International Sea Trade, Investment Convention to address exports impediments

Nigeria’s first International Sea Trade and Investment Convention is set to identify and address impediments to export trade restrictions, facilities and regulations within the maritime sector.

The Convention with the theme “Exploring New Trade Frontiers” will hold in Lagos between October 5 and 6, 2015. Also, the convention is aimed at identifying impediments to export trade restrictions, facilities and regulations within the maritime sector. It is planned to create the platform for stakeholders to develop a roadmap to address issues of products, standardisation, financing, incentives and the lack of infrastructure plaguing the industry.

Disclosing this in Lagos, Adebayo Sarumi, chairman, ISTI’s Steering Committee, said “the convention is planned to further buoy up Nigeria’s export trade and maritime sector to make it attractive to global buyers and foreign investors.”

According to him, maritime and trade in the sub-Saharan Africa region has experienced an unprecedented growth in the last few years, contributing over $15 billion annually to Nigeria’s economy. This can grow to as much as $50 billion in the next couple of years, Sarumi said.

The International Sea Trade and Investment Convention (ISTI) 2015 is designed as a platform to address issues of new and direct trade routes between Nigeria and leading trading partners, explore cross-border potentials along the regional trade corridor, the development of viable import/export markets, standardisation of goods and services to meet global certification for export, safety and security on the waterways, import and export financing, market linkage, trade and infrastructure investment.