NEWS AGENCY OF NIGERIA
FG moves to cut trade, transport costs

FG moves to cut trade, transport costs

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Costs

By Vivian Emoni

The Federal Government has reaffirmed its commitment to reducing the cost of transporting goods and services by air, land, and sea to boost production across the country.

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, made this known during a ministerial briefing organised by the Ministry of Information and Cultural Orientation on Tuesday in Abuja.

She stated that these efforts would ensure faster delivery of goods and services, reduce costs, and expand the country’s global trade reach.

“We are exploring direct cargo freight across Africa for our traders because Nigerians engage in significant trade. This will help bring them together.

“We aim to lower cargo freight costs. That is one of the key initiatives the ministry is undertaking to fulfil our mandate,” Oduwole said.

She added, “As we can see, the cost of production is gradually decreasing, and we will continue working to strengthen our economy.”

The minister noted that the ministry was collaborating with Independent Power Producers (IPP) nationwide.

“This partnership with the private sector aims to enhance power supply, which will significantly boost the country’s economic growth,” she said.

Oduwole also confirmed ongoing efforts to improve tariff schedules, ensuring that products can move freely across different payment systems.

She said the ministry was working with the Nigeria Customs Service and the Nigeria Immigration Service to streamline procedures, rules, and value chains for trade facilitation.

According to her, the ministry is also focused on making Nigeria an attractive investment destination, which requires a conducive environment and favourable tariffs.

“That is why we continue to engage with the fiscal and monetary arms of government.

“Our goal is to champion trade and industry, ensuring policies support business growth and economic expansion,” she stated.

She highlighted collaborations with more than 50 federal agencies to improve business processes and transparency.

“My team and I are dedicated to simplifying processes and enhancing transparency, which is a priority for me.

“We continuously seek new pathways to prevent unintended consequences in our policies and ensure they support businesses and traders,” Oduwole said.

She emphasised that Nigerian businesses were already expanding across Africa, moving ahead of government-led initiatives.

To achieve its objectives, the ministry has partnered with key ministries, strengthening collaboration to drive investment, trade, and industry.

“We are working closely with the Ministry of Agriculture and Food Security, the Ministry of Arts, Culture, Tourism and Creative Economy, and the Ministry of Communication, Innovation and Digital Economy.

“Through these partnerships, we aim to create an environment where investment, industry, and trade can thrive within Nigeria’s economy,” she said. (NAN)

Edited by Abdulfatai Beki / Kamal Tayo Oropo

Cost of living: UK don seeks sustainable strategies

Cost of living: UK don seeks sustainable strategies

462 total views today

 

By Ismail Abdulaziz

Nigeria needs sustainable strategies by the government and relevant stakeholders to proffer workable solutions to the rising cost of living.

 

Dr Alim Abubakre, Senior Lecturer at Sheffield Business School, London, made this known to the News Agency of Nigeria (NAN) on Monday in Abuja.

 

He said that the high cost of living is not peculiar to Nigeria alone, adding that it is a global challenge countries are facing.

 

“Countries like  the UK have experienced sharp inflationary spikes, Sri Lanka faced severe food shortages, and Argentina continues to endure hyperinflation.

 

“As Nigeria embarks on economic reforms, including the reduction of subsidy payment and the flotation of the Naira, these challenges must be mitigated through innovative strategies across the short, medium, and long term,” Abubakre said.

 

He said that part of the short term strategic solution to the challenge was capacity building for leaders to navigate complex economic landscapes as well as innovative approaches to inflation, unemployment and poverty.

 

Abubakre said that the government’s efforts at providing palliatives for quick relief to challenges encountered from its new policies and programmes is in the right direction.

 

“One of the most effective ways to achieve this is through direct cash transfers. A similar initiative in Nigeria, targeted at the poorest households, will offer immediate relief and help prevent households from slipping into deeper poverty.”

 

He said that temporary tax reductions and reduction of import duties on staple foods and essential products would lead to lower retail prices and ease the burden on consumers.

 

“Another immediate intervention is providing subsidies for public transportation. With transport costs constituting a significant portion of household expenses, subsidies can ease commuting costs.

 

“Proper implementation and funding of the conversion and adoption of Compressed Natural Gas (CNG) for public transport (should continue) with vigour.

 

“The government should make the kits for conversion cheaper by working directly with manufacturers or, better still, encouraging them to start producing locally.”

 

Abubakre also suggested putting price caps on essential medicines and healthcare services to ensure affordability in the short term.

 

He said the South Africa’s Single Exit Price policy for medicines provided an example of how government intervention can keep healthcare accessible for citizens.

 

He also said that expansion of the school feeding programme of the President Bola Tinubu’s administration and establishing community kitchens would support the most affected populations.

 

“This should be negotiated into Corporate Social Responsibility mandates for corporations. The government should minimise direct involvement in such activities to reduce the risk of corruption.”

 

On the medium term solutions, Abubakre said they include boosting of local production, encouraging small and medium enterprises, investment in public transport infrastructure, supporting renewable energy adoption and provision of affordable housing through public and private sector collaboration.

 

The long term strategies, Abubakre said include strong commitment to diversification of the economy, investment in education and skill development, promoting industrialisation and advancing agricultural technology.(NAN)

edited by Sadiya Hamza

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