By Moses Nosike
For trade in Nigeria to help develop the nation’s economy as obtains internationally, African Centre for Supply Chain, Multimix Academy has revealed the need for trade compliance among industry players during their 1st National Trade Compliance Summit tagged, “Turning Trade Compliance into Competitive Advantage.”
Chief Executive Officer and Programme Director, Multimix Academy, Obiora Madu said at the event that the global business suffers financial loss due to non compliance measures. To further buttress his point, he cited a recent study by Oracle revealed that, “many large businesses in Europe, Middle East and Africa (EMEA) are at risk of significant financial loss because of inadequate compliance measures”.
He said, in the research, 38% of MDs, CEOs and owners admit their organisation have been non-compliant, as do 44% of risk and compliance managers and 43% of supply chain managers. According to the survey, 677 senior decision makers in large organisations across nine regions in EMEA, to assess how businesses are currently managing their value chains.
Madu in his address said, due to lack of access to reliable statistics in Nigeria, we may not be totally aware of the magnitude of non-compliance and its attendant adverse effect on the economy and the organisations/companies that are involved and affected.
Based on this he said, there is need for trade logistics practitioners to deepen their knowledge of the ever dynamic international trade rules and technicalities in order to realign the paradigm, streamline their practice and engender professionalism and profitability in the international trade/shipping sub-sector of the national economy.
In the same vein, Honourable Minister of State for Industry, Trade and Investment, Dr. Samuel Ortom, in his keynote speech, said, he had emphasised the need to rapidly and radically transform the economy through a structured revival of the ailing industrial sector, an aggressive drive for local and foreign direct investment and an improvement in Nigeria’s share of world trade.
According to him, our economic transformation as a nation hinges predominantly on the establishment of a conducive environment pillared on strong corporate governance as well as predictable and sustainable policies and strong regulatory framework.
He said, compliance with these policies and enthronement of ethical business practices on the part of all those who deal, conduct or engage in commercial activities within the Nigerian business space will ensure that competitive advantage becomes the hallmark of business in our country.
Director General, Standards Organisation of Nigeria, Dr. J. I. Odumodu, said, the trade compliance theme of this summit would require that operators play by the rules and as member of ISO, I want to assure all participants that every necessary standard required for global competitiveness in the aspect of product quality across sectors and management systems are available to support businesses.