From Kenneth Udeh, Abuja
Chairman Senate Committee on Trade and Investment, Senator Sadiq Umar has vowed to unlock the potentials of Nigeria’s trade and investment flows.
Speaking at the inaugural meeting of the committee on Tuesday, Umar outlined the agenda of his Legislative team to block the loopholes mitigating the Nation’s trade and investment in order to bring about a business-friendly environment.
An intensive oversight function to trade zones in the country and retreat was also canvassed by Umar as he explained that there was a need for the Senators to see the state of things by themselves.
Umar representing Kwara North who presided over the meeting announced the resolve of the committee to engage the new Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite.
Emphasising the need to invite the Minister, the Lawmakers stated that it is pertinent for them to understand the current state, challenges and vision of the Ministry with regards promoting the Nation’s commercial activities.
Stressing the need for the meeting with the Minister, Senator Seriake Dickson said the engagement will afford the Lawmakers to know where they can come in to assist the Ministry.
“There’s a need to invite the Minister to know areas we can support. We must have a clear understanding of challenges mitigating investment. We also need to know the Government’s vision and Agenda. I support the idea of a retreat for the committee , so that as a committee we can know how to intervene, Dickson stated.
Umar also urged that the meeting with the Minister should be held before the 2024 Budget presentation saying it paves way for a robust engagement.
The Lawmakers also resolved to mandate the Ministry to account for its financial activities within the year 2021-2022. Umar also promised to amend or sponsor new and existing trade laws.
“An interaction with the Minister is important before the budget submission, because the budget activities do not allow robust interaction with Ministers. Laws that need to be amended will be looked at and also the passage of new laws will also be considered. I will liaise with the Senate Committee Chairman on Industry ( Senator Francis Fadahunsi) so that we can achieve a common goal.
“In our request letter to the Ministry, we will need a comprehensive financial report from 2021-2022. The Ministry needs to state if they are a revenue generating agency and what they have been able to generate from 2021-2022 and how much was spent and also tell us if they have the backing of the law to spend such funds.
“We will also appraise their performance, as a committee our objective is to boost trade and investment for the good of our country. There are challenges we need to tackle including smuggling, decline in local production and other issues.
“If the Ministry needs additional budgetary support, we can ask her to meet Mr. President with our backing. We are committed to making a difference, Senator Umar reiterated.
In attendance at the meeting were; Senators : Orji Uzor Kalu, Jimoh Ibrahim, Ekpenyong Asuquo, Ahmed Wadada, Manu Haruna, Adeniyi Adegbonmire among others.
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