The Federal Government on Friday announced that it will soon launch a national Trade Intelligence unit to help stimulate economic growth and increase business confidence in the country.
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite disclosed this while briefing journalists in Abuja.
Nigeria is currently facing economic crisis with a depleted foreign reserves, rising inflation and poverty, forex instability, and insecurity.
Speaking, the Minister said, “With respect to Trade as a tool to stimulate economic growth, the FMITI is set to launch the National Trade Intelligence Unit in collaboration with other MDAs such as the Federal Ministry of Communications, Innovation, and Digital Economy, the Nigerian Customs Services, Ministry of Marine and Blue Economy, and the Central Bank of Nigeria.
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According to her, the Trade Intelligence Unit will serve as the National Coordinator and focal point for all trade related data and information in Nigeria.
“This office is set to leverage world class technology such as Artificial Intelligence, the Internet of Things, and Big-Data to provide Nigeria with the ability to predict global market trends that will enhance our local and global trading capacities,” Dr. Doris added.
She explained that the launch of the thereby significantly enhancing trade and the ease of doing business in Nigeria, in line with Mr President’s 8 Point Agenda.
Dr. Doris noted that by harnessing the power of big data and artificial intelligence, the centre will use accumulated information to predict local and global economic trends.
She said that this will equip Nigerian traders with invaluable insights to navigate potential global economic shocks and provide strategic guidance to enhance economic growth, as envisioned under 8-Point Agenda of President Bola Tinubu.
Government, she said intends to utilize the unit and create a fully automated Centre of Excellence as well as employ top-tier talent and collaborate with world-class institutions for the purpose of gathering and analyzing trade intelligence.
