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Tuesday, March 28, 2023

Lack Of Inter Agency Regulations Affecting International Trade In Nigeria

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The Director – General of Lagos Chamber of Commerce and Industries (LCCI), Muda Yusuf has disclosed that lack of inter-agency regulatory framework is affecting the implementation of international trade in the country.

Yusuf asserted this in Lagos during the 3rd Annual Lecture and Awards of the Primetime Reporters; with the theme: “Assessing Nigeria’s Readiness to Maximize the Gains of AfCFTA.”

In his remarks, he further said that some agencies operate as monopoly, affirming that the sector lacks dispute resolution mechanisms to tackle issues confronting the Industry.

While speaking, Yusuf listed cost-effective power supply, cost of credit (interest rates), expanding trade finance/micro credits and finance for Small and Medium Enterprises Development (MSME) as some of the problems faced by stakeholders.

He added that multiple taxations by government, high level of insecurity, quality of trade infrastructure, long-standing problem of transshipment, piracy, smuggling, and other injurious trade practices by non-African trading partners also contribute to international trade roadblocks in the country.

He however, urged that African Continental Free Trade Act would be beneficial for SMEs in Nigeria, as it also comes with other benefits including developing infrastructure to support local production and export capacity.

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