‘Domestic investment thwarted by infrastructure, public sector bottlenecks’ — Business — The Guardian Nigeria News – Nigeria and World News

Government at all levels have been asked to properly articulate regulations, enhance industrialisation and champion economic diversity to promote Nigeria’s trade and investment outcomes.

Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, who said this, emphasised that instead of focusing on Foreign Direct Investments (FDI) to develop the nation, domestic investors should rather be supported and not stifled.

This was at the Special Roundtable to Inaugurate the Bashir Adeniyi Center for International Trade and Investment with the theme: ‘Nigeria’s Trade and Investment: Challenges and Ways out, at the Nigerian Institute of International Affairs (NIIA),’ in Lagos.

She opined that there is a lot of lip service to the issue of industrialisation, explaining that trade cannot be standalone, but must be powered by industrialisation.

She stated that due to the series of challenges faced by the private sector, such as inconsistencies and lack of clarity of regulations, the cost of doing business, access to finance, and productive capacity have constantly been low.

“Before you put out a regulation, you should have established the possible outcomes, but they put out one, which the private sector has to interpret to apply, but then you don’t wait for us to interpret it. Then you sanction us for not applying the regulations appropriately. We have to rethink the regulatory environment and how regulators should not see the private sector as criminals,” she said.

According to her, for instance, the education sector is supposed to create or produce skills for industries, but the curriculum and drive for education aren’t producing the right kind of people or the right skills.

Former Governor, Cross River State, Donald Duke, said the essence of trade has to do with nation-building, adding that a nation that doesn’t produce anything would continue to have a currency that deteriorates.

He stated the need for Nigeria to conquer the ECOWAS region in terms of trade, explaining that it would be futile to think the nation can compete with the West like Germany, and China in trade and production as we do not have the efficiencies and production capability.

2023 Presidential candidate for the Social Democratic Party (SDP), Prince Adewole Adebayo, reiterated that trade does not necessarily mean international trade; he explained that a country that can trade well within itself would do very well also.

Lagos State Governor, Babajide Sanwo-Olu, represented by Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, Mrs Folashade Ambrose, said that to tackle issues that impede trade and investment, Nigeria must adopt a comprehensive, multi-faceted strategy, which involves economic diversification, infrastructural development, harmonising regulatory frameworks, security, prioritising entrepreneurship and human capital development.

He said the event not only marked the establishment of a strategic hub dedicated to trade and economic development but also symbolised the enduring commitment of the NIIA to advancing Nigeria’s presence on the global economic stage.

According to him, since its inception in 1961, the NIIA has played a vital role in strengthening Nigeria’s diplomatic and economic capabilities.

He said through rigorous research, policy analysis, and thought leadership, it has been a steadfast ally to the government, enhancing the nation’s capacity to navigate complex international relations, negotiate critical trade agreements, and resolve conflicts with diplomacy and tact.

According to him, the establishment of the Bashir Adewale Center is a testament to this legacy, reflecting a forward-thinking vision to position Nigeria as a dynamic player in the global trade ecosystem.

Comptroller General, Nigeria Customs Service, Bashir Adeniyi, said the centre represented a strategic recognition of the vital intersection between customs administrations and international trade facilitation in today’s global economy.

He expressed optimism that the centre would become a catalyst for innovative solutions to Nigerian trade and investment challenges and would foster collaboration amongst our stakeholders in the public and private sectors.

Director-General, NIIA, Prof Eghosa Osaghae, said the new centre would be a finishing centre for senior executives in customs as it would offer top-level certification courses with world standards.

“We are properly immersing Nigeria Custom Service to the galaxy of the world’s custom service. Though they belong there, we want them to take the leadership, not only in Africa but the world,” Osaghae stated.

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