Tradepower Global Communications and Ndigboamaka Progressive Association, an umbrella body of marketers in Lagos State, have noted that there was need not just to harness the potentials of trade and investment in Nigeria, but also the potentials of the key actors.
This was part of resolutions reached at a trade and investment summit the groups organised in Lagos on the theme “Harnessing the Potentials of Trade and Investment for National Economic Growth and Sustainability”.
Participants at the summit were drawn from the academia, commerce and industry, political class, importers, exporters and the media, among others.
A document signed by Mr Asuquo Nuwak, Head Media, Tradepower Global Communications, and Chinedu Ukatu, Secretary-General, Ndigboamaka, there were over 400 major markets in Lagos State alone involved in trade and investments.
They said it was imperative for them to be recognised and carried along in market, trading and investment policies formulations if the executives are really determined to grow the national economy.
The pointed out that Lagos Market Board had existed for a decade without a single trader on it.
The gathering also identified the role trade and investment would play in the approved African Continental Free Trade Agreement (AfCFTA)that would take off next year.
The added that “There is need for key actors to conduct thorough research before venturing into the sector for a proper investment activity.”
The summit also identified “Various factors militating against trade and investment in the country namely:
“Irregular power supply and absence of good road network, lack of human capital development dignity of labour;
“High level insecurity bedevilled by poor technical and personnel inadequacies;
“Cumbersome documentation with multiple signatures required to perfect a single deal, and
“Resistance to change by beneficiaries of the rotten system, especially in public agencies and sectors.”
They also proffered solution to the myriad of challenges:
“Transparency in government agencies, simplification of processes and procedures especially in our seaports, airports and land borders;
“Harmonisation of processes and procedures, especially with neighbouring countries and intra-government agencies;
“Standardisation of ways of conducting transactions in all the government agencies, and
“The need for policies geared towards assisting key actors and players with liberalised interest loan facilities through the Bank of Industry.”