From Sola Ojo, Abuja
Minister of Trade, Industry and Investment, Dr Jumoke Oduwole, has revealed that the government is tracking the $50 billion investment pronouncement made by President Bola Tinubu during his 30 foreign trips.
She said the pronouncement made by Mr President at different international fora would be tracked in collaboration with other relevant Ministries, Departments and Agencies of government between now and 2030.
Presenting her Ministry’s scorecard during a ministerial briefing, which was facilitated by the Minister of Information and National Orientation, Muhammed Idris, yesterday, Dr Oduwole said her ministry was poised to ensure the realisation of Mr President’s pronouncements in years to come.
She said the Ministry was working closely with other government agencies, including the Central Bank of Nigeria (CBN) and the Nigerian Bureau of Statistics, to monitor the progress of these investments.
She reiterated the importance of removing bottlenecks and providing incentives to support foreign direct investors.
She further stressed the government’s efforts to enhance the ease of doing business in Nigeria, particularly in the areas of customs procedures and immigration rules, among others.
In addition to tracking investments, she discussed the government’s plans to optimize the trade priority of President Tinubu’s Renewed Hope Agenda.
She said, for example, that the Ministry of Power was working to improve the power sector, which is expected to drive trade and investment in the country beyond what was obtainable in the past.
“In terms of the $50 billion pronouncement, we will continue to track it because I don’t want to give a specific figure from our end.
“We will track these investments as they come through the Central Bank of Nigeria (CBN) and portal. We also relate to what the Nigerian Bureau of Statistics releases.
“Our role as the Federal Ministry of Trade, Industry and Investment is to track these investments, remove bottlenecks, share the information on transparency and efficiency of quality service delivery, as well as support the potential investors with whatever incentives meant for them.
“We are also mindful of all those things that will facilitate investments, like the Customs procedures and the immigration rules, among others. So, as champions of trade and industry, we will continue to work with other MDAs to enhance the ease of doing business in Nigeria.
“The Ministry of Power is doing a lot to ensure improvement in that sector. These and many more are what we are doing collaboratively to increase investment opportunities in Nigeria.
“We are also working to see what the private sector can do to deliver more power to power this economy,” she said.
The Minister also expressed optimism that Nigeria would be considered to host the Intra-African Trade Fair (IATF) in 2027, having bidded for it in November 2024.
She said if Nigeria is considered, it would host major economic and business forums in Lagos State with a focus on entrepreneurship, creative economies, digital trade, and automotive as well as food and agriculture.
Speaking on what the country is doing to optimise opportunities embedded in the African Continental Free Trade Area (AfCFTA), she said: “For five years, we didn’t start as vibrantly as we could have, but we are picking up and we are being driven by businesses, our traders and our services.
Also contributing, the Minister of State for Industry, Trade and Investment, Senator John Enoh, noted that Nigeria was making significant strides in transitioning to clean energy, which is expected to drive trade and investment in the country.