Structural issues hurting trade in Nigeria - CNBC Africa

Structural issues hurting trade in Nigeria

Western Africa

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“This is something that Nigeria has been battling for, let me say, 10, 20 years and we’ve not been able to get around it. There are structural problems where trade takes place between Nigeria and out trading partners,” Oluwo, the CEO of Boston Advisory, told CNBC Africa on Tuesday.

“On one hand we find a situation where we have so many agencies trying to check, trying to apply their own fess, trying to create bottlenecks in some cases– in a situation like that, you’re not going to achieve a 24-hour turnaround.”

The country’s business environment is expected to get a major boost with the introduction of the Nigeria Trade Hub. It’s an innovative web-based solution which is expected to improve trade facilitation in Nigeria.

“With this new introduction, we will see some orderliness in the way people can plan trade with Nigeria because it has a lot of classifications in terms of imports, exports, duties, freight and all that, and how long it will take you to go from one process to the other,” Oluwo explained.

“I think it’s coming against the backdrop that the Nigerian environment has been characterised as being unfriendly, uncompetitive and completely uncoordinated and I think that is the basis upon which this is being done.”

Despite this being a very positive development in Nigeria, Oluwo emphasised that it will not be implemented overnight.

“This is a good start because fine the hub has been there, but it has to be tested now. Now that it’s been launched, importers and exporters need to go into the hub and see whether what they see on the internet is actually what will prevail on the ground.” 

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