By Uche Usim
As global trade disputes necessitate strategic shifts in business models, the Minister of Trade and Investment, Dr. Jumoke Oduwole, has laid out a comprehensive roadmap aimed at driving the nation’s economic growth through enhanced productivity, competitiveness and strategic collaborations with Ministries, Departments and Agencies (MDAs).
She stated this in Lagos on Monday at an interface with journalists.
Central to the Minister’s vision is the urgent need to foster both domestic and foreign investments, which she describes as the backbone of Nigeria’s economic transformation. “By dismantling bureaucratic bottlenecks, we are creating a business-friendly environment that ensures investment retention and attracts new capital into Nigeria,” Dr. Oduwole said.
She noted that concerted efforts are being made to fortify Micro, Small, and Medium Enterprises (MSMEs), noting that Nigeria has tracked over 40 million of them and identified the top 23 challenges facing businesses across the country.
“Addressing these challenges is critical to unleashing the potential of Nigeria’s entrepreneurial sector and driving long-term economic growth,” she emphasised.
Highlighting Nigeria’s robust multilateral and bilateral engagements, the Minister pointed to key negotiations with the UAE and six successful reviews by the World Trade Organization (WTO).
“These reviews are essential to improving our global trade standing and ensuring that Nigeria is positioned as a competitive player in international markets,” she explained.
A significant pillar of the government’s economic strategy is export-led diversification, especially as the country faces challenges such as foreign exchange fluctuations.
Despite these hurdles, the Minister pointed to the growing demand for Nigerian goods within Africa, which has outpaced trade with other regions. “Intra-African trade is thriving, with Nigerian exports such as cocoa, cashew and sesame seeds seeing impressive growth,” she said.
The Minister also highlighted Nigeria’s service sector, which now contributes 50% to the GDP, with ICT alone accounting for 10%. As part of the country’s long-term growth strategy, Dr. Oduwole outlined priority investment areas such as oil and gas, mining and digital trade.
On the policy front, she said the government is undertaking critical reforms, including tax restructuring, trade policy reviews, and comprehensive financial sector reforms at the Central Bank of Nigeria (CBN). Dr. Oduwole also pointed out the Ministry’s efforts in refining pre-packaged label regulations and Nigeria’s leadership role within the African Continental Free Trade Area (AfCFTA). “Nigeria is proud to be named the champion of the AfCFTA protocol on digital trade at the 38th Ordinary Session of the African Union Assembly of Heads of State and Government,” she stated.
The Minister stressed Nigeria’s preparedness in meeting the demands of AfCFTA, with the government already completing its five-year checklist for tariff concessions. She also announced the formation of a dedicated committee to coordinate AfCFTA efforts, ensuring that Nigeria maximises the benefits of regional trade agreements.
In a move to retain top talent, Dr. Oduwole said the Nigerian Advanced Talent Enhancement Programme (NATEP) was on and would ensure that Nigeria’s best hands remain in the country. “We are determined to provide the right conditions to retain and nurture local talent, preventing brain drain and ensuring that Nigeria’s future is driven by homegrown expertise,” she said.
Dr. Oduwole also pointed to the arrival of a tyre manufacturing company in Nigeria as a testament to the stability of the country’s policies.
“This is a clear vote of confidence in the country’s investment climate, and we expect to see more businesses, particularly in sectors like oil palm and rubber, following suit.”
On export challenges, the Minister reiterated the government’s commitment to creating a conducive environment for Nigerian exporters, with a focus on training and capacity building through initiatives like the NEPC’s online programmes.
“We are empowering businesses through education and collaboration with trade associations to help them succeed in global markets,” she said.
Dr. Oduwole issued a cautionary note about the dangers of cheap imports undermining local industries.
“We must remain vigilant in ensuring that Nigeria does not become a dumping ground for substandard goods. Protecting our economy and promoting fair trade practices are at the core of our strategy,” she emphasised.