Nigeria reviews trade strategies, investment climate to enhance competitiveness

The Nigerian Federal Government has initiated a comprehensive review of the country’s trade, investment strategies, and infrastructure planning to enhance its economic competitiveness. This review took place during an Economic Management Team (EMT) meeting chaired by the Finance Minister, Wale Edun, in Abuja, reflecting the government’s commitment to making Nigeria a more attractive destination for investors through coordinated reforms and diplomatic efforts.

At the meeting, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, highlighted key priorities such as improving investor retention, diversifying exports, and tackling regulatory challenges that hinder private sector growth. A significant topic was Nigeria’s response to the U.S. Trade Representative’s proposed 14% tariff on Nigerian exports, with discussions covering legal and diplomatic actions, including engagement during the U.S.-Africa CEO Forum.

Additionally, the Minister of Transportation, Senator Said Alkali, shared updates on infrastructure plans focusing on logistics improvements to ease trade bottlenecks. The EMT emphasized the need for transparent, market-driven reforms aimed at expanding the private sector, boosting non-oil exports, and ensuring sustainable economic growth.

In closing, Minister Edun stressed the necessity of coordinated, cross-ministerial efforts and aligning Nigeria’s trade policies with global standards to enhance business opportunities and strengthen investor confidence in the country.