FG moves to make trade easier, investment more attractive

From Francis Onyedikachukwu, Abuja

The Federal Government has reaffirmed its commitment to making trade easier and investment more attractive as part of efforts to strengthen domestic production and position Nigerian businesses for greater participation in regional and global markets.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, stated this Tuesday at the opening of the 21st Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI).

Speaking on the theme of the fair, “Resilience, Trade, Taxation and the Economy,” Oduwole said the government was working to improve the business environment, strengthen infrastructure and reduce unnecessary barriers to trade and investment.

“Government’s role is to create an enabling environment. The private sector must remain the engine of growth.”

According to her, the government would continue to listen to businesses, identify areas of friction and work with the private sector and development partners to address them.

She said the government’s efforts were also focused on improving access to finance, standards, technology, information and markets, particularly for micro, small and medium enterprises (MSMEs).

Oduwole noted that Nigerian businesses could no longer limit their ambitions to the domestic market, stressing that the African Continental Free Trade Area (AfCFTA) offered opportunities for enterprises to reach customers across the continent.

She, however, said businesses must be competitive, meet required standards and develop the capacity to move goods and services efficiently if they were to take advantage of the opportunities.

The minister said the government was also promoting initiatives such as the National Single Window and trade exhibitions to facilitate commerce and connect Nigerian businesses with markets.

She urged exhibitors at the trade fair to go beyond displaying their products and services by using the platform to meet buyers, find distributors, explore export markets, build partnerships and understand the standards required to enter new markets.

According to her, the government welcomed investments that would strengthen domestic production, deepen value chains, create jobs, transfer skills and technology, and improve the competitiveness of Nigerian enterprises.

Earlier, President of ACCI, Mr Emeka Obegolu, said businesses continued to operate in a difficult environment characterised by inflationary pressures, exchange rate volatility, infrastructure gaps, high operating costs and changing regulatory requirements.

He, however, said Nigerian businesses had continued to adapt, invest, create jobs and seek new markets despite the challenges.

Obegolu called for reduced multiple taxation, improved infrastructure, easier access to affordable finance and stronger support for local manufacturing and export-oriented businesses.

He said the 21st Abuja International Trade Fair would bring together more than 500 exhibitors, showcase over 10,000 products, services and solutions, and attract close to 100,000 visitors during its over 12-day duration.

The ACCI president said the fair was designed to provide opportunities for business-to-business and business-to-government engagements, investment networking, policy dialogue, product exhibitions and consumer interaction.

He urged international partners and members of the diplomatic community to see Nigeria not only as a large consumer market but also as a strategic destination for production,