NEWS AGENCY OF NIGERIA
Economy/Business

FG moves to cut trade, transport costs

98 total views today

Costs

By Vivian Emoni

The Federal Government has reaffirmed its commitment to reducing the cost of transporting goods and services by air, land, and sea to boost production across the country.

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, made this known during a ministerial briefing organised by the Ministry of Information and Cultural Orientation on Tuesday in Abuja.

She stated that these efforts would ensure faster delivery of goods and services, reduce costs, and expand the country’s global trade reach.

“We are exploring direct cargo freight across Africa for our traders because Nigerians engage in significant trade. This will help bring them together.

“We aim to lower cargo freight costs. That is one of the key initiatives the ministry is undertaking to fulfil our mandate,” Oduwole said.

She added, “As we can see, the cost of production is gradually decreasing, and we will continue working to strengthen our economy.”

The minister noted that the ministry was collaborating with Independent Power Producers (IPP) nationwide.

“This partnership with the private sector aims to enhance power supply, which will significantly boost the country’s economic growth,” she said.

Oduwole also confirmed ongoing efforts to improve tariff schedules, ensuring that products can move freely across different payment systems.

She said the ministry was working with the Nigeria Customs Service and the Nigeria Immigration Service to streamline procedures, rules, and value chains for trade facilitation.

According to her, the ministry is also focused on making Nigeria an attractive investment destination, which requires a conducive environment and favourable tariffs.

“That is why we continue to engage with the fiscal and monetary arms of government.

“Our goal is to champion trade and industry, ensuring policies support business growth and economic expansion,” she stated.

She highlighted collaborations with more than 50 federal agencies to improve business processes and transparency.

“My team and I are dedicated to simplifying processes and enhancing transparency, which is a priority for me.

“We continuously seek new pathways to prevent unintended consequences in our policies and ensure they support businesses and traders,” Oduwole said.

She emphasised that Nigerian businesses were already expanding across Africa, moving ahead of government-led initiatives.

To achieve its objectives, the ministry has partnered with key ministries, strengthening collaboration to drive investment, trade, and industry.

“We are working closely with the Ministry of Agriculture and Food Security, the Ministry of Arts, Culture, Tourism and Creative Economy, and the Ministry of Communication, Innovation and Digital Economy.

“Through these partnerships, we aim to create an environment where investment, industry, and trade can thrive within Nigeria’s economy,” she said. (NAN)

Edited by Abdulfatai Beki / Kamal Tayo Oropo

Economy/Business

Special economic zones at heart of Nigeria’s economic resurgence – FG

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By Rukayat Moisemhe

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, says under the current administration, Special Economic Zones (SEZ) are being prioritised and positioned at the heart of Nigeria’s economic resurgence.

Oduwole said this at the Third SEZ Annual Meeting on Thursday in Lagos.

The meeting had the theme: “Fostering Strategic Synergies for Enhanced Special Economic Zones Operations and Sustainable Economic Growth”.

The minister said that SEZs were powerful engines of economic growth proven to be effective in attracting Foreign Direct Investment, enhancing industrialisation, and generating employment and value-added exports, among others benefits.

The minister said that Free Trade Zones (FTZs) in Nigeria had attracted over $300 billion in investments and contributed over N650 billion to government revenue.

“In January 2025, the ministry released an outlook document detailing its industry, trade, and investment priorities,” Oduwole said.

The minister said that the ministry recognised that every zone and enterprise was an investment hub, producing goods and services that were  traded.

“The ministry is championing a co-ordinated strategy to boost exports, expand access to financing and drive regulatory reforms to strengthen investment in SEZs.

“We have engaged key stakeholders, the Federal Inland Revenue Service and the Presidential Committee on Fiscal Policy and Tax Reforms, to ensure the alignment of SEZ incentives with national economic priorities,” the minister said.

Gov. Babajide Sanwo-Olu of Lagos State said at the event that navigating the rapidly-evolving global economic terrain would require that SEZs remained crucial instruments for driving industrialisation.

The governor was represented by Mrs Folashade Ambrose-Medebem, the state Commissioner for Commerce, Cooperatives, Trade and Investment,

Sanwo-Olu said that the impact of the previous SEZ annual meeting was significant as it led to increased investor confidence and signing of multiple memoranda of understanding for infrastructure development within the economic zones.

Sanwo-Olu said that several businesses that participated in the meeting had since begun operations, bringing in substantial investments and generating employment opportunities.

He said that collaboration among Nigeria Export Processing Zones Authority, Oil and Gas Free Zones Authority, and the Nigeria Economic Zones Association was essential.

