TIE Initiative to enhance Nigeria’s trade profile

October 10, 2018

Efforts to improve the country’s trade, under the Trade Investment and Export (TIE) initiative of the Federal Ministry of Industry, Trade and Investment (FMITI) may soon pay-off. This is as plans are in progress for a strategic framework engagement that would help improve trade between Nigeria and the United Kingdom.

This was disclosed yesterday in Abuja by the Executive Director/CEO of Nigerian Export Promotion Council (NEPC) Olusegun Awolowo, while receiving  a delegation from the Department of International Development (DFID) Nigeria.

Awolowo called for a strategic framework engagement with their UK counterpart, under the TIE platform.He stated that such a move would provide a veritable platform, to address some of the issues that  hinder trade between both countries.

Some of these issues, he pointed out range from quality and standards, hygiene for processed food, tariff and non-tariff barriers, development of infrastructure for certification of products for export.

He said that such forum if set-up in the similarity of the Trade and Investment Framework Agreement (TIFA) would provide a veritable platform for all stakeholders to share ideas and proffer solutions to the myriad of problems inhibiting growth in the sector and therefore help enhance trade between both countries.

In his remarks, the leader of the delegation and Head, Economic Development, Richard Ough said there is need for the Council to document some of the success stories recorded by Nigerian entrepreneurs exporting to the UK adding that the DFID would be willing to provide support in the area of building capacity for Small and Medium Enterprises (SMEs) as well as human capital development.

Contributing, Ilaria Chessa, Trade Policy Adviser, said there is need for Nigerian entrepreneurs to maximize the benefits of existing trade preferences in order to help them export to UK and improve the bi-lateral trade relations between both countries.