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The Federal Ministry of Industry,Trade and Investment is engaging stakeholders to develop a “strategic blueprint” to align with the “Renewed Hope” agenda of the Tinubu Administration and propel the nation towards greater economic prosperity.
Dr. Doris Uzoka-Anite, the Minister for industry, trade and investment announced the start of work on the blueprint at the 15th National Council on Industry, Trade and Investment in Katsina.
The council is the highest advisory policy-making body for industry, trade and investment in the country.
The blueprint will address thematic areas that include mining and minerals, industrial revival, commodity exchange, consumer credit, artisanal licensing.
It will also cover defense industry, heavy industry and steel, entertainment and creative industry, trade facilitation and liberalization.
“Stakeholders will scrutinize the current state of affairs, identify challenges and obstacles and propose regulatory framework and policies to foster growth as well as actionable recommendations for the implementation of government and relevant stakeholders,” Uzoka-Anite said.
The ministry “envisages that the Blueprint for the sector, as proposed, will be developed within six weeks of the inauguration of the Committee,” she added.
She urged that the council meeting be a “starting point for the harvest of inputs for the development of the proposed strategic blueprint of the industry, trade and investment sector that will set our nation on the sustained path of national growth and development.”
The “strategic blueprint” in just one of three policies the ministry is pushing in a renewed quest for the investment-trade-and industry to take advantage of the growing digital space.
The council meeting’s theme, “Digitalization of the Industry, Trade, and Investment Sector for National Development” was a deliberate attempt to reflect on the impact of the digital environment on the global industry, trade and investment sector.
“In this era of rapid technological advancement, our Industries, Trade, and Investment Sectors must be strategically situated to compete favourably in the global economy,” the minister said.
The ministry’s policies for the sector aim to create enabling environment for business people and other stakeholders to excel.
While the “strategic blueprint” is in the works, two others have been approved by the Federal Executive Council since May 2023.
For the next five years, they will aim to provide a comprehensive roadmap for boosting Nigeria’s domestic investment climate, facilitate macroeconomic stability, restore international confidence and bolster the living standards of the citizens.
They are the Nigerian Investment Policy, 2023-2027 and the Trade Policy of Nigeria, 2023-2027.
“Specifically, the TPN addresses the prevailing challenges and promotes a competitive trade-enabling environment that brings Nigeria back to a sustainable path of economic growth and development,” the minister said.
“The scope of the NInP 2023-2027 includes the creation of enabling investment climate, expropriation and compensation laws as well as a dispute settlement mechanism, while TPN 2023-2027 encompasses trade support infrastructure, quality certification, conformity assessments and strategies to transform the Policy into concrete actions,” she explained.
“The NInP also describes the parameters for investing funds, identifies the investment preferences, tolerance for risk, constraints on investment portfolios and how the investment program will be managed and monitored.
“In summary, the two policy documents encapsulate investment promotion, investment facilitation, sustainable development and amplification of the prospects for cultivating international relations and global harmony.”
In a nod to the digitalization of the global economy and business space, the ministry is collaborating with the National Technology Development Agency (NITDA) on a draft National E-Commerce Policy and Strategy.
A final draft of the policy has been produced and is envisaged to “regulate and facilitate E-Commerce for the development and growth of trade in Nigeria,” said the minister.
“Aligning with the National Digital Economy Policy and Strategy and the e-Gov Master Plan, the draft National E-Commerce Policy and Strategy is expected to increase the visibility of Nigerian products and services for enhanced market access to take advantage of the implementation of the African Continental Free Trade Area (AfCFTA).
“The Policy which stipulates strategies for the overall E-Commerce administration in Nigeria, provides the basis for exploring increased access to products and services, export markets in Africa and beyond and sets protective mechanisms to shield consumers and suppliers from the dangers of online trading such as cyber fraud.”
When finalized and launched, the policy will “deepen digital transformation in the Industry, Trade and Investment Sector and improve E-Commerce diplomacy for repositioning, renegotiating and re-empowering Nigerian businesses to succeed on the African Continent and beyond,” the minister noted.