According to him, it will enhance efficiency and effectiveness of the special economic zones and boost government’s vision of transforming Nigeria into a hub of industrial excellence and global competitiveness.

“Discussions and resolutions from the last meeting paved the way for policy reforms that have streamlined regulatory processes and improved the ease of doing business in Lagos State.

“However, as we discuss the future of Special Economic Zones in Nigeria, we must address critical issues that could hinder their growth.

“These include the need for improved infrastructure, ease of access to financing for investors, regulatory harmonisation and the imperative to ensure that our policies remain competitive on a global scale.

“It is imperative that we implement policies that provide clear incentives to investors while ensuring that these zones serve as catalysts for inclusive and sustainable development,” he said.

Sanwo-Olu added that continuity of the annual meeting was essential to sustaining the progress that had been made in advancing the Special Economic Zones agenda in Nigeria.

He said that regular engagements among stakeholders fostered policy consistency, strengthened investor confidence, and ensured that emerging challenges were swiftly addressed.

The governor urged the public sector, private sector leaders and investors to work hand-in-hand to build a thriving economic ecosystem. (NAN)(www.nannews.ng)

Edited by Ijeoma Popoola

Economy/Business

Trade, investment ministry to go fully digital by December – Oduwole

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By Lucy Ogalue

The Minister of Trade and Investment, Dr Jumoke Oduwole, says the ministry will fully digitise its operations by the end of 2025 to enhance efficiency.

Oduwole said this at the signing of a Memorandum of Understanding (MoU) between the ministry and the AIG Imoukhuede Foundation on Tuesday in Abuja.

The ceremony took place on the sideline of the Top Management Retreat of the ministry and its agencies.

The minister emphasised the urgency for the digital transition.

According to her, the ministry is just about to start that journey, and the deadline is the end 2025.

“I believe that this ministry is poised to serve Nigeria in a very special way.

“This effort underscores the government’s commitment to enhancing efficiency and streamlining operations within the ministry.”

The minister commended all heads of agencies and parastatals under the ministry for their  contributions towards driving and ensuring a digitised and effective ministry.

The Co-Founder, AIG Imoukhuede Foundation, Ofovwe Aig-Imoukhuede, expressed the commitment of the foundation to ensure the success of the initiative.

“We firmly believe that the future of Nigeria’s socio-economic development depends strongly on you, the public sector. You are the engine room of growth and development,” she said.

According to her, the foundation has previously played a pivotal role in digitalising the Office of the Head of the Civil Service of the Federation, turning it into a fully automated institution.

Aig-Imoukhuede said that the partnership would focus on three key pillars: digitalisation, capacity building and performance management.

“The first pillar will move the ministry from manual to automated processes, bringing it in line with 21st-century standards.

“We picked your ministry, because we firmly believe in the work that you are doing.

“Our support will ensure that key trade and industrial policies are executed with greater efficiency,” she said.

She said that capacity building remained a crucial component of the initiative, with efforts geared toward equipping civil servants with the necessary skills to leverage emerging technologies.

“Additionally, performance management systems will be developed to track progress and ensure that the reform efforts yield tangible results.

“We want to help to develop a robust performance management system because that will help to drive the reform efforts,” she said.

Highlight of the event was the signing of a performance bond between the ministry, heads of agencies under its supervision and AIG Imoukhuede foundation.

The News Agency of Nigeria (NAN) reports that the event was part of activities to mark Oduwole’s 100 days in office.(NAN)

Edited by Francis Onyeukwu/Kadiri Abdulrahman

Executive Director/Chief Executive Officer (CEO) of NEPC, Nonye Ayeni
Economy/Business

Nigeria’s trade growth hits 20.7% in 2024 – NEPC

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JBy Vivian Emoni

The Nigerian Export Promotion Council (NEPC) has said that the country’s trade volume reached 7.2 metric tons in 2024, with a 20.7 per cent increase in value, totaling 5.45 billion dollars.

Dr Nonye Ayeni, Executive Director of NEPC, said this on Monday in Abuja during the presentation of the 2025 roadmap organised by the Ministry of Industry, Trade and Investment.

“In terms of value, we grew by 20.7 per cent to 5.45 billion dollars, and we are now represented in 126 countries.

“This is a clear indication that Nigeria is making significant progress.

“The Renewed Hope Agenda of President Bola Tinubu is making a positive impact, and our efforts are showing results.

“We expect even better performance in 2025 as we continue to strengthen our drive,” he said.

Ayeni highlighted that the NEPC’s mandate was to diversify the nation’s economy dependency on oil by promoting non-oil exports.

