President Goodluck Jonathan on Saturday said work was at advanced stage toward transforming the Abuja Securities and Commodities Exchange into a world class exchange.
Jonathan made the statement in Lagos at the opening of the 2012 Lagos International Trade Fair, with the theme ““Promoting Trade for Sustainable Economic Transformation''.
The president, who was represented by Dr Olusegun Aganga, Minister of Trade and Investment, said the transformation would be completed before December 2013.
“We are at an advanced stage in transforming the Abuja Securities and Commodities Exchange into a world class exchange.
“It will also transform domestic and regional trade immensely. This should be completed before the end of next year,'' he said.
He also said that the Federal Government was determined to improve trade and trade related infrastructure in the country.
“We have also attracted significant investments into the country from one of the global players in the Warehousing and Logistics sector,'' he said.
He said LCCI highlighted logistic and warehousing as a major constraints to trade in its second quarter Business Environment Report.
“This investment will not only reduce the cost of transportation of goods but will contribute significantly to the trade facilitation process and reduce post harvest losses,'' he said.
Jonathan said that the Nigerian Export-Import Bank (NEXIM) had been working with the Organised Private Sector (OPS) on a sea-link project.
He said the project would provide a service to move goods and people across the major trading cities within the sub-region.
He said the government had started the rehabilitation of the existing narrow gauge rail network covering 3,505 km, signaling facilities and communication as well as the construction of new standard gauge lines to modernise the railways.
“We have awarded contracts for the Western rail line (Lagos– Kano). We are also working on linking our ports in Tin-Can, Onne, Calabar, Warri and Koko to the rail network,” he said.
Jonathan urged manufacturers to move away from exporting raw materials to exporting finished goods.
He said this would help to create jobs locally, ensure the nation gained its share of the global wealth and transform the economy and move from poor developing nation to a rich developed nation.
Dr Herbert Ajayi, President, Nigerian Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA), said government must continue to facilitate trade by ensuring functional infrastructure and security facilities in the country.
According to him, there is need to improve capacity utilisation in the real sector through appropriate fiscal and monetary policy measures.
He said the productive base of the economy needed to be restructured, diversified and stimulated, in a manner that would promote global competitiveness of Nigerian products.
?Ajayi enjoined businessmen and their foreign partners to imbibe the spirit of good business ethics and global best practices.
“This is the only way to enhance sustainable business and economic growth as well as ensure that Nigerian Enterprises thrive and re-awaken to overcome the challenges posed by global competitiveness,'' he said.
He urged all hands to be on the deck to effectively drive the process till Nigeria’s vision 20:2020 and its transformation agenda were realised.