Minister of Industry, Trade and Investment
I strongly believe that sound public policy on trade and investment in Nigeria will provide the foundation for the establishment of key economic and industrial projects that will lead to substantive transformation.
Particularly, our mandate at the Federal Ministry of Trade and Investment (FMITI) is to diversify Nigeria’s economic base while growing the economy, creating jobs and generating wealth. The policies we formulate, and subsequently implement, are aimed at attracting the right investments and increasing trade and exports, as well as developing enterprises.
We are executing our mandate along three key thematic areas including:
- Firstly, our Backward Integration and Domestication of Production Programme. This involves driving the local production of key commodities such asF sugar, oil palm, cassava starch, automotive assembly, cotton, textiles and garments.
- Also, we are working to improve our business environment to retain and attract investments into the country.
- Lastly, we are positioning Nigeria strategically to take advantage of the impending Africa Continental Free Trade Area agreement and ensure that our businesses can adequately compete with the rest of the continent.
Promoting sustainability is key for Nigerian businesses as emphasised in both the Economic Recovery and Growth Plan (ERGP) and the Nigeria Economic Sustainability Plan (NESP).
Specifically, the Ministry is currently implementing the Export Expansion Facility Programme (EEFP), which is one of the objectives of the Nigerian Economic Sustainability Plan. This Programme aims to protect export-oriented businesses from the effects of the COVID-19 pandemic, safeguard jobs and de-risk the economy from future shocks that may occur. Its primary goal is to increase Nigeria’s export capacity in the short-term and export volumes in the medium term. It represents a huge financial commitment from the Federal Government and demonstrates President Buhari’s commitment to export diversification.
We are also dedicated to achieving the 9th Sustainable Development Goal which aims to promote inclusive and sustainable industrialisation. Our goal is to significantly raise manufacturing’s share of employment and gross domestic product (GDP) while increasing local content creation.
Furthermore, we are extremely concerned with …