She reiterated the council’s commitment to build the capacity of exporters, from the farm gate to market access.

“We are dedicated to working with exporters, improving their capacity in good agricultural practices, and ensuring we achieve the council’s mandate,” Ayeni said.

She said in 2024, the NEPC conducted about 629 capacity building programmes across the country, partnering with development organisations and agencies.

According to Ayeni, the council is working across all borders, from the North to the South and West, to mainstream export efforts.

“By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports, which will, in turn, help to build the capacity of exporters.

“We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally,” she said.

Ayeni emphasised the NEPC’s focus on connecting Micro, Small, and Medium Enterprises (MSMEs) with experienced exporters, offering training in various skill programmes.

“Our commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports,” she said.(NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Economy/Business

Nigeria committed to balancing trade, strengthening local industry – Minister

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By Lucy Ogalue

The Minister of State for Industry, Trade, and Investment, Sen. John Enoh, says the Federal Government is committed to balancing trade through policies that support local production while managing imports.

Enoh stated this while speaking on the nation’s trade strategy, at the 2025 Renewed Hope Global Virtual Town Hall Conference.

The minister emphasised the importance of evaluating the country’s balance of trade , whether in surplus or deficit when formulating economic policies.

He noted concerns that Nigeria remained an import-dependent economy and reiterated the need to expand and deepen the country’s productive capacity to drive exports and reduce reliance on foreign goods.

“The real issue is not just the volume of imports but the fact that we are not producing enough.

“We must expand local manufacturing and strengthen our industries to stay competitive in the global market,” he said.

Enoh said that the government had been deliberate in encouraging local productivity through various incentives, including import duty exemptions for manufacturers and industrialists.

“Since assuming office, I have approved countless import duty exemption certificates to industries to support local production.

“There are programmes such as backward integration policies aimed at boosting local capacity in key industries, including manufacturing and agriculture ” he said.

Eno reaffirmed the administration’s commitment to ensuring that Nigeria remained competitive in global trade.

He said that at the end of each fiscal period, the government assessed the country’s trade balance to determine policy directions.

He assured stakeholders that the government would continue implementing measures to create an enabling environment for industries and improve Nigeria’s export potential.(NAN)

Edited by Kadiri Abdulrahman

Foreign

ECOWAS tasks subregional  entrepreneurs on trade growth

466 total views today

 

By Mark Longyen

The Economic Community of West African States (ECOWAS) has called on West African entrepreneurs to strengthen subregional trade, saying it is collaborating with the private sector to boost subregional economic growth.

 

Dr Omar Touray, President of the Commission, made this known at the inaugural edition of the ECOWAS Small Business Coalition (ESBC) Exhibition and Conference in Abidjan, Ivory Coast, on Thursday.

 

The News Agency of Nigeria (NAN) reports that the three-day fair brought together West African Micro, Small and Medium Entreprises (MSMEs) to showcase their products, and explore collaborative opportunities for growth.

 

Touray, represented by Dr Tony Elumelu, ECOWAS Director, Private Sector, described the event as a crucial step in preparing the subregion to actively participate in the recently unveiled African Continental Free Trade Authority (AfCFTA).

 

He reminded the entrepreneurs of the importance of regional integration in driving economic growth and development and called on them to leverage the opportunities provided by AfCFTA to achieve success.

“The African Continental Free Trade Area (AfCFTA) presents a unique opportunity for our region to increase trade, investment, and economic cooperation.

 

“This fair is a crucial step in preparing our subregion to actively participate in the AfCFTA.

 

“The ECOWAS Commission has been working closely with critical stakeholders to facilitate the private sector.

 

“We have engaged with regional business associations, such as FEBWE, FEWACCI, MAN, and FOPAO, to support businesses and promote regional economic integration,” Touray said.

He said that ECOWAS had also developed an MSME Charter, which is a landmark document to promote the growth and development of MSMEs in West Africa.

 

According to him, the Charter focuses on a broad spectrum of intervention areas, including enterprise education, regional collaborations, regulatory enhancements, promotion of specialised development corridors, and crucial financial assistance for MSMEs.

 

He said that it also addresses issues relating to support for women in business, recognising the critical role that women play in driving economic growth and development in the region.

 

“To further support businesses, ECOWAS is developing a text on regional economic zones, with the support of the World Bank through its implementing agency, IFC.

 

“ECOWAS has also adopted a regulation on the ECOWAS Business Council with clear criteria for composition.

 

“I am confident that this fair will pave the way for increased cross-border trade, regional integration, and economic growth in our subregion,” Touray added.

