The Minister of Trade, Industry and Investments, Niyi Adebayo, on Thursday said the ministry is working to produce an updated trade policy that will reflect the current situation of the world.
Adebayo disclosed this in Abuja during a press conference on the ‘Nigerian at 60 celebration’.
He said the policy would be submitted to the Federal Executive Council for ratification by the end of the year.
The minister said, “We have got a trade policy. We are in a process of updating and completing our trade policy.
“We are hopeful that before the end of this year, we will be able to take the policy to the Federal Executive Council for approval.
“The document is undergoing review. We want to update it to be effective for the current situation of the world.
“We are sure that by the time we conclude the document, it will be one that would be applauded by Nigerians.”
Speaking on the celebration, Adebayo said it would be marked with two events organised to encourage the efforts and growth of small and medium scale enterprises in the country.
The events which included the exhibition of made in Nigeria products and live performances of cultural troupes were scheduled to hold in June.
“The exhibition of made in Nigeria products will therefore reveal the tremendous potentials that amount in our quest for self-sufficiency and self-reliance,” he said.
While lamenting the underdevelopment of the tourism sector, the minister noted that the live performances of cultural troupes event was introduced to showcase the country’s cultural heritage to the entire world with the aim of positioning Nigeria as a destination of choice for tourism.