The Federal Government is working to secure $50.8 billion in investment commitments from foreign partners, according to Minister of Industry, Trade, and Investment, Jumoke Oduwole. These commitments were made during President Bola Ahmed Tinubu’s international trips. Speaking at a ministerial press briefing in Abuja, Oduwole stated that the ministry is closely tracking these investment pledges to ensure they materialize. She highlighted Nigeria’s efforts to strengthen trade ties with five key countries and establish itself as a leader in the African Continental Free Trade Area (AfCFTA).
She also emphasized the importance of outsourcing services, allowing young Nigerians to earn foreign exchange without leaving the country.
Trade and Economic Growth Initiatives
That the government is ensuring trade Facilitation: The national single window project is now being implemented to streamline trade processes.
That the government is ensuring Investment Readiness: President Tinubu has instructed that Nigeria be fully prepared to attract and sustain investments, including improving legal frameworks.
That the government has launched an Industrial Revolution workgroup to enhance manufacturing and economic growth.
That efforts are underway to lower costs for transporting goods by air, land, and sea, including direct cargo freight services across Africa.
Power and Infrastructure Development
The ministry is working with independent power producers (IPPs) to boost electricity supply and support economic growth. Collaborations with Nigeria Customs Service and Nigeria Immigration Service aim to simplify trade procedures and remove bottlenecks.
Oduwole reiterated the government’s commitment to creating a favorable business environment by improving tariffs, reducing bureaucratic hurdles, and working with fiscal and monetary authorities.
The ministry is also collaborating with over 50 federal agencies to enhance business transparency and efficiency.
To drive investment and economic expansion, the ministry is working with key sectors such as: Agriculture, Arts, Culture, Tourism, and Creative Economy, Communication, Innovation, and Digital Economy Oduwole emphasized that Nigerian businesses are already expanding across Africa, and the government will continue to support policies that promote trade and industry growth.
