FG To Introduce Data Policy, Complement NCS Efforts In Trade Facilitation -- Uzoka- Anite

FG To Introduce Data Policy, Complement NCS Efforts In Trade Facilitation -- Uzoka- Anite

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, MD, CFA, 

By: Bisi Akingbade

The  Minister of Industry Trade and Investment, Doris Uzoka-Anite has disclosed that the Federal Government is to establish the Nigerian Trade Intelligence Office which would enhance trade and ease of doing business in Nigeria.

This , she said will assist the Nigerian Customs Services, NCS, in trade facilitation.

 Uzoka Anite said this  at the Launching of the World Customs Organisation, WCO, Time Release Study, TRS, in Lagos.

Her words "The Trade Intelligence Office will be the national coordinator and focal point for all trade related data and information in Nigeria. 

"This office is set to leverage world class technology such as Artificial Intelligence, the Internet of Things, and Big-Data to provide Nigeria with the ability to predict global market trends.

"This will enhance our local and global trading capacities thereby significantly enhancing trade and the ease of doing business in Nigeria, in line with President’s  Bola Tinubu's eight Point Agenda.

" Nigeria possesses some trade data, collated and held by agencies such as the Nigerian Customs Service, the Central Bank of Nigeria, and the Nigerian Bureau of Statistics.

" It is also fair to state that, a lack of

coordination amongst MDAs is hampering the availability of critical trade data for both policy makers and investors, who require such trade information to

enhance trade and promote investment in Nigeria.

"This lack of coordination continues to affect the implementation of technological infrastructure for the administration of a comprehensive import/export supervision scheme.

"This in turn continues to drastically increase the potential for revenue leakages through incorrect classifications, under valuations, incorrect computations, forex infractions, under declaration, and incorrect origins amongst many other infractions along the trade value chain.

She said that the ministry aspiration for the Trade Intelligence Office was to create a fully automated Centre of Excellence to employ top-tier talent and collaborate with

world-class institutions for the purpose of gathering and analyzing trade

intelligence.

The Minister said that the  tracking technology would monitor cargoes, containers, and vehicles swiftly, without disrupting the flow of legitimate trade, with unparalleled, reliable import and export information and data, essential for effective planning and ease of doing business.

 Uzoka-Anite said that  the Federal Ministry of Industry, Trade, and Investment has also launched a One Stop Export Promotion Shop, titled the Domestic Export Warehouse initiative (DEW) to support the activities of the Nigerian Custom Service in trade facilitation.

" DEW is a one-stop facility for the storage of products, packaging, pre-shipment inspection, and the fumigation of goods in preparation for their

transportation to the ports. In line with our quest to enhance trade and the

ease of doing business in Nigeria.

"This one-stop facility will reduce the

challenges Exporters face in moving their goods from the hinterlands to the

ports.

Uzoka-Anite  stated that "We are confident that this approach will reduce the challenges exporters face

in going through the shipping

process as well as improving the time

it takes to get export ready goods to the

port which is in line with this

Administration’s commitment to eliminate all bottlenecks hindering business.