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FG canvasses abolition of commodities market restrictions

By Henry Umoru

THE Federal government has decried the continued restriction to market access of commodities from developing countries to developed countries, with a call for the abolition of such practices.

Speaking yesterday in Abuja at the 22nd Common Fund for Commodity (CFC), Vice President Namadi Sambo who noted that the development was affecting the economic growth of developing countries, also expressed concern over the volatility and instability of commodity markets with less than three percent of  total official Development Assistance (ODA) to agricultural commodity sector.

Represented by the Minister of State for Commerce and Industry, Ms. Josephine Tapgun, the Vice President who called on the  World Trade Organisation (WTO) to remain committed to development as designed in the DOHA Round with special attention to peculiar circumstances on developing and least developed countries, however called for an approach that would be fair and transparent with respect to trade in agricultural commodities, adding, “the continued restriction to market of commodities from developing countries to developed countries must be abolished.”

Sambo who acknowledged efforts of CFC in the development of fund for commodities, however assured the organisation that the federal government would put all machinery in place to assist the CFC as well as strengthen its future collaboration and give both moral and financial support to the organisation.

According to him, recent economic and political reforms embarked upon by the government have drastically improved the corporate governance and political  climate of the country, adding that the country was not taking for granted the undeniable attraction of the country to the investor.

“We are taking drastic measure to rebuild, overhaul and considerably improve our infrastructures particularly power supply and transportation, in order to increase the efficiency of our national economy and decrease the cost of doing business. We have invested heavily in the provision of steady power and have launched a road map on power. However to achieve quick and sustainable results, we are among others measures_privatizing the provision of power and transport infrastructure.

“Let me assure the international communities that come the net general elections in Nigeria in 2011, it shall be one man one vote and votes of the people must count. This is the only way we can ensure that credible leaders emerge who will be accountable to the electorate. We are also doing everything possible to strengthen the enforcement of law and order as well as tackle the security challenge of the Niger delta militancy.”


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