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Reduce cost of doing business – ITC tells FG

By on May 10, 2014

The International Trade Centre on Wednesday called on the Federal Government to reduce the cost of doing business in the country.

The Executive Director, ITC, Arancha Gonzalez, made the call when she was hosted by the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, on the sidelines of the ongoing World Economic Forum for Africa in Abuja.

She urged the government to take advantage of the rebasing of the Gross Domestic Product, which made the economy to emerge as the largest in Africa and the 26th globally by investing in the area of competitiveness.

Gonzalez also called on the Federal Government to develop the agriculture sector, especially in the area of value chain.

She said, “Not enough value has been added to the agriculture sector, especially in developing the value chain and productive capacity. Simplifying the Customs process can improve the business climate and drive down the cost of doing business in the country.

“We see this as a winning recipe for Nigeria and Africa as a region.”

While urging the Federal Government to leverage on the growth that had been created in the economy to generate jobs, Gonzalez said, “Government must concentrate on micro sets of interventions to unlock the potential for job creation. And this is possible by focusing on the private sector to make sure we leverage better on the few untapped potential of the micro sector.

“Micro, Small and Medium Enterprises have a number of downsides that limit their ability to create jobs because they are largely informal, low on innovation and skills. So, there must be value addition and not parachuting a new industry into the country.”

Aganga who was represented by the Executive Director, Nigerian Export Promotion Council, Mr. Olusegun Awolowo, said the government was doing everything possible to simplify the business climate.

“There are not enough quality infrastructure to address issues of accreditation; so, the government is facilitating trade through the development of a standard quality infrastructure for the country,” he said.

The minister added that the government was seriously focusing on the SME sector as its growth driver with the launch of the National Enterprise Development Programme as well as other interventions by the Bank of Industry.

 

 

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