FG To Strengthen Trade, Investment Reforms
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has reaffirmed the Federal Government’s commitment to strengthening trade and investment reforms to enhance Nigeria’s economic landscape.
The assurance came during a courtesy visit to the Lagos Chamber of Commerce & Industry (LCCI), where the Minister engaged with key stakeholders to discuss pressing trade and investment challenges.
The discussions addressed critical concerns such as policy instability, cumbersome trade facilitation processes, infrastructural deficits, and limited access to finance.
The LCCI emphasized that frequent policy reversals negatively impact investor confidence and long-term business planning.
Additionally, the Chamber highlighted inefficiencies in trade facilitation, which increase operational costs and hinder the seamless movement of goods and services.
Infrastructure deficits, including inadequate transport networks, unreliable power supply, and limited digital infrastructure, were also identified as major obstacles to economic growth.
The Chamber further stressed that while access to finance has seen some improvements, small and medium enterprises (SMEs) still face significant challenges in securing funding to enhance their competitiveness.
In response, the Minister acknowledged these concerns and reiterated the government’s commitment to implementing policies that promote investment, enhance trade facilitation, and improve the ease of doing business in Nigeria.
She assured stakeholders that efforts are underway to create a more stable and predictable policy environment, foster infrastructural development, and expand financing opportunities for businesses.
The minister also revealed plans for greater collaboration between the Ministry of Industry, Trade and Investment and other key government institutions, including the Ministry of Communication and Digital Economy, the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Art, Culture, Tourism, and Creative Economy. This initiative aims to diversify Nigeria’s economy and broaden its productive base.
Additionally, the Ministry is working closely with the capital market to attract investment into the real and productive sectors of the economy. On trade policy, the government is focused on operationalizing the African Continental Free Trade Area (AfCFTA) and ensuring that Nigeria’s free trade zones and manufacturers are competitive, with a particular emphasis on agriculture and manufacturing exports.
The outlook from the Ministry indicates that the government will sustain ongoing reforms, empower the non-oil sector to drive productivity and seek greater market access for Nigerian exporters.
The LCCI expressed optimism about these commitments and looks forward to tangible actions that will drive sustainable economic growth.
The Chamber reaffirmed its dedication to advocating for policies that foster a more business-friendly environment and solidify Nigeria’s position as a key economic hub in Africa.
FG To Strengthen Trade, Investment Reforms is first published on The Whistler Newspaper