By Franklin Alli & Favour Agbi

THE Federal Government, has unfolded plans to set up Business Competitiveness Council in order to improve the country’s investment climate and to be among the top 20 economies by 2020.

The Minister of Trade and Investment, Dr. Olusegun Aganga, stated this weekend, when he declared opened the ongoing 25th edition of Lagos International Trade fair.

It would be recalled that in a survey of 142 countries, the Global Competitiveness Report of the World Economic Forum recently revealed a decline in the ranking of the country from 99 in 2009 to 127 this year. African countries with superior ranking include South Africa, Mauritius, Namibia, Ghana, Tanzania, Ethiopia, Rwanda, Benin, Senegal and Kenya.

The global competitiveness Index provides a holistic overview of factors that are critical to driving productivity, competitiveness and confidence. These include the state of infrastructures, quality of institutions, macroeconomic condition, human capital status, technology, business sophistication and innovation.

However, the Minister said government was tackling the bull by the horns and would soon set up a   doing business competitiveness council in collaboration with the Organised Private Sector (OPS) to remove the barriers which  hinders the industrial sector from fully maximizing its productive and installed capacities.

He also hinted that government is also working out modalities to introduce a  credit guarantee scheme to support the purchase of made in Nigeria  products  as part of deliberate plans to boost the demand  and supply of locally made products.

“No meaningful economic progress can make in terms of wealth creation and poverty alleviation without a robust manufacturing sector.  Our modest efforts at improving our economic environment will attract more investment and partnership from other countries to enable Nigeria to become one of the top 20 developed nations in the year 2020.

“Nigeria has the wherewithal to make things happen.  And we are committed to partnering the OPS as a strategic and reliable ally to move the economy forward.

President of the LCCI, Otumba Femi Deru, said the theme of the fair: “Increasing Competitiveness of Nigerian Products in the global market,” was chosen to underscore the critical importance of business competitiveness in the acceleration of economic progress of the country.