Trade Minister Outlines Economic Initiatives for Job Creations, Foreign Investments

Trade Minister Outlines Economic Initiatives for Job Creations, Foreign Investments

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has outlined a series of initiatives aimed at stimulating economic growth, creating jobs, and attracting foreign Investments.

She announced that the Ministry is also launching a National Trade Intelligence Unit and revamping its trade policy to leverage big data and AI for better market insights and smoother trade processes.

She announced these initiatives while speaking at the Ministerial Press Briefing Series (MPBS) organised by the Ministry of Information and National Orientation in Abuja on Friday.

She noted that the Ministry is working on the development of an efficient consumer credit system which has proven to be a highly essential component for overall economic growth and development, as it functions to improve market efficiencies and fill in gaps in consumption and productivity.

“One key initiative is the launch of a new skills development program focused on equipping young Nigerians with the skills needed to thrive in the digital economy.

“We believe this programme will play a crucial role in reducing unemployment and boosting our national productivity,” she added.

The Minister emphasised that Nigerian government is actively pursuing membership in the African Continental Free Trade Area (AfCFTA), offering access to a vast market of over 1.3 billion people.

“Furthermore, under the Presidential Council, we are implementing several initiatives to reform the commodity trading landscape and also NCX’s operations and performance.

“These reforms will create a future where the hard work of farmers and miners translates into equitable opportunities in national and international markets, contribute to minimising food inflation, enhance solid mineral and agricultural production and exports, boost private sector investment in the agricultural value chain, and foster economic empowerment among small hold farmers and miners. These initiatives are as follows:

“Upgrading and revitalising its operations, facilities, and critical infrastructure, such as silos storage system, testing, and grading facilities, establishing a cutting-edge trading platform and warehouse management system and undertaking extensive and robust outreach program, to onboard and continuously engage farmers and miners.

While acknowledging challenges such as infrastructure limitations and bureaucratic hurdles, Dr. Uzoka-Anite expressed confidence that the Ministry’s initiatives will lay the foundation for sustainable economic growth and job creation in Nigeria.

She encouraged Nigerians to embrace these initiatives and actively participate in building a stronger economy.

“We are creating a National Job Centre to match available vacancies in industries and businesses with available talent pool. The job centre will also train and equip people to be job-ready. One such initiative is the Skill-UP Artisans program (SUPA) led by our parastatal the Industrial Training Fund (ITF).

“The programme will empower artisans with tech-enabled skills training, licensing, access to essential toolkits, and promoting industry-standard excellence. SUPA addresses the skills deficiency among artisans and standardises artisanal practice, the program ensures the availability of a skilled workforce for domestic industries, thereby reducing labour import dependency.

“Over a two-year period, the programme aims to empower 10 million hard-working Nigerians, and reflects the government’s commitment to promoting economic development and improving citizens’ standard of living and job creation.

Recognising the crucial role of human capital, the minister said, “the government plans to establish a National Job Centre and expand skilling initiatives like SUPA. This aims to empower artisans, reduce reliance on imported labour, and create a more competitive workforce.”

“The Ministry is launching the Investment Mobilisation Initiative and partnering with the Nigerian Diaspora Commission to tap into funds from both domestic and international sources.

“The government is issuing import duty exemptions and implementing targeted growth programs for specific sectors. This aims to boost domestic manufacturing and potentially position Nigeria as a regional production hub,” she stated.

On the part of manufacturers, the Minister also recognised existing hurdles like infrastructure gaps, bureaucracy and global uncertainties. She said collaborative efforts and innovative solutions are crucial to overcome these challenges and ensure the success of these initiatives.

She said these multi-pronged strategies illustrate the government’s commitment to diversifying the economy and enhancing its trade competitiveness. However, realising these ambitious plans hinges on effectively addressing existing challenges and securing sustained collaboration from all stakeholders.

“The government acknowledges the need for closer collaboration with the private sector to unlock Nigeria’s full potential. This includes regular stakeholder engagements and working directly with manufacturers to understand and address their challenges,” she added.

To facilitate this, the Minister said she recently undertook a factory tour in January 2024.

“This initiative resulted in positive feedback, with manufacturers expressing optimism about the Nigerian market and plans for significant investments. They see strong growth potential and believe Nigeria can become a regional production hub. Leading companies like Nigerian Bottling Company and Unilever are prime examples, committing substantial investments over the coming years.

“Additionally, sugar refineries are reaffirming their commitment to backward integration programmes, further bolstering domestic production.

“These developments highlight the government’s commitment to fostering a thriving manufacturing sector through collaboration and investment. However, sustained success hinges on addressing existing challenges and ensuring effective partnerships between the public and private sectors,” she said.