By Eunice Orike
Federal Ministry of Industry, Trade, and Investment has held a landmark stakeholder’s consultation on export, aimed at fortifying Nigeria’s export sector and catalysing economic growth.
The event brought together key players from the public and private sectors to deliberate on pivotal issues and opportunities shaping the future of Nigeria’s exports.
Speaking, the Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole underscored the transformative potential of exports, says that the ministry recognized the power of exports to revolutionize the economy and uplift the lives of Nigerians.
According to her, Today’s consultation is a vital step towards unlocking this potential.”
The consultation also addressed significant outcomes, including:
– **Export Expansion Grant**: Advocating for grants to enhance exporters’ competitiveness.
– **Smart Energies**: Emphasizing the role of sustainable energy solutions in driving sector growth.
– **Tax Exemptions**: Increasing tax exemptions to alleviate the financial burdens on exporters.
– **Multi-use Export Certificate**: Proposing a streamlined certification process to reduce bureaucracy.
– **Foreign Exchange Accessibility**: Ensuring competitive foreign exchange rates for exporters.
The Minister announced plans to reduce regulatory overlaps and create a more conducive business environment for exporters.
“Our commitment is to foster an environment where exporters can thrive. By reducing regulatory hurdles and enhancing efficiency, we aim to boost Nigeria’s export capabilities,”she added.
Also speaking, the permanent secretary of the ministry, Nura Abba Rimi, highlighted the essential role of exports in driving economic development, creating jobs, enhancing foreign exchange earnings, and securing Nigeria’s position in the competitive global marketplace.
The consultation provided a dynamic platform for stakeholders to discuss critical challenges and opportunities, including:
– **Market Access**: Tackling the barriers to international markets to ensure Nigerian exporters can compete on a global scale.
– **Regulatory Bottlenecks**: Streamlining regulatory processes to minimize bureaucratic hurdles and costs for exporters.
– **Infrastructural Constraints**: Developing robust infrastructure to support the growth of Nigeria’s export sector.
– **Global Best Practices**: Aligning Nigeria’s export policies with international standards to enhance competitiveness.
A statement by the director of press and public relations of the ministry, Adebayo Thomas explained that the key feature of the event was the Export Clinic, offering exporters direct interaction with regulators to identify and overcome bottlenecks, and receive actionable guidance.
