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NACC outlines value of international trade to Nigerian economy

NACC outlines value of international trade to Nigerian economy

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The Nigerian-American Chamber of Commerce (NACC), has listed the role of international trade in economic development including provision of employment, contribution to the transfer of technology and inflow of foreign exchange needed for imports of capital and intermediate goods.

President and Chairman of NACC board,   Otunba Toyin Akomolafe, said these values created by foreign trade can enhance prospects for meeting the United Nations Sustainable Development Goals by 2030 and put Nigeria ahead of the timeline. This was said at the annual dinner and presidential inauguration of the NACC.

Akomolafe stated: “In exploring ways to add value to our members who are into export, I participated in the 20th AfriCANDO International Trade Show in Miami, Florida. This provided an opportunity to explore possible business linkages that can deepen the penetration of Nigerian products in the US market.

“Having realised that inadequate skills are a drawback for growing sustainable businesses, the Chamber has been strengthening its training offerings. We have in the past 6 months offered trainings on presentations skills, commodity export procedure, business growth Master class, effective selling and negotiating skills in a tough Business Environment, performance management and business process improvement. We plan to do more in the coming year as a way of adding value to the business of our members.”

According to the Chairman of the occasion, Dr. Oba Otudeko, the Office of the United States Trade Representative, has put the monetary value of the bilateral trade between Nigeria and the USA at $9.2 billion in 2017.

He stated: “It is hearty to note that NACC members have helped create the drops that have resulted in the $9.2billion ocean. While we await the 2018 figures, we must not lose sight of the fact that such impressive trade volumes could not have been achieved without efforts of critical stakeholders.

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