FG to reposition the economy through trade and investment

The Federal Government over the weekend announced that it would reposition the Nigerian economy for inclusive sustainable growth through trade, investment and business climate reforms.

Prof. Yemi Osinbajo, Vice President, stated this in Lagos during a dialogue session on Port Efficiency and Maritime Sector Roadmap.

The programme which was organised by the Lagos Chamber of Commerce and Industry  (LCCI), Financial Derivatives Company  (FDC) and the Centre for International Private Enterprises (CIPE) was aimed at repositioning port efficiency.

Osinbajo who was represented by Dr Jumoke Oduwole, Senior Special Assistant to the Vice President on Industry, Trade and Investment. noted that the government was committed to diversifying the economy from over-dependence on oil and creating investment friendly environment to stimulate private sector led growth and development.

He added that it was necessary for the nation to attain the desired structural changes required for economic growth, inclusive prosperity and sustainable development.

He said; “To achieve our diversification objectives, it is imperative that we improve the administration of our ports, which serve as the point of entry of much needed raw materials and machineries for any industrialization efforts. As well as point of exits for the exportation of manufactured goods and agricultural produce.”

He pointed out that the focus of the port reforms is geared towards promoting diversification and structural reform through massive investment in infrastructure and human capital, stressing that successful execution of the policies would enhance productivity, increase export earnings of manufacturing sector and reduce economic susceptibility to external shocks from commodity volatility.

The Vice President noted; “Maritime sector reform efforts to improve Ease of Doing Business in Nigeria, particularly trading across borders are of high priority in our reform efforts.

“It is now a trite fact that there is a strong correlation between the ‘Ease of Doing Business’ ranking of a country and its economic prosperity. We know that a friendly investment climate fosters productive private investment, industrialization, competitiveness and export trade – key tools for the engine for growth and poverty reduction.

He affirmed that the government was relentless in its ambition of removing impediments that had long bedeviled commercial activity in the country, saying that the vision of the government is a dramatic improvement in Nigeria’s business environment over the next three years, with increased cross-border trading.

He explained that increased productivity across key economic sectors and an improved business environment that is attractive to both domestic and foreign investors was a priority.

He noted that the broader goal is to implement reforms that will be visible not merely in numerical rankings, but in the stories and testimonials of business owners and entrepreneurs across the entire country.

He added that the port reforms would be focusing on deploying an automotive strategy that achieves the tripartite objectives of blocking revenue leakages, improving process efficiency and reducing human intervention.

He said; It is noteworthy that since the automation efforts started in 2012, revenue at the ports have grown by over 25 percent, saying that the actual revenue has increased from 57 billion Naira in 2005 to 184 billion Naira in 2015.

He assured that the government was committed to creating an enabling ecosystem for the various stakeholders in the sector to maximise their potentials and grow their capacities.

Mr Chibuike Rotimi Amaechi, Minister for Transportation, stated that the maritime industry was crucial to economic development, adding that 90 percent of global trade was done through sea.

Amechi noted that achieving seamless operation would lead to optimal usage of the port and improve the country’s competitiveness and revenue.

Mrs Nike Akande, President of LCCI stated that it was essential for the private sector to spear head the reforms advocacy in the country.