HONOURABLE MINISTER OF INDUSTRY, TRADE AND INVESTMENT VISITS LCCI, ADDRESSES CRITICAL TRADE AND INVESTMENT CHALLENGES
On 21 February 2025, the Lagos Chamber of Commerce & Industry (LCCI) hosted the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, on a courtesy visit to discuss opportunities and challenges around trade and investment in Nigeria. The engagement provided a platform for constructive dialogue on critical issues such as policy instability and inconsistency, complex trade facilitation processes, huge infrastructural gaps, access to finance, and the overall ease of doing business in the country.
During the discussions, the LCCI emphasized that policy instability and inconsistency pose significant risks to investor confidence because frequent policy reversals affect long-term business planning. The Chamber also highlighted the cumbersome trade facilitation processes, which hinder the smooth flow of goods and services, ultimately increasing the cost of doing business in Nigeria.
Infrastructural deficiencies were also identified as a major impediment to economic growth, particularly in areas such as transport networks, power supply, and digital infrastructure. Furthermore, access to finance, though improving, remains a critical challenge for businesses, especially small and medium enterprises (SMEs), limiting their growth potential and competitiveness.
The Minister acknowledged these challenges and reaffirmed the Federal Government’s commitment to addressing them. She assured the Chamber that concerted efforts were being made to implement policies that enhance trade facilitation, attract investments, and improve the ease of doing business in Nigeria. She also stressed the government’s commitment to fostering a more stable and predictable policy environment, developing infrastructure, and expanding financing opportunities for businesses.
The Chamber is happy to announce that based on assurances from the Honourable Minister, we are expecting actions in the following areas:
Acceleration of the Nigerian economy’s diversification and industrialization through the Federal Government’s current reforms.
- The Ministry of Industry, Trade, and Investment has proposed to collaborate with other government institutions like the Ministry of Communication and Digital Economy, the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Art, Culture, Tourism, and Creative Economy to deepen the country’s GDP and broaden its productive base.
- The Ministry is working with several sectors in the capital market to deepen the market and ensure that investment attracted is focused on the real and productive sectors of the economy.
- Regarding trade policy, the Ministry will focus on operationalizing the AfCFTA and ensuring our free trade zones (FTZ) and manufacturers are competitive and enabled to export into the region and across the world with a focus on agriculture, manufacturing, etc.
The recently released outlook of the Ministry also indicates that the federal government will sustain the current reforms, focus on empowering the non-oil sector for more productivity, and push for more market access for our exporters.
We look forward to tangible actions that will drive sustainable economic growth and improve Nigeria’s trade and investment landscape. The Chamber remains committed to engaging stakeholders in advocating for policies that foster a more business-friendly environment, ensuring Nigeria’s position as a key economic hub in Africa.
Dr. Chinyere Almona, FCA
Director-General
Lagos Chamber of Commerce & Industry
Monday 24 February 2025
