SON, U.S. Embassy Seek Collaboration on Standards to Address Trade Imbalance

By December 17, 2016 Investment News

Worried by the trade imbalance between Nigeria and the United States, the Federal Government has been urged to replicate the one-stop-shop for imports and export in the country to improve efficient processing in line with the economic diversification agenda.

The Economic and Commercial Counsellor in the Embassy of the United States of America in Nigeria, Ray Hotz, made this call during a courtesy visit on the Director General of the Standards Organisation of Nigeria, Osita Aboloma in his office in Abuja.

Hotz said such initiative would help to fast track the development of agro-allied and solid minerals sector.

He said that the visit was to explore opportunities to reconnect the economic section of the United States embassy in Nigeria with SON aimed at ascertaining the scope of its operation and priorities with regards to import and export.

The Economic Counselor expressed concern over the bureaucracy involved in exporting products out of Nigeria, which according to him has encouraged more informal transactions than formal.

He listed other areas of concern to include accurate statistics on the rejection of Nigeria’s exports, substandard products import and their sources, smuggling and copyright issues.

Hotz stated that the United States Embassy is already providing trade capacity development assistance through the Nigeria-America Chamber of Commerce, and is prepared to explore greater opportunities for collaboration with the nation through SON. This will enable Nigerians take optimum advantage of the Africa Growth Opportunity Act (AGOA).

Responding, Aboloma enumerated SON’s priorities to include, facilitating ease of doing business, supporting the diversification of the Nation’s economy, citizen protection and fighting corruption. The agency also promotes development of micro, small and medium enterprises through capacity building initiatives and protection from unfair competition.

Source: <Guardian NG>