Oyo State Governor, Seyi Makinde, has signed an executive order creating a Trade Grievance Redress Mechanism.
The mechanism aims to provide a structured process for resolving trade disputes within Oyo State. This could involve disagreements between businesses, consumers, or a combination of both.
The order also establishes a seven-member implementation committee led 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.
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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.”
Analysts believe this move signifies Makinde’s commitment to fostering a business-friendly environment in Oyo State. An efficient dispute resolution system can incentivize investment and economic activity by ensuring fair and timely resolution of trade-related issues.
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