The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah

Expert urges FG to review trade laws to quicken economic recovery

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Simon Akoje
Lagos – An economist, Mr Femi Awoyemi, has advised the Federal Government to review, or repeal where necessary, many of its trade laws to allow the private sector hasten the country’s economic recovery.
Awoyemi, Chief Executive of an investment company, Proshares Nigeria Limited, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.
“The law to register businesses or to get Certificate of Occupancy should be looked into.
“Streamlining the processes of acquiring licences for mining can change the narratives to bring succour to the nation’s economy in 2017.
“Even if the price of crude oil reaches $70 per barrel, the economy will be in a negative state unless there’s major adjustment to the current trade laws,” he said.
He said besides diversifying the economy to agriculture, the government should entrench good governance and maintain consistent policies over time.
According to him, consistent policies are the right ingredient; and a proactive civil service is what will rebound the economy.
He said that developing countries which grew to advanced ones in few decades adopted consistent policies, adding that Nigeria could not be an exception.

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