FG to strengthen trade, drive manufacturer’s competitiveness

The federal government has reaffirmed its commitment to strengthening trade and driving manufacturers’ competitiveness.

This was stated during a visit by Jumoke Oduwole, minister of industry, trade, and investment to the Lagos Chamber of Commerce and Industry (LCCI) while addressing critical trade and investment challenges in the country.

Oduwole reaffirmed the federal government’s commitment to addressing the challenges 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.

She assured the chamber that concerted efforts were being made to implement policies that enhance trade facilitation, attract investments, and improve the ease of doing business in Nigeria.

She also stressed the government’s commitment to fostering a more stable and predictable policy environment, developing infrastructure, and expanding financing opportunities for businesses.

Read also: LCCI recommends 5% annual port tariff to reduce inflationary pressures

“The ministry is working with several sectors in the capital market to deepen the market and ensure that investment attracted is focused on the real and productive sectors of the economy,” she said.

During the visit, LCCI emphasised that policy instability and inconsistency pose significant risks to investor confidence because frequent policy reversals affect long-term business planning.

The chamber 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.

“Furthermore, access to finance, though improving, remains a critical challenge for businesses, especially small and medium enterprises (SMEs), limiting their growth potential and competitiveness,” the chamber noted.

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 the country’s exporters.

Chinyere Almona, director general of LCCI stated that the chamber looks 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,” Almona said.