One of the lasting effects of President Muhammadu Buhari's government, according to the minister, is the continuous assessment of Nigeria's trade policy by his ministry.
"Both Nigeria and the world have witnessed enormous developments," Adebayo claimed, referring to the current trade strategy, which was enacted in 2002.
According to him, this includes the rise of E-commerce and digital payments, the agreement establishing the African Continental Free Trade Area (AfCFTA), and the United Kingdom's exit from the European Union (Brexit).
“Earlier this year, the Nigerian Bureau of Statistics (NBS) reported that Nigeria recorded a N3.2 trillion trade surplus between January and June 2022.
“This is an indicator of a positive trade balance where exports outweigh imports.
“In fact, the World Bank reports that trade contributes about 34 per cent of Nigeria’s Gross Domestic Product (GDP).
“While these figures are very encouraging, there is a lot we can do, especially with the commencement of trading under the AfCFTA.
“To take advantage of this potential $3.4 trillion market, the first step is to instill confidence in traders through the approval and implementation of an up-to-date trade policy,” he said.
The minister, who said he had gone through the draft as presented by the Trade Policy of Nigeria Review committee (TPNRC), expressed satisfaction with the document.
He, however, emphasised the need to ensure measures were taken to curtail trade injuries.
“I believe security is an important complementing policy for trade. We cannot have optimal trade without security,’’ he added.
“International players who are interested in trading with Nigeria will need reassurance of fairness. Therefore, we should address non-discriminatory aspects of this policy,’’ the minister said.
He also said there was the need to highlight trade facilitation especially with respect to customs, airports, sea ports, and transit.
Adebayo urged the committee to incorporate his suggestions as part of the stakeholder engagements leading to the finalisation of the policy.
Earlier, the Chairman of TPNRC, Prof. Mike Kwanashie, said the review of the trade policy was carried out in accordance with global practices.
According to him, since the document was put in place in 2002, the economy has witnessed a lot of changes necessitating a review of the document.
The Director-General, Nigerian Office for Trade Negotiations (NOTN), Ambassador Fred Agah, said the committee took necessary steps to give the country the best.
“This document should be the beginning of the reform.
“As you go through it, you will see issues of enhancing productive capacity which touches on investment policy, the industrial revolution plan and several areas.
“If those complementary policy areas are not updated, then this document will remain only what a paper on it says,’’ Agah said.