FG will launch an intelligence section to forecast trends in the world market and improve trade

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A National Trade Intelligence Unit is scheduled to be established by the Ministry of Industry, Trade, and Investment.

Predicting global market trends and improving our local and international trading capabilities are the goals, according to the government.

This was said by the minister, Dr. Doris Uzoka-Anite, on Friday in Abuja at the current ministerial media briefing.

The ministry plans to establish the National Trade Intelligence Unit in cooperation with other Ministries, Departments, and Agencies (MDAs) in order to use trade as a tool to promote economic growth.

“For instance, the Nigerian Customs Service, the Ministry of Marine and Blue Economy, the Federal Ministry of Communications, Innovation, and Digital Economy, and the Central Bank of Nigeria (CBN)”

“For all trade-related data and information in Nigeria, the Trade Intelligence Unit will serve as the national coordinator and focal point.

“This agency will make use of cutting-edge technologies like big data, the Internet of Things, and artificial intelligence to give Nigeria the capacity to forecast trends in the global market.

In keeping with President Bola Tinubu’s Eight Point Agenda, “that will enhance our local and global trading capacities, thereby significantly enhancing trade and the ease of doing business in Nigeria,” the speaker declared.

As per Uzoka-Anite, this will furnish Nigerian traders with indispensable perspectives to manoeuvre possible worldwide economic disruptions and furnish tactical directives to bolster our economic expansion.

According to her, this would allow the traders to concentrate on sectors where Nigeria possessed a competitive advantage, resulting in swift economic expansion.

She reiterated the center’s benefits, stating that among other things, it would give Nigeria access to unmatched, trustworthy import and export data and information, which is crucial for efficient planning and ease of doing business.

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“We are establishing a nationwide employment hub to connect open positions in sectors and companies with a talent pool of candidates. Additionally, the career center will prepare people for the workforce by providing training and tools.

The Skill-UP Artisans Programme (SUPA), which is run by our parastatal, the Industrial Training Fund (ITF), is one such project.

“The initiative represents the government’s commitment to boosting economic development, enhancing citizens’ standard of life, and job creation over a two-year period, with the goal of empowering 10 million hardworking Nigerians,” she said.

Uzoka-Anite claims that the ministry is also moving decisively to draw in capital investments that will turn our domestic businesses into major participants on the international stage.

She noted that each of these advances the administration led by President Tinubu’s eight-point plan.

The minister recognized a few of the industry’s ongoing problems, such as regulatory complexity, bureaucratic bottlenecks, and infrastructure deficiencies.

“In addition, external factors like shifting commodity prices and uncertainties in the global economy pose risks to our economic stability,” the speaker stated.

Nevertheless, we remain unwavering in our determination to confront these obstacles head-on, looking for creative solutions and encouraging cross-sector collaboration.

Additionally, in an effort to better understand the business community and address its issues, we will be interacting with the private sector more. In order to achieve this, we will engage sectoral stakeholders more frequently.

By working together, we can fully realize Nigeria’s potential and establish an atmosphere that encourages innovation, growth, and substantial commercial contributions to the socioeconomic advancement of our wonderful country.

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