The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has pledged to partner with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) to address the challenges facing Nigerian businesses. This commitment was made during an interactive session with members of the organized private sector on Friday, where she outlined plans to support businesses through Policy consistency and practical steps.
Oduwole highlighted ongoing discussions about pressing issues such as inflation and interest rates, emphasizing the need for single-digit interest rates to enhance productivity for members across the nation. “We’ve delved into various concerns, particularly those affecting smaller businesses and the push for financial inclusion, advocating for underserved members of our communities,” she stated.
The minister reassured NACCIMA of the Federal Government’s determination to tackle market constraints and improve access to credit. She reinforced her advocacy for investment retention in Nigeria, stating, “It’s crucial for us that businesses in Nigeria not only survive but are perceived as thriving, as this serves as the best advertisement for attracting foreign direct investment.”
Oduwole also addressed the types of policies NACCIMA members would like to see in 2025, assuring them of President Bola Tinubu’s commitment to policy consistency. She emphasized the need to prioritize trade facilitation and effective implementation of trade agreements, aimed at supporting NACCIMA businesses both locally and internationally. “NACCIMA acts as a vital gateway for Nigerian enterprises in terms of market access,” she remarked, noting the association’s essential role in ensuring compliance with rules of origin.
On the subject of exports, Oduwole stressed the necessity of diversifying beyond traditional goods into services, technology, and the creative sector. She commended NACCIMA’s dedication to empowering women and youth entrepreneurs, saying, “Across your 72 chapters, you’ve made significant strides in ensuring representation for women and youth, and I truly appreciate that support.”
The minister committed to implementing measurable and actionable steps starting January 2025, making it clear that “President Bola Tinubu is devoted to your prosperity. NACCIMA is specifically mentioned in my mandate as minister, which highlights how seriously this administration takes your concerns.”
Responding to the minister, NACCIMA President Dele Kelvin Oye expressed confidence in the newly formed partnership. He stated, “The Federal Ministry of Industry, Trade, and Investment serves as our access point to the government. This ministry holds comprehensive mandates over the private sector, including trade fairs and certificates of origin, making our collaboration essential to positioning Nigeria as a desirable destination for direct investment and ensuring investment retention.”
Oye further urged members to stay hopeful about the opportunities ahead, stating, “I will communicate this optimism to our members so they can continue investing and encourage those considering emigration to reconsider their options. With a new minister at the helm, we want them to be part of the successes and incentives that will emerge to retain businesses in Nigeria.”
Both parties acknowledged the importance of ongoing dialogue and cooperation to foster the growth and sustainability of Nigerian businesses, with Oye concluding, “Nigeria is open for business. We have a new minister, and come January, things are set to take a promising turn.”
