Nigeria needs quality environment to spike trade competitiveness, says LCCI

Nigeria needs to take full advantage of trade relations with other countries and strengthen its competitiveness.

But achieving this depends on better business environment, according to the Lagos Chamber of Commerce and Industry (LCCI).

“For us to take full advantage of trade relations, we need to strengthen our competitiveness. We need to create the enabling environment to make businesses operating in the country competitive. We need to fix the supply side issues such as infrastructure, which is a major source of competitiveness challenge in many developing countries,” said Nike Akande, president, LCCI, at the LCCI dialogue on international trade held in Lagos.

Akande said many countries have recorded sustainable growth and development through an export–led strategy, adding that effective venturing into international trade could assist Nigeria get sustained growth at the rates needed to make a visible impact on poverty reduction.

“Nigeria has become an investment hub for many investors from around the world. The rich multicultural heritage of the country inherent in its diverse ethnicity creates a large and attractive market for any aspiring investor. Returns on investments in Nigeria are very high compared to what obtains in other parts of the continent,” she said.

Abike Dabiri-Erewa, special adviser to Nigeria’s president on Diaspora matters, said the country needs to invest more and diversify.

“President Buhari is travelling all over the world, from country to country, not for fun, but to create economic ties between Nigeria and other countries.  What we need and what the president Buhari is clamouring for is economic diplomacy,” Dabiri-Erewa said.

Yves Nicolet, consul general, Switzerland, said Nigeria takes second place after Senegal in partnership with Switzerland.

“Nigeria stands out as a country for investment. It is seen as the head of trade in the continent. Nigeria is one of the countries that can be built on diversification due to its many resources. We want to improve the economic state in the two countries,” Nicolet said.

Rotimi Ogunleye, Lagos State commissioner for commerce, industry and cooperatives, said the state has begun electronic land registration to reduce delay associated with that.

Ogunleye said the state has also reduced the amount chargeable on the property cost as well as the menace of land grabbers and touts known as ‘Omo onile.’

“We have preferential policies and incentives granted to the investors and enterprises available. Examples of such are tax holiday, and duty-free/tax-free import of raw materials and components,’ he said.

ODINAKA ANUDU& CHINYERE OKEKE