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The Minister of Industry, Trade and Investment, Jumoke Oduwole, has insisted that Nigerians are beginning to experience the benefits of President Bola Tinubu’s economic policies, declaring that “prosperity is already flowing” despite the prevailing hardship.
Oduwole said the administration’s economic reforms were beginning to create opportunities for businesses, particularly through increased non-oil exports and improved access to international markets.
She spoke during an interview on Channels Television, where she acknowledged the economic difficulties facing Nigerians but maintained that the government had taken necessary steps to address longstanding structural problems.
“Are people in pain? Yes. We are also Nigerians,” she said, adding that the administration understood the concerns of citizens.
However, she urged Nigerians to recognise the progress being made, saying, “We know that this is the time you have to just stay through, and it’s already coming down. Prosperity is already flowing. Can you see it? I can.”
Explaining the rationale behind the economic reforms, Oduwole said Nigeria needed to address decades of structural weaknesses before achieving sustainable growth.
“Where we’re coming from is like four decades, and we had to fix that foundation. There is no way you can plant new seeds in bad soil and expect anything to germinate,” she said.
The minister recalled that Tinubu had warned Nigerians that the reforms would be painful, insisting that the removal of fuel subsidy and changes to the foreign exchange system were necessary.
She said the previous forex arrangement created difficulties for businesses, particularly airlines that struggled to access foreign currency, while investors were discouraged from investing in the country.
“Airlines could not get their foreign exchange out. No investor wanted to invest in this economy. We had six windows of foreign exchange,” she said.
To demonstrate the impact of the administration’s policies, Oduwole cited developments in the non-oil export sector, claiming that its growth rate had overtaken that of oil exports.
“Now, for the first time in the history of Nigeria, the rate of growth of non-oil exports in Nigeria has overtaken the rate of growth of exports. That means our economy is getting more diversified,” she said.
According to her, the development was opening up opportunities for micro, small and medium-sized enterprises seeking to expand into other African markets.
She disclosed that the government had conducted a survey across 13 countries in Southern and Eastern Africa and established an air cargo corridor with two airlines to facilitate Nigerian exports.
Oduwole also cited the experience of Nigerian entrepreneurs who participated in a trade mission to Botswana, saying a female business owner producing packaged Nigerian rice dishes sold out her products and received additional offers.
She added that another Nigerian entrepreneur in the garment manufacturing business secured an order for 6,000 pieces during the trade mission.
The minister described small businesses as central to the economy, noting that Nigeria had more than 40 million MSMEs, which she said accounted for over 80 per cent of employment.
“These are small businesses, but I will tell you they are the bedrock of this economy,” she said.
