Government launches first Nigerian Annual Trade Policy Report,
says it Serves to Boost Economy- Enelamah
The Honourable Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah has launched the maiden edition of ‘2017 Nigerian Annual Trade Policy Report’ (NATPOR) during a press conference held in the Ministry, today, 27th February, 2018.
The Minister disclosed that the launch is an expression of Federal Government’s commitment to ensuring that trade and associated policies such as investment policy “serve as drivers for modernization, diversification, growth, development and job creation, which spy into Federal Government’s broad agenda of economic recovery plan and also the Nigerian Industrial Revolution plan.”
The Minister emphasized the significant role of trade towards growth and job creation in the economy. He disclosed that the statistics jointly produced by the Bureau of Statistics and Nigerian Office of Trade Negotiation (NOTN) in the period under review, that is, the Third Quarter of 2017 trade activities, import and export employed over 14% of Nigerian work force which is equivalent of about 10.8 Million people and 18% contribution to GDP next to Agriculture, which is 29.1%.
Dr. Enelamah pointed out that though the overall value of trade declined in 2014, but it has since rebounded back 2016, which necessitated the theme of this year edition of NATPOR which is “Trade for Modernization, Growth and Job Creation.” This, again he said is central to the Muhammadu Buhari’s Government’s growth agenda. “We are really focused on growth and modernization of our economy which are diversification and job creation”, said the Minister.
The Minister further disclosed that the report contained trade statistics that will be used to monitor, assess and re-negotiate Nigeria’s trading relationship with our trade counterparts. “These statistics shall be updated quarterly”, said the Minister.
The Minister also disclosed that “the launch of the report comes at a strategic moment and shows calculable progress and identity exciting opportunities in the economy for business. “The longstanding challenges in the Nigerian economy are being addressed. In the Second Qjuater of 2017, Nigeria exited five successive quarters of economic recession. Recovery and growth are now underway”, said Dr Enelamah.
According to the Minister, “Patience is required for the positive yields from corrective reforms to serious and longstanding economic and trade policy anomalies. Despite the effects of policy lag, the good news is that the economy is responding positively. From a post-recession growth rate of 1.5% in 2017, the economy is estimated to grow at 2.5% and better in 2018. Inflation is on a downward trend. In the 2017 World Bank Report on Ease of Doing Business ranking, the economy was moved up 24 places; Nigeria was ranked amongst the top 10 Reformers in the global economy. Positive FDI flow has improved and confidence has returned to the business community.”
For: Head of Press
Federal Ministry of Industry, Trade & Investment