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Uche Henry
The national president, Nigerian-American chamber of Commerce, (NACC), Otumba Oluwatoyin Akomolafe has decried the non- implementation of the African Growth and Opportunity Act (AGOA) by the Nigerian government unlike other African countries.
He made this known to newsmen at the 3rd African Food and products exhibition and conference organizated by the NACC, in Lagos over the weekend.
AGOA is a United States Trade Act, enacted on 18 May 2000 as Public Law 106 of the 200th Congress which has been renewed to 2025.
The legislation significantly enhances market access to the US for qualifying Sub-Saharan African (SSA) countries. The purpose of this legislation is to assist the economies of sub-Saharan Africa and to improve economic relations between the United States and the region. Otumba said the non-implementation of this Act has been frustrating businesses in Nigeria and has given other African countries an edge over Nigeria especially the francophone countries, he called on the incoming administration to take advantage of the Act like to facilitate businesses in Nigeria.
He also harp on Sustainability and Innovation as strategies to navigate through turbulent storms in the business. world. “we have come to realize the importance of strong organisational structure and the need for innovative technology as a pathway to business success, with focus on SMEs. It is imperative for our local enterprises to innovate and internationalise in order to grow, hence the need for diversification which is precisely where SMEs sustainability and innovation play their role in contributing to economic prosperity. The contribution of SME’s sustainability and innovation to economic prosperity has grown with the shift of the global economy towards a mode of production in which knowledge has become a key input.
