The Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, has committed to a partnership with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture to tackle challenges facing Nigerian businesses.
Oduwole committed to working with NACCIMA on Friday at an interactive session with members of the organised private sector, outlining plans to ensure that businesses are supported by consistent policies and actionable measures.
“We’ve talked about inflation, interest rates, and the need for single-digit interest rates to boost productivity for their members across the country by getting enablement, facilitation, and access to credit,” Oduwole said.
“We’ve talked about several issues concerning smaller businesses, and financial inclusion and they’ve spoken for underserved members of their constituencies.”
The minister assured NACCIMA of the Federal Government’s commitment to addressing market constraints and enhancing access to credit, noting “I’ve assured them very strongly that, from my work at the PEBEC, I’ve been a champion for investment retention in Nigeria. It’s important to us to make sure that businesses in Nigeria not only thrive but are seen to thrive because you have the best advertisements for foreign direct investment.
“We’ve also talked about the types of policies that NACCIMA members would like to see in 2025 and I’ve assured them that Mr President is committed to policy consistency.”
The minister highlighted her dedication to investment retention, emphasising its importance for foreign direct investment.
“Nigeria is open for business, and we’re not going back on reforms or policies,” she declared. “We’ve talked a bit about priorities that NACCIMA members would want to see in the area of trade, how we implement the trade agreement and make sure to be consistent and support NACCIMA businesses when they are trading across the region and internationally.”
Oduwole stressed the need for prioritizing trade facilitation and implementing trade agreements to benefit Nigerian businesses locally and internationally. “NACCIMA is a key gateway for Nigerian businesses in terms of market access,” she said, adding that the association’s role in ensuring compliance with rules of origin is pivotal.
On exports, Oduwole noted the importance of diversifying beyond goods to services, technology, and the creative sector.
She also commended NACCIMA’s commitment to supporting women and youth entrepreneurs, remarking “In your 72 chapters, you’ve ensured representation for women and youth, and I’m grateful for that support.”
The minister pledged measurable, actionable steps starting in January 2025, stating, “President Bola Tinubu is committed to your prosperity. NACCIMA is explicitly mentioned in my mandate as minister, and that underscores how seriously this administration takes your concerns.”
In response, NACCIMA President, Dele Oye, expressed confidence in the new partnership, asserting “The Federal Ministry of Industry, Trade and Investment is our government access. This is the only ministry that has a full mandate over the private sector. Some of the work we do is based on mandates, including trade fairs and certificates of origin; directly from the ministry and that’s why we must continue to work together to make Nigeria a destination for business for direct investment and also to retain investments.
“The minister has assured us that she’s going to work very closely with us to make sure some of the issues we have within government policies or several other issues are resolved in an amicable and time-conscious fashion.
Oye urged members to remain optimistic about the opportunities ahead, noting that “I will take the message back to our members so that they can continue to invest and also to encourage our colleagues who are thinking of ‘Japaing’ (emigrating) that there’s a new minister and we don’t want them to be caught in the air while we are reaping the successes and the advantages and the incentives the Minister is going to create to further retain businesses in Nigeria.
Both parties agreed on the need for continued dialogue and collaboration to ensure the growth and sustainability of Nigerian businesses, as Oye stressed “Nigeria is open for business. We have a new Minister, and it’s going to be a different song come January.”
