The federal government is partnering with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to address key economic challenges and foster business growth.
The minister of industry, trade and investment, Jumoke Oduwole, said this during an interactive session with members of the organised private sector on Friday in Lagos.
Ms. Oduwole outlined her vision for supporting businesses through consistent policies, enhanced access to credit, and actionable measures aimed at reducing economic constraints.
“We have discussed critical issues such as inflation, high interest rates, and the urgent need for single-digit interest rates to boost productivity for businesses across the country.
“Smaller businesses and financial inclusion, especially for underserved sectors, were also central to our discussions”, Ms Oduwole said.
The minister emphasised the government’s commitment to tackling market barriers, ensuring investment retention, and creating a thriving business environment.
“As a champion of investment retention, I have assured NACCIMA that businesses in Nigeria will not only thrive but also inspire confidence in foreign direct investors.
“This administration is steadfast in its dedication to policy consistency”, she said.
Ms Oduwole also reiterated the importance of trade facilitation and implementing trade agreements to benefit Nigerian businesses domestically and internationally.
She emphasised that NACCIMA plays a pivotal role in ensuring compliance with trade rules and expanding market access for businesses.
On export diversification, Ms Oduwole stressed the need to go beyond goods to include services, technology, and the creative sector.
She commended NACCIMA for promoting inclusivity through its support for women and youth entrepreneurs across its 72 chapters.
The minister assured that measurable reforms would commence by January 2025, affirming President Bola Tinubu’s commitment to ensuring prosperity.
She said, “NACCIMA is explicitly mentioned in my mandate, which underscores the importance this administration places on your concerns”.
Commenting, NACCIMA president, Dele Oye, welcomed the partnership, describing the ministry as a crucial link between the government and the private sector.
“The Federal Ministry of Industry, Trade and Investment is vital to our operations, including trade fairs and certificates of origin.
“This collaboration will strengthen Nigeria’s position as a business hub and encourage both domestic and foreign investments”, Oye said.
Oye urged members to remain optimistic, restating the minister’s commitment to addressing policy challenges and creating opportunities.
“There’s a new wave of incentives and reforms on the horizon. I encourage our members to seize these opportunities and discourage emigration at a time when Nigeria’s business landscape is set for transformation”, Mr Oye said.
