MAIN SECTORS
OF THE
ECONOMY: INDUSTRY & TRADE
MESSAGE BY HIS EXCELLENCY THE FEDERAL MINISTER OF COMMERCE Prior to the inception of the present administration in May 1999, the trade sector of the economy was plagued by a plethora of problems. Some of these problems included: regional trade barriers; multiple layers of distribution causing an increase in the cost of goods; bureaucracy in the implementation of trade incentives, which created long delays in business registration and payment of export rebate incentives, etc. and the dumping of sub-standard and subsidised goods. The large number of security agents at the ports and long procedures for the clearance of goods were further impediments to trade. This led to the directive GCFR, created by the President and Commander-in-Chief of the Armed Forces of Nigeria, Chief Olusegun Obasanjo, which was implemented to prepare a new trade policy for Nigeria consistent with the broad economic objectives of the administration and the new international trading environment. To ensure that Nigeria becomes a full player in the global economy, a new trade policy was approved in 2002. The trade policy document is a clear expression of the new orientation in our business practices intended to send positive signals to our trading partners of Nigeria’s readiness to adapt to changes. It covers issues relating to trade support infrastructure and the appropriate implementation strategies and action plan. Furthermore, to strengthen the regulatory framework in the trade sector, the President has graciously approved the transformation of the present Consumer Protection Council (CPC) into the Nigeria Trade and Competition Commission (NTCC). This new body is to handle issues relating to weights and measures administration, consumer protection, antidumping and competition policy. The new regulatory framework will also include the establishment of the Intellectual Property Commission of Nigeria and the Bankruptcy Commission. The objective of this new regulatory environment is to sanitise and streamline activities in the trade sector as well as provide a stable, fair and competitive market environment for due process and the transparent administration of trade policy measures in the country. The government is determined to end our dependency on crude oil exports by diversifying and expanding our non-oil exports of both agricultural and manufactured products through the establishment of Export Production Villages (EPVs) and Free Trade Zones (FTZs). The FTZs have succeeded in achieving the objectives established for them, which essentially are to attract foreign direct investment, generate employment, increase exports and contribute to government revenue. The FTZs are our centre of excellence and need to be encouraged and strengthened. It should be recalled that at the inception of this administration, the economy was characterised by low a GDP growth rate, low productivity, decapitalisation and under-capitalisation as well as low levels of savings and investment. It is obvious that the years between 1999 and 2003 were spent laying the foundation for a new Nigeria. Since May 2003,we have put far reaching reforms in place that are beginning to redirect, reconstruct and reposition Nigeria for greatness. In addition to accelerated privatisation, public sector reforms, intensified anti-corruption campaigns and governance and institutional reforms, the government has identified six core areas: oil, gas, solid minerals, agriculture, manufacturing and Tourism as special areas for attention. Hence, I would like to seize this opportunity to call investors to take advantage of the new opening and current reforms by investing in these core areas. H.E. Ambassador A.D. Idris Waziri Minister of Commerce
158