The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole has entered into a partnership with the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) in a bid to tackle economic challenges currently facing the country.
Speaking at the Weekend while in an interactive session with the organized private sector in Lagos, the Minister expressed commitment to ensure that businesses are supported by consistent policies and actionable measures.
“We’ve talked about inflation, interest rates, and the need for single-digit interest rates to boost productivity for their members across the country by getting enablement, facilitation and access to credit.
“We’ve talked about several issues concerning smaller businesses, and financial inclusion and they’ve spoken for underserved members of their constituencies.”
Oduwole assured NACCIMA of the Federal Government’s commitment to addressing market constraints and enhancing access to credit for small and medium businesses.
“We’ve also talked about the types of policies that NACCIMA members would like to see in 2025 and I have assured them that Mr President is committed to policy consistency.”
“Nigeria is open for business, and we are not going back on reforms or policies. We have talked a bit about priorities that NACCIMA members would want to see in the area of trade, how we implement the trade agreement and make sure to be consistent and support NACCIMA businesses when they are trading across the region and internationally.”
The Minister further stated that there is a need for prioritising trade facilitation and implementing trade agreements to benefit Nigerian businesses locally and internationally.
“NACCIMA is a key gateway for Nigerian businesses in terms of market access,” she said, adding that the association’s role in ensuring compliance with rules of origin is pivotal.”
She also noted the importance of diversifying beyond goods to services, technology, and the creative sector.
“President Bola Tinubu is committed to your prosperity. NACCIMA is explicitly mentioned in my mandate as Minister, and that underscores how seriously this administration takes your concerns” Oduwole stated.
On his part, NACCIMA President, Dele Oye, expressed confidence in the new partnership, asserting “The Federal Ministry of Industry, Trade and Investment is our government access.
“This is the only ministry that has a full mandate over the private sector. Some of the work we do are based on mandates, including trade fairs and certificates of origin; directly from the ministry and that’s why we must continue to work together to make Nigeria a destination for business for direct investment also to retain investments.
“The Minister has assured us that she’s going to work very closely with us to make sure some of the issues we have within government policies or several other issues are resolved in an amicable and time-conscious fashion”.
Oye urged members to remain optimistic about the opportunities ahead, noting that “I will take the message back to our members so that they can continue to invest and also to encourage our colleagues who are thinking of ‘Japaing’ (emigrating) that there’s a new minister and we don’t want them to be caught in the air while we are reaping the successes and the advantages and the incentives the Minister is going to create to further retain businesses in Nigeria” he said.
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