Government to set up Competitiveness Council

Government to set up Competitiveness Council

The Nigerian government is planning to set up a Competitiveness Council, aimed at making Nigeria more competitive.

At an interactive session between the Federal Ministry of Trade and Investment, the Ministry of Foreign Affairs and the Nigerian Business Community, held at the Nigerian Institute of International Affairs, Lagos, The Minister Trade and Investment, Dr. Olusegun Aganga noted that the World Economic Forum, the Mexican Competitiveness Council, the Private Sector and a Foundation already in Nigeria had offered to help.

Investors’ friendly environment

The Minister pointed out that the Government was not unaware of the fact that an investor’s friendly environment was a critical requirement for attracting investment.

 “The government is constantly reviewing the laws and policies to ensure that they were as investors friendly as possible,” he said.

Dr. Aganga stressed that the Jonathan’s administration was also aware of the need to have a healthy demand side of the equation.

He said they were currently working on a Consumer bill and a credit Guaranteed Scheme for Made in Nigeria Products only. This, according to him, would help assure the business community of a ready market for their products once the quality was right.

He therefore warned the manufacturers to ensure that their products were of international standard saying “while we act locally we must think globally”.
In his words, “in any developed or developing country, private investment has been recognized as a critical factor in economic growth and development. With the shift to “smaller government” the private sector has provided the skills, innovation, dynamism and funds necessary to drive growth.”

The Minister commended the recent efforts of companies like NBC, Guinness Nigeria plc and Unilever to significantly increase their local investment in the country, noting that it demonstrated confidence.

Deepening trade

He further stated that another focus of his Ministry would be Deepening Trade (again both local and export trade).

“Going forward, we will be more strategic and work with our partner countries to deepen our programmes and initiatives. The import substitution programme for petroleum products, Fertilizer, Rice, Automobile and Sugar is an example of this,” The Minister explained.

PR/Hauwa/Williams