- April 23, 2023
- Posted by: AITRC 2
- Categories: News, Events, Blog
The Trade Policy of Nigeria (TPN) 2023-2027 is a significant effort to promote trade as a tool for economic growth and development. The policy recognizes Nigeria’s challenges of a predominantly primary production economy, growing poverty rate, and low share of global trade. The policy aims to accelerate pro-poor growth through market-oriented policies that align with Nigeria’s rights and obligations in the World Trade Organization (WTO).
One of the policy’s key objectives is to address the constraints that have limited Nigeria’s potential to participate effectively in international trade. This includes the impact of growing trade and geopolitical tensions, pandemics, protectionism, and non-tariff barriers. The policy incorporates essential and emerging trade issues, reflecting the dynamism in the global economy.
The TPN 2023-2027 policy aims to create a competitive trade-enabling environment that aligns with the government’s commitment to an open and transparent trade policy. The policy provides a clear roadmap for Nigeria to take advantage of trade-enhancing opportunities and improve the quality of life of Nigerians. It also addresses the concerns of the Organized Private Sector (OPS) and Civil Society to boost trade in the country.
The vision of the TPN 2023-2027 policy is to use trade as a catalyst for the development of a diversified and competitive economy. The policy’s mission is to harness the capacity of the Nigerian economy to exploit its natural endowments towards maximizing the benefits from global trade. This is a clear indication that the policy aims to promote sustainable economic growth and development.
The TPN 2023-2027 policy also recognizes the need to promote the diversification of Nigeria’s economy. Historically, Nigeria has been heavily reliant on the oil sector, which has been vulnerable to external shocks and fluctuations in prices. The policy aims to promote the development of non-oil sectors and to encourage the growth of Small and Medium Enterprises (SMEs) to enhance their participation in international trade.
The policy also recognizes the importance of regional integration and cooperation in promoting trade. Nigeria is a member of the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA). The TPN 2023-2027 policy aims to promote intra-African trade, facilitate cross-border trade, and promote regional integration.
Another critical aspect of the TPN 2023-2027 policy is the emphasis on private sector engagement and collaboration. The policy recognizes the role of the private sector in driving economic growth and development. The policy aims to create an enabling environment that encourages private sector investment and participation in global trade. The policy also recognizes the need for collaboration between the private sector and the government to implement the policy effectively.
The TPN 2023-2027 policy is also aligned with the United Nations Sustainable Development Goals (SDGs), which aim to promote sustainable economic growth, reduce poverty and inequality, and promote environmental sustainability. The policy recognizes the importance of sustainable trade practices and the need to promote environmentally sustainable economic growth.
In conclusion, the TPN 2023-2027 policy is a comprehensive and ambitious approach to promoting trade as a tool for economic growth and development in Nigeria. The policy recognizes Nigeria’s challenges and constraints and provides a clear roadmap for addressing them. The policy’s focus on promoting pro-poor growth, regional integration, private sector engagement, and sustainable economic practices is commendable. The success of the policy will depend on effective implementation, stakeholder engagement, and commitment from the government and private sector. To download the new trade policy of Nigeria, click here