Also speaking, Dr Abdulrashid Yerima, President, ESBC, said the event was organised to celebrate the “modest achievements” of MSMEs in the subregion and reaffirm their commitments to fostering a united, and thriving ECOWAS.

 

He disclosed that the group was about to create a comprehensive database of MSMEs across ECOWAS states that would serve as a foundation for understanding the needs, addressing the challenges, and fostering growth.

 

Yerima said the coalition was dedicated to overcoming barriers to cross-border trade, streamlining processes, providing access to finance and markets, and ensuring that MSMEs succeed in both regional and global markets.

 

“Today, we are reminded of the importance of regional integration in driving economic growth and development.

 

“The African Continental Free Trade Area (AfCFTA) presents a unique opportunity for our region to increase trade, investment, and economic cooperation.

 

“This exhibition is more than just a gathering; it is a crucial step in preparing our subregion to actively participate in the AfCFTA,” he said.

 

The ESBC President noted that by fostering collaboration among SMEs, governments, and stakeholders, they would lay the groundwork for ECOWAS to become a leading contributor to Africa’s continental trade ambitions.

 

Dr Souleymane Diarrassoba, Ivory Coast’s Minister of Commerce and Industry, thanked ECOWAS for choosing the country to host the event, and pledged to collaborate towards the subregion’s integration and development.

 

Represented by Mr Silvere Konan, Director General, SMEs, he said SMEs were essential for national industrial development due to their immense potential value creation, lasting employment, and wealth development.

 

Diarrassoba noted that SMEs could play a much more important role in economic development, hence, the Ivorian government’s support for all initiatives of promoting, developing and strengthening them.

 

Mrs Fanta Cisse, ECOWAS Resident Representative to Ivory Coast, in a remark, explained that the event was designed to encourage regional integration through different measures and rules that exist in the context of regional integration.

She said it was a remarkable success because all ECOWAS’ 15 member countries, including the so-called Sahel’s Burkina Faso, Mali and Niger, attended.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

Foreign

China to deepen trade ties with Europe, says Economist

361 total views today

By Fortune Abang

Chim Lee, Senior China Analyst at the Economist Intelligence Unit, says China is set to strengthen its trade relations with Europe, viewing the continent as a vital market.

Lee disclosed this on Friday during a global virtual update on the outcome of China-European Union (EU) trade negotiations.

He explained that this move comes in spite of recent trade friction between China and the EU, including the EU Commission’s imposition of anti-subsidy tariffs on electric vehicles (EVs) imported from China.

According to Lee, China’s Ministry of Commerce has filed a lawsuit with the World Trade Organisation (WTO), deeming the EU’s decision unacceptable and a violation of WTO rules.

He further noted that there is still room for negotiation, with bilateral talks ongoing after Brussels sent a technical team to Beijing.

Lee said, “Italian President Sergio Mattarella is visiting China shortly after the French Minister Delegate Sophie Primas, which is seen as an effort to prevent further escalation.

“Considering that EVs are one of more than 30 Chinese products the EU is investigating, there is potential for the situation to worsen. However, if you look at China’s response, the retaliation has been targeted.

“To date, China has launched probes into brandy, dairy, and pork imported from the EU.

“This follows a preliminary ruling that confirmed brandy dumping from the EU but imposed no duties.

“Provisional measures, in the form of cash deposits, were implemented only after EU member states agreed to enact the long-discussed tariffs last month”.

The analyst added that China would continue to seek market share not only by establishing its own plants, but by working with European partners to set up local production.

He mentioned that Chinese companies are exploring opportunities in Latin America and Southeast Asia, beyond Europe, for exports and localised production.

China currently accounts for 60 percent of the global EV market.

Lee also noted that China’s focus on localised production and re-industrialisation in Europe is expected to grow.

He said, “China and the EU are working to strengthen their trade ties, despite recent tensions”.

The Chinese Ministry of Commerce has reaffirmed its commitment to resolving differences through dialogue.

“While France’s Minister Delegate, Sophie Primas, emphasised the need to resolve trade disputes through consultation, Europe accounted for 41.27 percent of China’s battery EV exports in 2023, with Tesla alone making up 28 percent.

“Chinese firms view Europe as a vital market and are exploring ways to increase their market share, including partnerships with European companies to establish local production.

“Beyond Europe, Chinese companies are expanding into Latin America and Southeast Asia, focusing on exports and localised production.

“This move is not only a response to European trade barriers but also a strategic push into new markets”. (NAN) (www.nannews.ng)

Edited by Francis Onyeukwu and Abiemwense Moru

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