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FG Advocates Positive Trade Practices to Boost Nigeria’s Economic Returns

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Federal Government has expressed it’s readiness to work with the stakeholders in the trade industry, especially exporters to promote positive trade practices and increase the nation’s trade balance.

Minister of Industry, Trade and Investment, Doris Uzoka stated this at the Trade Dialogue and the official launch of the Nigeria Trade Policy 2023 – 2027, with theme “Trade as a catalyst for economic diversification”, in Abuja.

“It is imperative that we engage in open and constructive dialogues to address challenges as we embark on a transformative journey towards a prosperous trade regime for our nation.

“It is hoped that, through dialogues, we can identify common objectives, explore avenues for collaboration, and collectively address the barriers that hinders prosperity in our trading environment.”

The Minister expressed concern over the sharp practices some exporters engage in, so as to exploit government, adding that such practices are derogatory and reduce the nation’s economic returns.

Uzoka stressed the need for value-addition on Nigeria’s non-oil exports to enhance Nigeria’s competitiveness in global trade, as well as, increase foreign exchange earnings for the benefit of the economy.

She urged all stakeholders to look beyond the challenges, and focus on the opportunities which Nigeria presents, as well as leverage on the trade sector to strengthen greater partnerships.

The Minister disclosed that government is working assiduously to promote trade facilitation and increase market access for exporters across the country.

Reiterating President Bola Tinubu’s Renewed Hope Agenda which she noted places significant importance on trade as a driver of the economy, the minister assured that by fostering an enabling environment for trade, the nation can attract foreign investments, boost exports and strengthen its position in the global marketplace.

She said government has achieved some key regulatory advancements in policies within the Trade sector to assure investors of government’s commitment toward addressing challenges facing businesses.

Uzoka however expressed hope that the deliberations at the dialogue session will proffer solutions to some of the challenges confronting the trade industry in Nigeria.

Earlier, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr. Evelyn Ngige, underscored the role of trade in shaping the economic landscape of the nation and in enhancing the standard of living for sustainable development.

“As we navigate the complexities of the global marketplace, it is crucial for government, businesses, and our international partners to come together, share perspectives, and collectively address the challenges that lie ahead.

“This Trade Dialogue provides a unique platform for us to engage in constructive conversations, exchange ideas, and explore collaborative strategies that will contribute to the enhancement of our national trade policies,”she said.

Highpoint of the event was the official launch of the Nigeria Trade Policy 2023 – 2027.

The trade dialogue serves as a platform for public and private sector stakeholders to come together, exchange ideas, and forge partnerships that will promote economic growth and development.

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