Nigerian Trade Office targets 50% share in GDP by 2023
As of the first
quarter in 2020, data from the National Bureau of Statistics gave trade’s
contribution to Nominal GDP as 15.09 per cent, lower than the 16.95 per cent
contribution in the same quarter of the previous year, as well as the preceding
quarter’s 15.66 per cent.
The Acting Chief
Trade Negotiator/Director General, NOTN, Victor Liman, disclosed this as part
of the overview of the newly launched Nigeria trade policy journal.
The journal titled
‘A Nigerian Policy Roadmap: Perspectives and Insights’ builds on the 2002 trade
policy regime capturing contemporary changes, developments, and recent COVID-19
challenges and issues.
The trade office
said the Trade Policy Roadmap contains proactive strategies and responsive
policy measures to address current and future challenges.
“We are all aware
that COVID-19 has impacted all sectors and human interaction in Nigeria in the
short, medium, and long run.
“Consequently, we
are experiencing trade deficits; loss of businesses and investments; healthcare
systems overstretched, welfare, tourism, and aviation impacted; free trade
under threat; borders closed; supply chains disrupted; aviation suspended;
changes to policies on trade, healthcare, budgets, ICT, oil, and gas.
“Hence, there is the
need for a Trade Policy Roadmap to sustain the economy, recover losses and
sustainably grow the economy; through a broad multi-sectoral and coordinated
response by Nigeria domestically and regionally,” Mr Liman said.
He said the policy
was drawn up as a preparatory work to be a reference source for further
engagement with critical, relevant and strategic stakeholders.
Overviews
Asides the 50 per
cent increased share of trade in GDP, the policy also aims to increase
employment share in trade-related industries to 28 per cent by 2023.
Mr Liman also said
the trade policy framework seeks to make Nigeria one of the 15 largest
economies in the world by 2025
“Rooted in the quest
to tap into the rare opportunity presented by the pandemic;
“To diversify growth
and development pathways in Manufacturing, health, processed and semi-processed
exports, services trade, Innovation, research and development, science and
technology, E-Commerce, teleworking, telemedicine among others.
“Considering the
prevailing times, the policy will focus on achieving sustainable growth in
goods and services exports while respecting environmental concerns.”
The roadmap also
aims to promote “Rapid development of Nigeria’s digital economy; Formalising Nigeria’s
large informal economy; further develop MSMEs and integrate the business into
GVCs.”
Others
The document
comprises 13 chapters covering various priority sectors and areas for Nigeria’s
inclusive trade growth and sustainable growth namely;
Cocktail of Policy
Mixtures on COVID-19, (addressing economic recovery, regional cooperation,
trade facilitation, removal of trade barriers); Trade and Foreign Policy and
National Security; Trade, Competitiveness, and Rules-based Safeguards; Trade
and Related Policies; Trade in Services; and
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