The Oyo State Governor, Seyi Makinde, on Tuesday, issued an Executive Order to establish a Trade Grievance Redress Mechanism, in line with the Sustainable Action for Economic Recovery programme of the state.
The governor equally set up a seven-man implementation committee, chaired by the Commissioner for Trade, Investment, Industry and Cooperative, Ademola Ojo.
The committee has a mandate to come up with a strategic implementation plan in line with global best practices, which covers traders’ harassment, unauthorised payments and illegal fees, as well as the resolution of power tussles between trade groups, among others.
Makinde, who spoke through the committee chairman, Ojo, in Ibadan, the state capital, said the action was part of efforts by the state government to access a grant by the State Action on Business Enabling Reforms programme, a global body committed to local economic development.
He said, “This mechanism is expected to bolster investor confidence and encourage both local and international businesses to engage more robustly with the Oyo economy.
“The establishment of a Trade Grievance Redress Mechanism is a critical step towards ensuring that our business environment is conducive for growth and innovation.
“This will not only protect the interests of traders and investors but also stimulate economic activities that align with our vision for sustainable development in line with global best practices.
“The SABER grant, funded by international development partners, is designed to support states that demonstrate a commitment to economic reforms and agricultural resilience.”
He said the grievance mechanism would involve a multi-tiered approach, including the establishment of a dedicated complaints office, a fast-track mediation process, and an independent review panel.
Ojo said the components were aimed at ensuring that trade disputes were resolved promptly and fairly to reduce the risk of prolonged business disruptions.
“In addition to improving the business environment, the mechanism is expected to enhance Oyo’s competitiveness in the agricultural sector.
“By strategically addressing trade barriers that engender a supportive ecosystem for agribusiness, the state now aims to increase productivity and export potential, thereby, contributing to a broader economic resilience within the state.
“His Excellency, Governor Makinde, has been very proactive in pursuing various reforms, particularly under the SAfER aimed at economic development.
“The executive order for the Trade Grievance Redress Mechanism is the latest in a series of measures designed to position the state as a leader in agricultural innovation and economic sustainability, that will give us leverage to access the SABER grant,” he said.
