Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, has announced a new partnership with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) to help address the challenges that businesses in Nigeria are facing. This announcement came during a meeting held on Friday with members of the private sector, where the minister shared her plans to support businesses through stable policies and practical actions.
During the meeting, Oduwole discussed several important issues affecting businesses, such as rising inflation and high interest rates. She emphasized the need for interest rates to be kept low—ideally in the single digits—to help businesses grow and succeed. She also highlighted the importance of improving access to credit, which is vital for businesses to thrive.
“We’ve talked about various challenges that smaller businesses face and the need for better financial services for those who are often overlooked,” Oduwole stated. She assured NACCIMA that the Federal Government is dedicated to resolving market issues and improving access to financing for businesses.
Oduwole expressed her commitment to fostering a business-friendly environment in Nigeria. She stated, “It’s crucial for us to ensure that businesses in Nigeria not only succeed but are also perceived as successful, as this will attract foreign investments.” She also mentioned that she has discussed potential policies that NACCIMA members would like to see implemented in 2025, assuring them that the President is committed to maintaining consistent policies.
The minister stressed that Nigeria is ready for business and that her administration is focused on continuing necessary reforms and policies. She mentioned the importance of trade agreements and how they should be implemented to support Nigerian businesses both locally and internationally. Oduwole recognized NACCIMA as an essential partner for Nigerian businesses, helping them access markets and comply with trade regulations.
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Regarding exports, she pointed out the need for Nigeria to diversify its export sectors beyond just goods, focusing on services, technology, and the creative industries. She also praised NACCIMA for its efforts to support women and young entrepreneurs, acknowledging their representation in the association’s 72 chapters.
Looking ahead, Oduwole promised to take concrete actions starting in January 2025, stating, “President Bola Tinubu is committed to your success. NACCIMA is a key part of my responsibilities as a minister, highlighting the seriousness with which this government views your needs.”
In response, NACCIMA President Dele Oye expressed optimism about the new partnership. He noted that the Federal Ministry of Industry, Trade, and Investment is crucial for the private sector and that the ministry’s support is vital for initiatives like trade fairs and issuing certificates of origin. Oye emphasized the importance of working together to make Nigeria an attractive destination for business investments.
He encouraged NACCIMA members to remain hopeful about future opportunities and to continue investing in Nigeria, especially as the new minister is poised to create favorable conditions for businesses. Oye also urged those considering leaving the country for better opportunities to stay and take advantage of the improvements that the new minister is expected to bring.
Both the minister and Oye agreed on the importance of ongoing communication and teamwork to ensure that Nigerian businesses can grow and sustain themselves. Oye concluded by saying, “Nigeria is open for business. With a new Minister, we expect a positive shift come January.”
