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The incoming Minister of Industry, Trade and Investment has been tasked with building a pipeline of opportunities across various sectors, especially healthcare, agribusiness, and minerals as the sectors have immense potential for creating jobs, increasing export earnings, and contributing to the overall development of the country.
Chief Executive Officer, Welcome2Africa International, Bamidele Owoola, said this in a statement, titled, ‘An open letter to the outgoing and incoming Honourable Minister of Industry, Trade and Investment from and aspiring Honourable Minister of Industry, Trade and Investment, Bamidele Seun Owoola.’
In the statement, she lauded the efforts of the past minister in driving growth amid global economic challenges.
“Under your guidance, the ministry recoreded the drafting and validation of the first Nigeria Investment Policy (NinP); launch of the Zero-oil plan, Nigeria’s blueprint for non-oil export, which is expected to deliver 5-year cumulative earnings of $150billion and lift 20 million citizens out of poverty; we have also started seeing the impact of the N50bn Export Expansion Fund Program.
“Over 12 percent compounded annual growth rate was recorded in the value of exports. Nigeria achieved $1.4 billion in non-oil export earnings in Q4 2022 and $4.8 billion in full-year 2022.
“The re-enactment of the Companies Allied Matters Act (CAMA) which now provides a robust framework for reforming identified drawbacks, reduction in the time and cost of registering businesses, and providing data to improve investments which caused significant growth in FDI over the last four years,” she said.
She urged the upcoming administration to focus on Investment mapping and investor targeting, which are critical strategies to attract foreign direct investment (FDI) and promote economic growth in Nigeria. It is crucial to identify countries that have a genuine interest in the investment opportunities available in Nigeria and actively engage with them to foster mutually beneficial partnerships.
“Working closely with the private sector particularly such providers that support the facilitation of investment and trade into Nigeria. By leveraging the expertise and resources of private sector partners, the ministry can improve trade and investment flows, promote competitiveness, and create employment opportunities for the Nigerian people.
“Another area of interest is advocating for risk mechanisms. Introducing innovative risk-sharing mechanisms such as risk-sharing facilities, insurance products, technical assistance, and capacity building for stakeholders. As well as addressing the inherent risks and uncertainties involved in investment, the Ministry will be able to unlock financing and investment opportunities, thereby promoting increased lending and investment into various sectors of Nigeria.
“Advocating for the privatisation of Moribund projects within the states as privatization can inject fresh capital, expertise, and innovation into moribund projects, breathing new life into them and stimulating economic growth.
“Branding and communication: Nigeria suffers from a poor image globally. The Ministry of Trade and Investment in collaboration with the Nigeria Investment and Promotion Council (NIPC), can work together to build the image of Nigeria. This starts from simple things such as developing a comprehensive branding strategy, a professional website and utilizing social media platforms.
“One of the issues complained about is the lack of synchronization among the MDAs and Ministries. The absence of a streamlined system for information sharing and communication among MDAs and Ministries has resulted in overlapping mandates and uncoordinated actions. This has hindered the effective implementation of government policies and programs, leading to suboptimal outcomes and reduced impacts. There is therefore a need for better coordination across all the relevant NDAs and Ministries.
“Industrialisation is also another area the incoming minister should look into. Industrialisation is crucial for Nigeria. We are a major producer of various commodities but often export them in their raw states. This practice limits the value that can be derived from these commodities and inhibits the growth of the Nigerian economy. To unlock the full potential of these opportunities resources, Nigeria needs to invest in processing and manufacturing companies that can add value to its raw materials,” the statement read.