Senator John Enoh, Nigeria’s Minister of State for Trade and Investment (Industry), has reaffirmed the Federal Government’s strong commitment to supporting Nigerian businesses as they seek to expand and strengthen their presence in the larger African market.
Speaking at a recent industry forum, Enoh emphasized that the government remains dedicated to creating an environment conducive to business growth, with a special focus on tapping into the immense potential offered by the African Continental Free Trade Area (AfCFTA).
“The African market offers immense potential, and we are committed to driving growth, innovation, and competitiveness within our industries,” Enoh stated.
He underscored the importance of initiatives designed to enable Nigerian businesses to fully leverage the opportunities available through continental trade frameworks such as AfCFTA, which aims to create a single market for goods and services across Africa, facilitating smoother trade between member countries.
Enoh highlighted the ministry’s ongoing efforts to ensure that Nigerian industries not only remain competitive on the continent but also expand their influence regionally and globally.
The government’s strategic initiatives, he explained, are designed to enhance the capacity of local businesses to engage in international trade, access new markets, and contribute to Nigeria’s economic growth.
One key aspect of the government’s support is its focus on policies that foster industrial expansion and boost trade capacity. Enoh pointed to various government programmes designed to facilitate ease of doing business, improve infrastructure, and enhance access to financing, all aimed at strengthening Nigeria’s position as a top destination for investment in Africa.
The minister urged business leaders and entrepreneurs to take full advantage of these initiatives, emphasizing that the Nigerian government is committed to ensuring that local businesses are equipped to capitalize on opportunities in the broader African market.
He also stressed that the African market is not only vast but diverse, offering a wide range of sectors—from agriculture and manufacturing to services and technology—where Nigerian businesses can thrive.
The African Continental Free Trade Area (AfCFTA), which came into effect in 2021, is seen as a game-changer for intra-African trade, with the potential to increase trade between African nations by over 50% in the next few years.
For Nigeria, the agreement offers unprecedented access to a market of over 1.3 billion people, providing an opportunity for local businesses to export goods and services with reduced tariffs and barriers.
In addition to AfCFTA, Enoh also pointed to other key trade facilitation initiatives, such as the Nigerian Export Promotion Council (NEPC), which supports Nigerian exporters in accessing global markets, and the Nigerian Investment Promotion Commission (NIPC), which helps attract foreign direct investment (FDI) into critical sectors of the economy.
Despite the challenges posed by global economic shifts and domestic issues like infrastructure gaps and regulatory bottlenecks, Enoh remains optimistic about the future of Nigeria’s trade and investment climate.
He urged the private sector to work closely with the government to ensure that these initiatives are effectively implemented and that Nigerian businesses are equipped to become global competitors.
The government’s continued support for Nigerian industries is also reflected in the Ministry’s plans to provide additional incentives for businesses engaged in export activities, as well as those looking to invest in high-value manufacturing and technology sectors.
Enoh emphasized that Nigeria’s long-term economic strategy focuses on creating an enabling environment for businesses to flourish, contribute to job creation, and support sustainable economic growth.
As Nigeria continues to position itself as a leading player in Africa’s economic transformation, the government’s emphasis on fostering trade relationships, improving industrial capacity, and enhancing Nigeria’s reputation as an investment hub will play a crucial role in driving the nation’s development agenda.
