Abuja -The United States Agency for International Development Nigeria (USAID/NIGERIA), in collaboration with the Nigerian Investment Promotion Commission (NIPC), is currently implementing the Nigeria Expanded Trade and Transport (NEXTT) Project.
The project is expected to promote investments, trade and the economic well-being of Nigerians.
This is contained in a statement signed by Mr Joel Attah, Assistant Director/Head, Media and Protocol of the commission and made available to newsmen on Monday in Abuja.
According to the statement, the project is an integrated approach to economically develop the Lagos-Kano-Jibiya otherwise known as (LAKAJI) Corridor of eight contiguous states.
“By promoting investments in agribusiness, advocating for business friendly policies along the corridor, and supporting the development of infrastructure along the corridor.
“Since the inception of NEXTT Project’s in 2013, USAID has been working closely with NIPC in a symbiotic manner with respect to goals and aspirations of the two organisations.
“This is even as the Executive Secretary of NIPC has approved the posting of one NIPC management staff, Mr. Aminu Takuma, to the NEXTT project in Abuja office to provide technical assistance for the success of the project,’’ the statement said.
It said a Memorandum of Understanding between the USAID NEXTT and NIPC was underway and would soon be signed once the drafts were okayed by the two organisations.
“The NEXTT Project has the approval of the Federal Government and even prior to these projects, USAID has been making efforts in the area of Maximising Agriculture Revenue in Key Enterprise and Target Sites (MARKETS) Project.
“The project, Nigeria Expanded Exports Programme (NEEP), is meant to stimulate investment in trade-related infrastructure and services, reform trade policies and procedures, and the improvement of Nigerian firms position in global and regional markets.
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The statement, however, said over the next four years, the NEXTT Project would leverage on both the past and current efforts toward realising about 25 million dollars in new investments in projects along the LAKAJI Corridor.
“A 30 per cent reduction in transport costs as well as the number of days of moving goods along the LAKAJI corridor will also be leveraged.
“ (It is also intended to achieve) dynamic trade policy coordination mechanisms that integrate public and private sector priorities into a strategic framework for engagement with trading partners.”
It added that by integrating the two agencies’ operations, and signing of the expected MoU, the NEXTT project would be able to deepen the relationship with the NIPC, particularly on capacity building.
It said the project would further closely engage NIPC zonal offices in Kano and Ibadan, to strengthen NIPC’s investment promotion efforts along the LAKAJI Corridor.
In addition, the statement said NEXTT would further develop the LAKAJI Corridor concept through closer relationships with the private sector and government.
“With the deployment to the project, Mr. Takuma is expected to carry on his current duties and responsibilities, as many of them are complimentary to NEXTT activities,’’ the statement said.(NAN)