Minister pledges business-friendly reforms to boost economic growth

By Merit Ibe       

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has assured that  concerted efforts are being made to implement policies that will enhance trade facilitation, attract investments and improve the ease of doing business in Nigeria.

Oduwole gave the assurance during her visit to  the Lagos Chamber of Commerce & Industry (LCCI) to discuss opportunities and challenges around trade and investment in the country.

The engagement provided a platform for constructive dialogue on critical issues such as policy instability and inconsistency, complex trade facilitation processes, huge infrastructural gaps, access to finance, and the overall ease of doing business in the country.

During the discussions, the Director General of LCCI, Dr Chinyere Almona emphasised that policy instability and inconsistency pose significant risks to investor confidence as frequent policy reversals affect  long-term business planning.

Almona also highlighted the cumbersome trade facilitation processes, which hinder the smooth flow of goods and services, ultimately increasing the cost of doing business in Nigeria.

Infrastructural deficiencies were also identified as a major impediment to economic growth, particularly in areas such as transport networks, power supply, and digital infrastructure.

She  pointed out that access to finance, though improving,  remains a critical challenge for businesses, especially small and medium enterprises (SMEs), limiting their growth potential and competitiveness.

The minister acknowledged these challenges and reaffirmed the Federal Government’s commitment to addressing them.

Based on assurances from the Minister, Dr Almona, noted that the chamber was expecting actions in the  acceleration of the Nigerian economy’s diversification and industrialization through the Federal Government’s current reforms.

“The Ministry of Industry, Trade, and Investment has proposed to collaborate with other government institutions like 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 to deepen the country’s GDP and broaden its productive base.

“The Ministry is working with several sectors in the capital market to deepen the market and ensure that investment is focused on the real and productive sectors of the economy.

“Regarding trade policy, the Ministry will focus on operationalizing the AfCFTA and ensuring our free trade zones (FTZ) and manufacturers are competitive and enabled to export into the region and across the world with a focus on agriculture, manufacturing, etc.

“The recently released outlook of the Ministry also indicates that the federal government will sustain the current reforms, focus on empowering the non-oil sector for more productivity, and push for more market access for our exporters.”

In view of the federal government reforms, the DG noted that the chamber was  looking forward to tangible actions that will drive sustainable economic growth and improve Nigeria’s trade and investment landscape.

“The Chamber remains committed to engaging stakeholders in advocating for policies that foster a more business-friendly environment, ensuring Nigeria’s position as a key economic hub in Africa.”