LCCI urges govt to create special funds for selected export businesses

The Lagos Chamber of Commerce and Industry (LCCI),  has said that for Nigeria to be a major player in the African Continental Free Trade Agreement( AfCFTA), there is need for government to pay more attention on promoting the non oil sector and create targeted funding for export oriented sector like agriculture, manufacturing, creative arts and entertainment.

The Director General of LCCI, Chinyere Almona who made this statement in Lagos at the 2022  Symposium of the Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI) said this would help the

the country to enhance its competitiveness and rev up Nigeria’s share of global and Africa trade currently put at just  0.26 and 19  percent.

Almona  who spoke on “African Continental Free Trade Agreement: Matters Arising’,  bemoaned Nigeria and Africa’ s low contribution to global trade,  despite the continent’s trade prospects.

She was optimistic  that  leveraging on AfCFTA initiative would enable Nigerian manufacturers to tap into the global market, increase industrialisation and boost economic growth.

The Director General who was represented by the Assistant Director, Research and Advocacy, LCCI, Sunny Michael, stated that UNCTAD’s Global Trade update showed that world trade in goods remained strong while trade in services have  finally returned to its pre-COVID-19 levels in 2021.