Barbara Bako, Abuja.
FG — The Federal Government has expressed concern over the increasing exits of multinational companies from the country with a renewed commitment to firms exodus through policy reforms and improved business conditions.
Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, made the disclosure on Wednesday in Abuja during the trade dialogue organised by the Federal Ministry of Industry Trade and Investment themed “Trade as a Catalyst for Economic Diversification”.
The minister said, “We are worried about the trend of multinationals exiting. We are actively engaging with them to mitigate the factors driving their departures and prevent job losses.”
Uzoka-Anite stated that the government’s efforts is to improve the business environment and attract investment.
She highlighted the importance of pending legislation like the Weight and Measures Bill, the Federal Produce Inspection Bill, and the National Export Promotion Zone Bill, all aimed at streamlining regulations and promoting industry growth.
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“These bills, along with ongoing engagement with multinationals and the development of new policies, are critical tools in materializing President Tinubu’s vision of renewed hope,” the Minister asserted. She emphasized the administration’s focus on job creation, equal opportunities, and a level playing field for businesses.
While giving his goodwill message, the World Bank, through its Country Director for Nigeria, Shubham Chaudhuri, reiterated the country’s immense economic potential, emphasizing the crucial role of trade in unlocking its full potential.
“Nigeria has the potential to be a giant on the global stage,” declared Chaudhuri. “But that potential won’t be realized unless Nigeria embraces international trade with confidence.” He encouraged Nigerian businesses to overcome their apprehensions and seize the opportunities trade presents.
Recognizing the internal obstacles hindering competitiveness, Chaudhuri acknowledged the need to address “impediments behind the border,” citing issues like unreliable power supply, poor infrastructure, and multiple roadblocks hindering interstate trade. He assured the Minister of the World Bank’s unwavering support in tackling these challenges and implementing effective trade policies.
