-oil as a proportion of total export from current five per cent in 2011 to 20 per cent by 2015, and 40 per cent in 2020. Also, we are putting structures in place to enable us penetrate the non-traditional markets with high valued-added export products,” he said.

Governor Suswan, represented by his deputy, Chief Steven Lawani, said “I want government to evolve measures that would help address the challenges of reducing the nation’s dependence on imported raw materials for our industries.“

One key area we can address this challenges is the privatisation of the Nigerian Commodity Exchange Market for optimal performance.“A major intervention in this area will be to promote the establishment of the electronic warehouse receipt system in the six geo-political zones of the country. An organised commodity exchange market will lead to more investments in commercial farming in Nigeria and improve farmers’ income, he said.



– Vanguard

In this article

Join the Conversation