Nigeria paves way for investment at Investopia Conference

By Joy Baba-Yesufu

At the prestigious Investopia Conference, Dr. Jumoke Oduwole, Nigeria’s Minister of Trade and Investment, unveiled the country’s strategic initiatives to enhance investment opportunities and trade partnerships, focusing particularly on collaboration with the UAE and across Africa.

Dr. Oduwole emphasized Nigeria’s appeal as an investment hub, citing transformative reforms initiated by President Bola Ahmed Tinubu’s administration over the past 18 months. “The President has implemented essential reforms aimed at stabilizing currency, controlling inflation, and refining fiscal policies, which are yielding positive outcomes. Our current emphasis is on refining trade policy and attracting investment,” she stated.

Highlighting recent remarks by the Central Bank Governor regarding the Naira’s strengthened competitiveness, Dr. Oduwole confirmed Nigeria’s openness to new trade ventures. “We welcome business opportunities and seek to expand our trade with the UAE. The robust diplomatic relations between our nations create an ideal environment for investment, particularly in construction, energy, food security, digital commerce, and mining,” she pointed out.

Sustainability also remains integral to Nigeria’s trade policies. Dr. Oduwole reiterated the government’s dedication to fostering environmentally and labor-friendly investment practices. “As the global business landscape evolves, we are aligning our policies to ensure Nigeria attracts responsible investors,” she affirmed.

Discussing foreign direct investment (FDI), the Minister outlined strategies to mitigate risks in transactions and promote sovereign wealth-backed partnerships, especially with key nations such as the UAE. “Our investment deals aim to create mutually beneficial outcomes for all stakeholders,” she explained.

Beyond bilateral trade relations, Dr. Oduwole assessed Nigeria’s involvement in intra-African trade under the African Continental Free Trade Agreement (AfCFTA). Celebrating five years since its inception, she highlighted Nigeria’s recognition as a “Digital Trade Champion” and its leadership in the technology sector. “With over 200 million people and home to five out of nine African unicorns, Nigeria is leveraging digital trade and services, which account for over 50% of our GDP,” she stated.

On the global front, Dr. Oduwole acknowledged the changing geopolitical landscape and the need for Africa to develop self-reliance in its economic strategies. “We must move past dependency and tap into new capital sources and trade alliances. Last year, Africa’s multilateral institutions mobilized over $70 billion, showcasing the continent’s potential for sustainable growth,” she asserted.

As Nigeria works to optimize trade agreements and attract significant investments, Dr. Oduwole reiterated the government’s commitment to creating a conducive business environment. “While we maintain the confidentiality of our trade and investment strategies, one thing is clear, Nigeria is poised to lead in the new global economy,” she asserted.

The Investopia Conference serves as a vital platform for fostering essential trade dialogues, positioning Nigeria to strengthen economic partnerships, promote sustainable investment, and lead in regional trade initiatives across Africa and beyond.