THE government of Nigeria has signed a key trade facilitation agreement (TFA) with the World Trade Organisation to provide the country’s manufacturing industry with a major boost.
Okechukwu E Enelamah, Minister of Industry, Trade and Investment, said the agreement also involves more than 100 other nations, saying that the “milestone” TFA should ease the overall cost of doing business in Nigeria, which he acknowledged was one of three main obstacles that manufacturers currently faced.
He said, in an Oxford Business Group that “the biggest challenge is definitely infrastructure, in one form or another. In addition, manufacturers need more access to sustainable, affordable and reliable power – that’s our first priority as a government and as a ministry,” he acknowledged. “
According to him, each of these areas represents an opportunity to take the country higher and to fulfil our potential creating an attractive environment for manufacturers through measures such as tax breaks, export incentives and finance, was high on the government’s agenda in line with its broader aim of increasing local production.
“Producers need assurance that if they produce locally, their products will enter the local value chain, and we have created the conditions. We are also working to avoid dumping, as entrepreneurs that are producing high-quality products cannot compete with imports that are cheaper and of lower quality”, he said.
He disclosed that the Federal Government wants to improve the supply of foreign currency through funding programmes that will bring billions of dollars into the economy, noting that “We are also reorganising and revamping the Nigerian Investment Promotion Commission. Ultimately, we are aiming to create the confidence that investors need to come to Nigeria.”
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