The federal government has disclosed that it is set to update Nigeria’s trade policy in order to enhance the country’s access to regional markets in preparation for effective implementation of the African Continental Trade Agreement .
Buhari, who was represented by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, stated that the updated trade policy would ameliorate the country’s current economic realities. He added that, “the fully revised version of the trade policy will incorporate significant strategies to mitigate the concerns of traders, such as infrastructure bottlenecks and low domestic demand for “Made in Nigeria” goods. It will also strengthen domestic value chains, especially in the agribusiness sector.
He said: “The year 2020 was challenging for all economies but Nigeria is coming back strong. In the first half of this year investment announcements were at $10.1 billion, an increase of 100 per cent on 2020. Investors from Europe, CHINA, Morocco and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affects our nation.
Sanwo-Olu, who was represented by Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs. Lola Akande, said: “I wish to let you know that we are doing everything within our power as a state to secure the traditional site of the Trade Fair Complex from the federal government and also ensure increase economic activities of our dear state.”
Announcements or investment?