 You're still on the breakfast and plus CV Africa ride here and thanks for being with us this morning We're looking at the fest conversation and it talks about the economy in Nigeria and orders have been giving the privilege or they have arrived to Export free to the United Kingdom from 2023 and we like to look at what that means for our economy We have a global affairs analysts joined the conversation Polly Jimé Polly Jimé, good to have you join us this morning Thank you Good morning So so let's a bit of a background to this Nigerians are set to benefit from a new trading scheme in the United Kingdom and that will caught price to rieve on hundreds of everyday products exported into the country for from 2023 and not 2022 The United Kingdom's international trade secretary Annemarie announced this on Tuesday as the official launch of the developing countries Traits came in Abuja Now in 2018 from a prime minister of United Kingdom Theresa May had hinted about a new trade deal and economic partnership during her visit to Nigeria This came means that a wide variety of products from clothes shoes food items including olive oil Tomatoes imported from Africa to United Kingdom will benefit from lower twos or Zerg tariff Now according to the statement the trading scheme will assist British business earn 750 million pounds per year that's annually from reduced input costs leading to more choice and Lower cost of the United Kingdom consumer to help with the cost of living The big question is what does this development mean for the Nigerian economy? Apologize me. Thank you once again for joining us Yeah, thank you So, yes, the question is out there. What does this mean for Nigeria? So ordinarily it should mean an opportunity to Ramp up its exports to Britain but before we Job we shouldn't jump the call gone before we begin to celebrate You will look at what is the status now? So what what has it been the trade and investment? Outlook between these two countries now it shows that By you know until the last quarter of the first quarter of this year trade between both countries Britain and Nigeria It's around 4.4 billion pounds Okay, and of this amount it is in favor of Britain, of course That has exported about 2.6 billion while Nigeria I think it's them, you know, almost less than I don't know what is them One point something Billion and so how does Nigeria catch up? I Apologize me. Can you hear us? Well, we seem to have some kind of disconnection. I mean with Paula Jimmy, but hoping that we're able to establish contact back we're looking at the issue of having to export freely to the United Kingdom in 2023 and Like one would think one would think that this is a beautiful Development, this would be something very exciting for the people of Nigeria and economy But would he encourage? Exportation would these not mean that we would have an edge in exporting apology master with us Thank you once again I can hear you loud and clear go ahead with your thoughts. Yes, we can hear you My introductory remarks. I was saying that before you begin now to Celebrate you need to look at where the state and the status of a trip between the two countries now is in favor of Britain and then don't forget that For a country to come up with any law. They would have looked at their own National interest so this is not just them being thrown at Nigeria because Britain loves Nigeria It's a competitive world. There are 65 countries in the in Africa, Asia, Oceania and the Americas that are supposed to assess this developing country trade Trading scheme and so and what are the things that are there? You have names some of them clothing You know shoes tomato Olive oil and all that and that has been Nigeria's and actually it's here in the frame that it is only Exporting a primary products. How can it now get to the point? develop the capacity to be able to to Export more to be able to get them some leverage of even make an impact in this remember that the Americans also had their Africa opportunity growth and opportunity acts which many Africans are not taking advantage of because of the capacity today Nigeria's oil is the mainstay of Nigerian economy But even with that oil is higher now the price But you know that Nigeria is not able to meet his Quarter opaque quarter, you know It keeps them giving excuses about oil terms about vandalism and all that so the case is We have can Nigeria develop the capacity between now and 2023 to be able to Maximize its benefits from this scheme But but apologies man. Let's also look at another issue I made very valid point as you've raised the issue of not meeting our quota. Do we have the capacity? when countries are actually boasting of Earning revenue or making so much money from the crisis that's going on in Russia and Ukraine well, it's it's quite different for us now. I mean, what's our story? That's the question Okay, but on the other hand is also the quality The the quality that we actually chunk out there that we put out export Over time there are reports that our goods are usually rejected because they don't meet They don't meet international standards and requirement. I mean for instance for beans I'm sure that it's a quantity of preservative that needs to be included in the beans so that you know When he gets, you know to the international market like you've mentioned, it's very competitive It meets it But usually our goods are usually rejected and then he makes nonsense, you know of our exports You know efforts every other time. What do you make of this now quality? but well that is part of the The capacity that I'm talking about because And being competitive If your goods have a low quality quality, then you cannot compete in the international market So Nigeria has to do something about it. Otherwise, you will find that The the British Government will benefit more from this there is there even written that They will gain about 750 million from, you know Overcoming the red tapes and all the all the other things, but this is an opportunity from Nigeria, you know It's not just it's not really that the capacity is not there. But is there the coordination? Is there the, you know getting the right people in the right place and then Looking at who can think outside the box trade is not A hand down it is not about Appointments can you do it? Is it a possible and then the government also has to put in place The kind of policy the enabling environment to make those who are trying to produce at home You know to encourage the local industry so that The how is the government doing that even when From all the indications The local Companies that many of them have folded up because of the harsh economic situation your right quality is wanting and don't don't be surprised that Human rights and then labor laws will also be mentioned. So it is there that Nigeria has to really strap up if it wants to benefit from this. This is an opportunity