“Some objectives of our trade agenda include: to achieve non-oil exports to ECOWAS from the present nine per cent to 20 per cent by 2015, with the ultimate goal of increasing the value of Nigeria’s recorded export to ECOWAS from $276  million in 2011 to $706 million in 2015,” declared Olusegun Aganga, Minister of Industry, Trade and Investment, while speaking at the seventh National Council on Industry, Trade and Investment held in Markudi, Nigeria end of August.

Aganga explains that this target was part of a larger strategic plan elaborated by the Nigerian Government aimed at increasing Nigeria’s non-oil as a proportion of total export from current five per cent in 2011 to 20 per cent by 2015, and 40 per cent in 2020.

“In the area of trade, I am glad to inform that we have just completed a new National Trade Policy and Strategy, which will soon be presented to the Federal Executive Council for approval,” he announced.  

According to the Minister, this is the first time after 10 years that the country’s trade policy has been reviewed.

“For the first time in Nigeria’s history, we will have a trade policy that integrates with the industrial and investment priorities of the Nigerian people. Nigeria’s priorities for trade will facilitate job creation in Nigeria, and boost exports on non-oil products to new markets,” he said.

Efforts to shape a competitive industrial sector underway

Last week, President Goodluck Jonathan unveiled plans to pass laws that will support industrial competitiveness across various economic sectors.

Some sources indicate that the move is intended to tackle certain challenges being faced by the industrial sector with regard to policy inconsistencies.

“The task of industrialising our nation is a collective responsibility which will be pursued with vigour by all stakeholders. Necessary support structures and enablers are being put in place to make the industrial sector globally competitive,” said President Goodluck Jonathan, who was represented by Vice-President Namadi Sambo, at the yearly general meeting of the Manufacturers Association of Nigeria (MAN) in Lagos on 28 August.

“Prior to now, our country’s export consisted largely of raw material in their primary forms. The time has come to reverse this trend. We must boost our industrial capacity; create more jobs and wealth in the economy,” he added.