The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah has said that a key trade facilitation agreement (TFA) signed by Nigeria and more than 100 other nations with the World Trade Organization is expected to provide the country’s manufacturing industry with a major boost.
Enelamah who stated this in an interview with the Oxford Business Group said 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
“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. Each of these areas represents an opportunity to take the country higher and to fulfill our potential, he said.
He said that 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 for that. 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, the Minister told OBG.
He continued, “We want to improve the supply of foreign currency through funding programmes that will bring billions of dollars into the economy. We are also re-organizing and revamping the Nigerian Investment Promotion Council. Ultimately, we are aiming to create the confidence that investors need to come to Nigeria”.
Photo: (L-R) Davide Rasconi, Editorial Manager, Oxford Business Group, Okechukwu E Enelamah, Nigeria’s minister of Industry, Trade and Investment and Diana Rus, Country Director, Oxford Business Group.
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