Event Description

Posted Wed, Mar 12, 2025 2:59 PM

Timeframe: Tue, Mar 25, 2025 11:00 AM - Tue, Mar 25, 2025 1:00 PM

Trade, Investment, and Competitiveness Policy Commission (TICPC) General Assembly

As Africa's largest economy, the Nigerian trade sector is integral to the country's economic development and global positioning for investment, and competitiveness. However, the sector faces crucial challenges that affect its domestic and global competitiveness, which impede the potential for domestic and foreign trade/investment. Nigeria's current trade dynamics are characterised by a large volume of imports, particularly in consumer goods, machinery, and raw materials, leading to trade deficits. Meanwhile, its export base remains narrow, primarily comprising crude oil, natural gas, and agricultural products.

Regarding the investment climate, Nigeria offers various investment opportunities across its different sectors. However, critical challenges such as corruption, insecurities, policy inconsistencies, and inadequate infrastructure deter domestic and foreign investors. In addition to the aforementioned bottlenecks, high production costs, limited access to finance, low levels of technology adoption, and skills gaps in the labour force, hinder the country’s competitiveness.

Also, Nigeria's supply chain logistics face major challenges, including poor infrastructure, such as bad roads, inadequate rail networks, and congested ports, which delay the movement of goods and increase costs. Inconsistent government policies and regulatory bottlenecks further create inefficiencies, especially at ports where clearance processes are slow. Supply chain logistics play a critical role in ensuring the smooth movement of goods, reducing production costs, and enhancing trade efficiency.

While fiscal policies ensure economic stability by regulating inflation, generating government revenue, and fostering investment, which drives job creation and infrastructure development, Nigeria faces several challenges in fiscal policy and planning. The country is grappling with fiscal issues including revenue shortfalls, due to the heavy dependence on oil exports, making it vulnerable to price fluctuations. Tax evasion and inefficiencies in tax collection also limit government revenue and high public debt and recurrent expenditure strain fiscal sustainability.

Hence, there is a pressing need to strengthen trade, investment & competitiveness, fiscal policy planning and supply chain logistics in Nigeria through a comprehensive approach premised on effective policy reforms. Addressing these crucial challenges will unlock the country's economic potential and enhance its competitiveness in the global market. This explains the overarching objective of the Trade, Investment, & Competitiveness Policy Commission (TICPC) of the Nigerian Economic Summit Group (NESG).

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Attendance Type Attendance Type Virtual Physical

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