The Lagos Chamber of Commerce and Industry (LCCI) has disclosed that members of the organised private sector (OPS) are expecting a new national trade policy in the country. This, the LCCI stated, would be in response to the dynamics and new realities of the global trade system in terms of evolution in global production networks and global value chains. The LCCI President, Dr. Michael Olawale-Cole, dieclosed this in a chat with New Telegraph correspondent in Lagos during the 2022 Lagos International Trade Fair, in Lagos.

He said the move by the Ministry of Industry Trade and Investment in reviewing Nigeria’s National Trade Policy, last updated in 2002, was a bold step, apt and crucial for the country’s trade policy. He said: “The Lagos Chamber of Commerce & Industry is committed to the vision of the current administration in respect of economic diversification and self-reliance.

“It is encouraging to note the efforts of the Ministry of Industry Trade & Investment in reviewing Nigeria’s National Trade Policy last updated in 2002. “We are expecting a new national trade policy that can respond to the dynamics and new realities of the global trade system in terms of the evolution of global production networks and global value chains.” The LCCI president stressed that economic conditions had been challenging even as the economy sustains recovery from COVID-19 and now navigating through the shocks from the Russia-Ukraine war, and recently climate change shocks in the form of devastating floods across the country.

While the Nigerian economy has recorded some impressive growth figures this year, showing a sustained recovery, Olawale- Cole explained that there were heightening fears of recession, food insecurity and more climate change impacts, adding that “as investors, we need to continue to demonstrate our resilience and determination to forge ahead despite these challenges. “As a chamber, we have strong confidence in the Nigerian economy, and we believe we would meet our growth target for this year.” He, however, pointed out that “the LCCI’s trade fairs, specialised exhibitions, and several business events are some of the many ways we support trade and commerce in the economy.” The renowned industrialist added: “We recognise the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy. “This trade fair provides a platform to identify non-oil alternatives and highlights the significance of value addition. The trade fair equally serves as an avenue to boost economic and commercial activities.” The LCCI president said the chamber commended the recently launched Special Agro Industrial Processing Zones (SAPZ) programme by the Federal Government and supported by the African Development Bank (AfDB), the Islamic Development Bank, and the International Fund for Agricultural Development, as co-financiers. According to him, the SAPZ is expected to mobilise private sector investments to develop value chains for selected crops and livestock starting with the eight participating states. He said: “We look forward to an increase in export trade of agro-processed products across the continent and boosting intra-African trade under the Africa Continental Free Trade Agreement (AfCFTA).” According to.him, “we need to do a lot more to attract more private capital into the Nigerian economy. In this connection, our economic and investment policies must be right, and our institutions must be investment-friendly. “We need to fix the structural, institutional, policy, and regulatory issues impeding private sector development.” While speaking on this year’s Lagos International Trade Fair, Olawale-Cole said: The Lagos International Trade Fair is a flagship legacy of the Lagos Chamber and has enjoyed enormous support from sponsors, partners, loyal exhibitors, government, and foreign embassies here in Nigeria. “Let me appreciate the major sponsors of the 2022 Lagos International Trade Fair, who have supported the Fair in various ways. “We thank the United Bank for Africa Plc, AFREXIM Bank, Dangote Group, Choice International Group, MTN Nigeria, De United Foods Limited (DUFIL), Bank of Industry, Mikano International Limited, FEDAN Investments Limited, Lifemate Furniture, the Bank of Industry and Federal Inland Revenue Service (FIRS).”