Nigeria’s trade policy planned revision by the Federal Government is aimed at facilitating access to local and regional markets, against the backdrop of the take-off of the Africa Continental Free Trade Area (AfCFTA). President Muhammadu Buhari stated this at the opening ceremony of the 2021 Lagos International Trade Fair (LITF) in Lagos yesterday. In his remarks delivered by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, the president noted that the revision is imminent and will capture the nation’s current economic realities.
He stated: “One of the major policy thrusts we are deploying to drive the facilitation of trade and market access is the imminent revision of Nigeria’s trade policy. Its revision will capture our current economic realities and our aspirations of further facilitating trade and access to markets both locally and regionally, especially in the advent of the implementation of the AfCFTA. The fully revised version of the trade policy will incorporate significant strategies to mitigate against 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.” Adebayo noted that the Lagos Fair is a great platform to amplify Nigeria’s trade discussions and ensure our business community is well positioned for the AfCFTA.
In her welcome address, LCCI President, Mrs. Toki Mabogunje, said that the theme of the 2021 edition of LITF, which is ‘Connecting Businesses, Creating Value’, underscores the importance of relationships and networking among businesses for the purpose of wealth creation. The theme also underlines the value of interactions between producers and service providers and end-users. This is the cardinal objective of the Trade Fair,” she stated.
