The Nigerian Exports Promotion Council (NEPC) has stressed the need to formalise the Informal Cross Border Trade (ICBT) in the country.
Mr Olusegun Awolowo, NEPC Chief Executive Officer, said this on Tuesday in Lagos at a Stakeholders Sensitization Programme on the ICBT activities along the Seme and Okerete trade corridors.
Awolowo, represented by Andy Ambikputen, a Deputy Director at NEPC, said mainstreaming the activities of informal cross border sector would engender the integration of more economic players into the formal export business.
The NEPC boss also said that a great measure of damage had been done to manufacturers, businesses and the economy with the continued closure of the land borders by the Federal Government.
He added that the phenomenon had caused emerging security challenges and noticeable unwholesome practices on the part of neighbouring countries.
Awolowo said in several African countries, including Nigeria, the ICBT constituted a significant proportion of the informal sector activities and remained a source of livelihood with enormous impact on food security.
He added that the volume of the total ICBT was exceedingly great and had amounted to more volume of trade than the formal trade within the African continent.
He said checks and findings by key sector players revealed that challenges faced by this group of traders were more stringent than that of the official operators.
He revealed that several attempts had been made by NEPC to bring the government support closer to the informal cross border traders.
“We are spearheading the diversification of the Nigerian economy by expanding the non-oil exports for a more sustainable and inclusive economic growth.
“I assure that NEPC would put machineries in place to work closely with the Informal Cross Border Traders to ensure seamless trade across international frontiers.
“Strategic efforts at promoting trade across Africa is our initiative with the organised private sector (OPS) to establish the Nigerian export houses across the African markets and beyond,” he said.
