NATINAL TRADE POLICY

A Policy provides a framework for managing trade relations, promoting exports, regulating imports, and integrating into global markets in Nigeria. It targets businesses and entrepreneurs in manufacturing, agriculture, and services to expand markets and generate income. This aims to drive economic diversification and increase trade's contribution to GDP.

What Is This Policy?

The National Trade Policy is Nigeria’s strategic blueprint for managing trade relations, promoting exports, regulating imports, and integrating into global markets. It provides a framework for how trade should contribute to economic diversification, industrial growth, and poverty reduction.

Who Does It Target?

It targets Nigerian businesses and entrepreneurs, particularly those engaged in manufacturing, agriculture, and services, who rely on trade to expand markets and generate income.

What Does It Aim to Achieve?

The overarching objective of the National Trade Policy is to leverage trade as a catalyst for economic diversification and inclusive growth. It seeks to substantially increase the contribution of trade to Nigeria’s GDP and expand the country’s share of global trade.

Key Features

Trade liberalization balanced with protection of strategic industries. Tariff reforms to encourage local production while managing imports. Export promotion strategies targeting non-oil sectors. Trade remedy measures to protect against unfair competition. Port development and trade facilitation to reduce costs and delays.

Current Status

Rollout Stage: active implementation Coverage: applies nationwide Funding: Primarily through federal budget allocations, supported by international development partners and private sector investment.

How to Access

Full policy text is available via the Federal Ministry of Industry, Trade, and Investment (FMITI) website and official publications. Copies are also distributed through trade associations and chambers of commerce.

Important Terms

Term 1- Trade liberalization The reduction of tariffs and barriers to allow freer movement of goods and services. In Nigeria’s case, this is balanced with protecting local industries. Term 2- Trade remedies Legal measures such as anti-dumping duties or safeguards to protect local industries from unfair foreign competition.

Official Resources

Federal Ministry of Industry, Trade, and Investment (FMITI): https://fmiti.gov.ng Email: [email protected] Phone: +234 (0)9 290 0000 Link to document - Link to document

Legal Framework

Operates under the Nigerian Investment Promotion Commission Act 1995, the Export (Incentives and Miscellaneous Provisions) Act, the Customs and Excise Management Act, and the Nigeria Export-Import Bank Act. Draws on the WTO Agreement on Trade in Goods, the ECOWAS Trade Liberalisation Scheme, and the African Continental Free Trade Area Agreement.