Federal Government Commits to Boosting Non-Oil Exports and Attracting Quality Investment

Strategic Insights -

The Federal Government of Nigeria has expressed commitment to boosting non-oil exports, attracting quality investment, and positioning Nigerian enterprises for economic growth. At the Domestic Investment Summit, Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, emphasized the pivotal role of local capital, enterprise, and innovation in strengthening Nigeria's economic resilience, inclusiveness, and global competitiveness. The minister outlined several initiatives aimed at deepening public-private collaboration and regulatory co-creation to drive investment incentives.

Key Takeaways:

  • The Federal Government has committed to boosting non-oil exports and attracting quality investment to position Nigerian enterprises for economic growth.
  • The Domestic Investment Summit focused on the role of local capital, enterprise, and innovation in strengthening Nigeria's economic resilience, inclusiveness, and global competitiveness.
  • The Ministry of Industry, Trade and Investment is harmonizing the tariff regime with industrial priorities and simplifying trade procedures to reduce costs and enhance competitiveness.
  • Nigeria has completed the African Continental Free Trade Area (AFCFTA) Five-Year Implementation Review and is leading the way in trade reform.
  • The government has accelerated the implementation of AFCFTA, providing entrepreneurs with access to a $3.4 trillion dollar integrated market.
  • The summit aimed to deepen public-private collaboration on investment incentives and regulatory co-creation, with a focus on promoting investment and economic diversification.
  • The Organised Private Sector of Nigeria has committed to working with the government and relevant stakeholders to deepen economic diversification and attract sustainable domestic investments.
  • The minister emphasized the importance of financial sector development, education, skills inclusion, and macroeconomic and institutional stability in driving economic growth.

Statistics:

  • $3.4 trillion: The value of the integrated market provided by the African Continental Free Trade Area (AFCFTA) to Nigerian entrepreneurs.
  • 10: The top position Nigeria aim to achieve globally in select industrial sectors.
  • Five years: The completion time of the African Continental Free Trade Area (AFCFTA) Five-Year Implementation Review by Nigeria.
  • 2025: The year of the Domestic Investment Summit where the commitment to boost non-oil exports and attract quality investment was made.

Sources:

  • News Agency of Nigeria, "FG commits to boosting non-oil exports", July 21, 2025.
  • Ministry of Industry, Trade and Investment, "Domestic Investment Summit" (no date provided).