By Miriam Humbe
The Federal Ministry of Industry, Trade, and Investment (FMITI) held a landmark stakeholder’s consultation on export, aimed at fortifying Nigeria’s export sector and catalysing economic growth.
Adebayo Thomas, the Director of Press and Public Relations in the Ministry disclosed this in a statement signed on Tuesday.
The event brought together key players from the public and private sectors to deliberate on pivotal issues and opportunities shaping the future of Nigeria’s exports.
Amb. Nura Abba Rimi, Permanent Secretary in the Ministry, highlighted the essential role of exports in driving economic development, creating jobs, enhancing foreign exchange earnings, and securing Nigeria’s position in the competitive global marketplace.
The consultation provided a dynamic platform for stakeholders to discuss critical challenges and opportunities, including:
– **Market Access**: Tackling the barriers to international markets to ensure Nigerian exporters can compete on a global scale.
– **Regulatory Bottlenecks**: Streamlining regulatory processes to minimize bureaucratic hurdles and costs for exporters.
– **Infrastructural Constraints**: Developing robust infrastructure to support the growth of Nigeria’s export sector.
– **Global Best Practices**: Aligning Nigeria’s export policies with international standards to enhance competitiveness.
A key feature of the event was the Export Clinic, offering exporters direct interaction with regulators to identify and overcome bottlenecks, and receive actionable guidance.
Honorable Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole underscored the transformative potential of exports, stating, “We recognize the power of exports to revolutionize our economy and uplift the lives of Nigerians. Today’s consultation is a vital step towards unlocking this potential.”
The consultation also addressed significant outcomes, including:
– **Export Expansion Grant**: Advocating for grants to enhance exporters’ competitiveness.
– **Smart Energies**: Emphasizing the role of sustainable energy solutions in driving sector growth.
– **Tax Exemptions**: Increasing tax exemptions to alleviate the financial burdens on exporters.
– **Multi-use Export Certificate**: Proposing a streamlined certification process to reduce bureaucracy.
– **Foreign Exchange Accessibility**: Ensuring competitive foreign exchange rates for exporters.
The Ministry announced plans to reduce regulatory overlaps and create a more conducive business environment for exporters.
“Our commitment is to foster an environment where exporters can thrive. By reducing regulatory hurdles and enhancing efficiency, we aim to boost Nigeria’s export capabilities,” added
The event marked a pivotal step in advancing the Federal Government’s Economic Recovery and Growth Plan (ERGP), which prioritizes export-led growth as a key driver of national development.
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