otherwise You know Many of the 65 countries that I told you will benefit more and I did I was all be watching but otherwise can you believe that The trade trade or relationship between Britain after all Nigeria was colonized by Britain goes as far as their history But you know that Nigeria Is ranking in the ranking is you know 43rd in the 40s about the major trading partner of Britain Is that acceptable? So if Nigeria cannot trade and become number one In the ranking who should be it has the population. It has the the means it has the resources to be able to do that But that hasn't happened 43rd you are in the 40s So you will not ask where where where is Nigeria because it is a case of what are you importing It's not it's good to have a sense. But what are you sending to be able to is it just a Medical tourism is it just going there to because they're growing the economy of Of Britain by sending everybody going to to have their medical or their holiday Why can't we why can't we make it a way that British people can come here and spend their foreign currency Nigeria means foreign currency now But it hasn't happened and it cannot happen overnight. It is a deliberative you know government policy to attract investment and also make a local environment You know conducive You can do that once the insecurity is there you can do that when the policies are not friendly You cannot do that when you cannot put your best food Forward you have to be on top of your game to be able to benefit from this kind of opportunity. I'm afraid So in terms of policy direction now because this is actually huge and and I'm hoping that the relevant quarters would You know take advantage of this But as an expert that you are what would be? What should be the policy direction of the government? That's on one hand now specifically for the Nigerian national standardization strategy, which is actually a body or you know an agency started with the responsibility of ensuring that The standard and quality of goods that we send out of this country export out or send out You know, it's not rejected. What what should be the thing that they should do? I mean We're asking now solution in terms of policy What what policy should government be looking at and to this particular body and all the bodies and authorities? What should they also be looking at now? So, you know for years Nigerian has been talking about them, you know, diversification of this economy from oil concentrate on non oil goods Don't send only primary products So you need to have your economic team and and meet with them both public and the private sector So, you know tease out what the the what they call it them areas of competitive advantage What is it that Nigeria can do that will gain more than other countries? This is how it works and then be consistent Consistency of a policies are another issue that one government will come or you keep changing them policies as if No, no, no investor will we like to to have that because he shows uncertainty and instability and then so when you now do that follow International best practices don't do a Nigerian thing or Nigerian factor To get the right people those who encourage those who are investing those who can produce for for both local consumption and then exports and then in terms of policy of Quality look at the you need to pass the integrity and quality control must be top notch that Your partners will be able to trust you. They will have confidence But now when Even locally you are not showing because trade and everything you do actually is based on trust and confidence But when your partners, they see that you are not Up to it and there are gaps. There are loopholes that many people can Explore it that is not going to give you Even retain the partners that you have take later load Attracting more. So these are Nigerian has to sit up in terms of policy direction Like you said and then also look at the You know programmatic look at the production the value chain Who are there? What are they doing that they are not doing that punish those who are not great Measures that can show to your partners that you are you can't take low quality Products no matter who is involved. So these are the when they see that kind of commitment They see that kind of as you they see that kind of you know policy trust You are likely going to to enjoy the the confidence of Of foreign partners, but at the moment, I think the country has a lot to do But diversification diversification of the economy has been unbeatable. It's been mountain, but it has not really been Of course, it's growing incrementally, but it should be what oil is a wasting asset I don't know how many times people will say that so it is now time for people Look for cheaper Money it is a case of You know looking for Immediate returns you need to invest and then wait for the gestation period for your business to grow and Dividend of benefits should be a profit should be incremental. You don't go and get profit It's not a policy where you they tell you you bring a hundred Neither and then they double it to a one thousand that does that system does not work in international trade so Nigeria continues to enjoy to attract foreign development Investment from Britain. I looked at the you know trade and investment in the last For one year was about 5.5 point one billion pounds And then you ask what are they? This is money that Nigeria can also use it can be more so that The local environment becomes a production if you like call it a production Zone or not just consumption because that is what is the case. We are consuming where Nigeria is not really producing much And that has to change and it cannot change overnight, but it has to start somewhere All right. Thank you so much. Apologies. May we have to go on because we're out of time but we appreciate your time and all of the Perspectives if you brought in on the topic this morning. Thank you All right apology man is a global affairs analyst and has been very very with this particular You know our topic right here Maybe it's just an opportunity for us to diversify finally Maybe it's an opportunity for us to look away from oil and just focus and be great on export It's a time where we don't have to be that country that imports and does not export anything and very you know Great at consuming other products that come from different country But i'm hoping that those who are at the helm of affairs will be taking and formulating policies from now Till we get to 2023 to ensure that you know, we enjoy the benefits from You know free exports And that's the size of our first topic this morning. We take a break when we return we'll be looking at another interesting You know conversation right here in security is top on at the front boner now according to Of former security personnel. He says that terrorists and ipop members threat to the 2023 elections. Please stay with us