Trade, Investment, and Competitiveness Policy Commission (TICPC) General Assembly

The Trade, Investment, and Competitiveness Policy Commission (TICPC) General Assembly is an important gathering focused on improving Nigeria’s trade and investment landscape. As the largest economy in Africa, Nigeria relies heavily on commerce to drive economic progress, attract investors, and remain competitive globally. However, persistent challenges continue to limit opportunities for growth in these areas.

Barriers to Trade and Investment

Nigeria depends significantly on imported goods, such as consumer products, machinery, and raw materials, leading to trade deficits. At the same time, the country’s exports remain largely concentrated in crude oil, natural gas, and agricultural produce. While there is great potential across various sectors, issues such as inconsistent policies, inadequate infrastructure, insecurity, and bureaucratic inefficiencies discourage both local and foreign investment.

Additionally, businesses struggle with high production costs, limited access to financing, and slow adoption of modern technology. Weak supply chains further complicate trade, as poor road networks, unreliable rail systems, and congested ports cause delays and drive up costs. Regulatory bottlenecks, particularly in customs clearance, add to these difficulties, slowing down business operations.

The Importance of a Sound Fiscal Approach

Economic stability depends on well-planned financial policies that promote investment, manage inflation, and support job creation. However, Nigeria’s economy remains highly dependent on oil revenue, making it vulnerable to price fluctuations. Tax evasion and inefficient tax collection reduce government income, while rising public debt and recurrent spending put additional pressure on national finances.

Moving Towards Meaningful Reforms

Addressing these challenges requires practical steps to improve trade, attract investment, and strengthen Nigeria’s competitive position. Improving infrastructure, simplifying regulations, expanding access to finance, and developing a skilled workforce are all crucial. Enhancing transport networks and ensuring a more efficient tax system will also help businesses operate more effectively.

The TICPC General Assembly brings together policymakers, business leaders, and stakeholders to explore solutions that will shape Nigeria’s economic future. By taking decisive action, the country can create a stronger business environment, expand its role in global trade, and achieve long-term economic progress.