Repositioning of Nigeria in Global Trade by Dr Kenny Odugbemi
The changing world economic order in trade liberalization and the growing integration of world economies termed globalization will require developing countries like Nigeria to focus her attention on the new formulation of our industrial and trade policies to be globally competitive.
Nigeria for the past two decades or more has been grappling with the problem of trade modernization, which requires new repositioning strategies.
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Find below three critical areas of attention
✓Nigeria must now as a matter of urgency, formulate and implement new trade policies on resource extraction to enhance our earnings capacity with the view of developing our local content across all sectors, especially oil exploration, mining of Mineral resources and agricultural products.
✓We need to foster new deals using our natural endowment, such as human and natural resources, to improve our infrastructure so that we can have enough resources to support other critical sectors to lift her citizenry from monumental poverty.
✓We now need to make use of our homegrown talents of vast legal resources to support supreme entities to counter any manipulation of legal framework at it relate to the following
*Tax evasion by foreign partners
*Regulatory loop holes to stop unjust siphoning of millions of dollars just like PID- $11bn faulted deal to save Nigeria from huge indebtedness to foreigners of questionable characters
The reality of global competition is strong key success factor
Our challenge today will require adoption of new strategies as aforementioned to further enhance our global competitiveness.