Minister of Industry, Trade, and Investment Jumoke Oduwole stated Wednesday that the Federal Government is trying to fulfill the $50.8 billion investment promises made by foreign partners.
President Bola Ahmed Tinubu made the promises while on visits.
According to Dr. Oduwole, the ministry was keeping an eye on the investment announcements to make sure they materialized.
She gave a speech during the 2025 ministerial press briefing in Abuja, which was hosted by Mohammed Idris, the minister of information and national orientation.
She said: “I will just mention the tracking of Mr. President’s investment announcements.
“Someone had put out a statistic that the Nigerian economy needed $50 billion to be steady in terms of foreign exchange.
“We did the numbers and as of November, Mr. President’s international trips had generated $50.8 billion in commitments.
“The ministry tracks those announcements to ensure they come to fruition.”
According to her, Nigeria is reestablishing itself as the commercial champion of the African Continent Free commercial Area (ACFTA) and strengthening its ties with five important nations.
The minister stated that the government was giving outsourcing of services top priority since, in her opinion, young people may make money without leaving the house.
She stated that the national single window project was in the implementation phase with regard to trade facilitation.
On bilateral and multilateral trade, she said: “The President has ordered that the country should be investment ready even to the legal framework.”
According to Oduwoke, the government was taking steps to transform the industrial industry.
She claimed that President Tinubu has already established the industrial revolution task group and that he will not give up until the industrial landscape of the nation has improved.
In order to increase output nationwide, she restated the government’s resolve to lower the cost of shipping products and services by land, sea, and air.
“We are exploring direct cargo freight across Africa for our traders because Nigerians engage in significant trade. This will help bring them together.
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“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.”
Oduwole said the ministry was collaborating with independent power producers (IPPs) nationwide.
“This partnership with the private sector aims to enhance power supply, which will significantly boost the country’s economic growth,” she said.
Oduwole 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 and remove bottlenecks.
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 over 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.
