Nigeria has made significant strides in its economic diversification efforts, securing over $50.8 billion in investment commitments from international partners. This achievement follows a series of engagements, particularly during President Bola Tinubu’s overseas visits, which have been pivotal in strengthening the nation’s trade relations. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, highlighted that these commitments were largely driven by the President’s international diplomacy, including his participation in the recent G20 summit where global investors pledged substantial investments in Nigeria’s economy.
The Nigerian government faces the challenge of ensuring that these investment announcements lead to actual, tangible projects. Oduwole stressed the importance of a robust tracking system to monitor the progress of these investments and ensure they materialize. Emphasizing that investment is not just about announcements, she underlined the government’s role in removing obstacles that could hinder the realization of these deals. The government is committed to creating an enabling environment for business and positioning Nigeria as a formidable player in the global trade arena.
Looking ahead, Nigeria aims to host a major international trade and investment event in 2027, coinciding with the country’s 50th festival anniversary. This event would showcase Lagos as a hub for infrastructure, hospitality, and business opportunities, further cementing Nigeria’s position as a key economic leader in Africa. In addition to global trade ambitions, Nigeria is exploring ways to maximize the benefits of the African Continental Free Trade Area (AfCFTA), while ensuring local businesses are protected from unfair competition and substandard imports.
To further boost the nation’s export base, the government is focusing on improving cross-border trade, reducing production costs, and enhancing logistics through direct cargo flights across Africa. Additionally, efforts to enhance digital trade infrastructure, renewable energy, and the carbon credit market are part of Nigeria’s strategy to attract sustainable investment. These initiatives, alongside ongoing collaborations with global partners like Google, underline Nigeria’s growing influence in Africa’s economic landscape, positioning the nation as a key player in shaping the continent’s digital trade future.
SOURCE: BUSINESS DAY