President Muhammadu Buhari on Friday,
October 20 in Istanbul, Turkey while making his speech urged D-8 leaders to
prioritize incentives and measures aimed at increasing trade and investments
among member countries.
President Buhari made seven vital
points that could enhance the economic growth of Nigeria and attract business
and investment opportunities among the members of states.
1. President Buhari said the
private sector and business communities in the economic organization must be
assisted with incentives to widen economic cooperation among member-states.
According to him, ‘‘As the D-8,
we need to intensify our activities with a view to enhancing various measures
and incentives introduced to promote trade and assist the business communities
from member states to invest in our countries and widen our cooperation.
‘‘We need to work hard to
establish integrated manufacturing structures and markets. I will like to
reiterate the importance of increasing trade and investment among our member
states”.
2. He also used the occasion of
his speech to reiterate Nigeria’s commitment to international trade and
development even as he affirmed the country’s readiness to host the Meeting of
D8 Ministers of Industry from November 14 – 17 in Abuja.
3. The president stressed the
need for prospective investors to take advantage of the federal government’s
new policies on trade facilitation.
‘‘Nigeria is committed to, and is
actively pursuing a policy of trade and investment facilitation for growth. The
gains from trade are reflected in greater competitiveness, improved
productivity, job creation, consumer welfare and prosperity.
‘‘Economies that grow fastest and
at more sustainable rates are those that actively promote trade and attract
investment. We are committed to creating an enabling environment and making
Nigeria an attractive place for business and investment,’’ he said.
4. He also urged D-8 member
countries to support the efforts of the African Union (AU) to establish the
first ever single market for trade in goods and services on the continent.
5. He described the AU-backed
Continental Free Trade Area for Africa as a ‘’win-win for all, including member
countries of the D-8.’’
‘‘I am pleased to inform you of
positive market developments currently in Africa, that will support our efforts
as Members of the D-8 to enlarge our markets, facilitate our trade and
investments, and develop our economies.
‘‘In Africa, we are on the
threshold of finalizing negotiations to establish the first ever Single Market
for Trade in Goods and Services on our Continent, in the Continental Free Trade
Area for Africa. This will be a win-win for all, including member countries of
the D-8.
‘‘As partners, I urge that we
work together to support this effort of the African Union that will have a
positive effect on global economic development and integration,’’ he said.
6. He also congratulated Turkey
on assuming the new leadership of the economic organization.
7. He assured D-8 leaders that
Nigeria would continue to support the Secretariat in its assignments to achieve
the visions and objectives of the organization.
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