By Joy Baba-Yesufu
The Minister of Industry, Trade and Investment, Jumoke Oduwole, says Nigeria has secured $50.8 billion in investment deals as of November 2024.
She made the disclosure when she presented the ministry’s achievements at a ministerial briefing in Abuja on Tuesday.
On trade, the minister said her ministry has positioned Nigeria as a key player under the African Continental Free Trade Area (AfCFTA) agreement and completed a World Trade Organisation (WTO) review.
Dr. Oduwole highlighted notable milestones achieved in the first 100 days of her leadership, including advancements in trade under the African Continental Free Trade Agreement (AfCFTA) and the establishment of the Industrial Revolution Work Group (IRWG) to enhance Nigeria’s investment appeal.
She emphasized that these initiatives are pivotal for positioning Nigeria as a leading investment destination in Africa.
The briefing also spotlighted the administration’s commitment to renewable energy and sustainable development, in line with Nigeria’s long-term economic goals.
The minister reaffirmed the government’s dedication to transparency, accountability, and inclusive governance, stressing the importance of public participation in shaping national progress.
She elaborated on the ministry’s strategic vision for 2025 and beyond, focusing on enhancing industrial capacity, trade facilitation, and investment opportunities for both local and international stakeholders.
In his opening remarks, Honourable Minister of Information and National Orientation, Mr. Mohammed Idris, underscored the media’s crucial role in fostering an informed, participatory democracy. He commended journalists for their responsible reporting and urged them to maintain high standards of accuracy and professionalism while combating misinformation. “The media is fundamental to our democracy, ensuring Nigerians remain informed and empowered to participate in governance,” he stated.
Senator John Owan Enoh elaborated on the IRWG, stating, “This elite task force will revolutionize the Nigeria Industrial Revolution Plan (NIRP) by fostering innovation. By identifying risks and analyzing industry trends, we aim to create a scalable impact on Nigeria’s economy, driving growth and opportunities.”
A key highlight of the briefing was the announcement of the recently approved 2025 National Budget, valued at $54.2 billion, the largest in Nigeria’s history. Designed to stimulate economic growth, enhance national security, and develop infrastructure, this budget serves as a roadmap for the nation’s resilience and social advancement.
Dr. Oduwole described it as “more than a financial plan; it reflects our unwavering commitment to stability and progress,” noting a gradual reduction in food prices as evidence of its early impact.
Looking forward, the Ministry aims to further economic diversification, support SMEs, and enhance Nigeria’s trade landscape through initiatives like the Nigerian Automotive Industry Development Plan (NAIDP), Special Agro-Processing Zones (SAPZ), and revitalization of the Cotton, Textile, and Garments (CTG) industry, unlocking the potential of Nigeria’s industrial sectors.
