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The National Council on Investment, Trade and Industry has issued eight key approvals to help promote and provide guidelines for the investment-trade-and-industry sector of the country’s economy.
The approvals were granted at the 15th meeting of the council in Katsina in the first week of November—and published in a communique issued at the end of its meeting.
It came after the council deliberated on some 112 memoranda submitted to its plenary session.
Among the eight approvals granted are:
- The inclusion of the certificate of acceptance as a statutory requirement for granting Capital allowance incentives to Companies operating in Nigeria and facilitating the signing of a Memorandum of Understanding between the Federal Inland Revenue Services and the Industrial Inspectorate Department, FMITI in this regard.
- The convening of a National Summit on the Revival of Moribund Industries in Nigeria to develop a practical and strategic Roadmap for reviving Moribund Industries.
- The immediate convening of stakeholders’ validation meeting in the Draft Policy for Nigeria on pulp and paper Industries.
- The collaboration with Kenaf Producing States to develop a Strategic Framework to attract Investment in the Jute bags Industry.
- The engagement with Chinese Authorities for inclusion of more Nigerian Agro Commodities on the Chinese Protocol lists.
- The expansion of the Implementation of the Export Mentorship Programme in Collaboration with relevant stakeholders.
- The promotional campaign on the patronage of Made-in-Nigeria products and services to encourage local capacity utilization, local content development and industrialization at the national and sub-national levels.
- The implementation of the ban on foreigners and their representatives from purchasing agricultural produce at the farmgate.
The council is the highest policy-making body for investment, trade and industry in the country.
Its latest meeting comes at a time the country is opening up to digitalizing its economy and the ITI space, considering the soaring growth of e-commerce and payment solutions that have eased payment collections for countless businesses, reduced the need for carrying physical cash and its attendant risks of attacks, and reduced transaction completion times.
Katsina governor Dikko Umaru Radda, declared the meeting open.
He noted that increased investment in the national economy will enhance industrialization, promote trade and generate employment for wealth creation and national development.
In a nod to the growing use of technology, Minister for Industry, Trade and Investment, Dr Doris Nkiruka Uzoka-Anite, delivered a keynote virtually from Riyadh, Saudi Arabia.
She also presided over the meeting as council-in-chair.
In her address, she said for the ITI sector to compete favourably in a rapidly technology-advancing world, it must reinvent itself through the adoption of technological tools and platforms such as e-commerce.
She informed the Council that the Ministry was in the process of developing a strategic blueprint to propel the country towards greater economic prosperity and sustained national development.
In attendance were Dr Evelyn N. Ngige, Permanent Secretary, Federal Ministry of Industry, Trade and Investment, who is the Secretary of the Council, Honourable Commissioners of State Ministries of Commerce, Industry, Trade and Investment and their Permanent Secretaries, Directors in the Federal Ministry of Industry, Trade and Investment, Chief Executive Officers of Agencies of the FMITI and other Federal Agencies, Officials of the Federal Ministry of Industry, Trade and Investment, Officials of State Ministries of Commerce, Industry, Trade and Investment, representatives of Ministries, Departments and Agencies, Security personnel, the media, the Organized Private Sector and other relevant Stakeholders.
The council put forward 16 key resolutions:
- The FMITI should develop a robust digital portal to provide a wider range of information and services including market intelligence, import and export trends, consumer preferences and Industry, Trade and Investment compliance issues.
- Governments through FMITI should develop a dedicated online platform or website that serves as a central hub for SMEs match-making through a user-friendly, accessible and mobile responsive interface.
- A specialized training programme should be instituted to offer affordable training and resources to SMEs on how to effectively use digital platforms to maximize retail and trading opportunities both locally and internationally.
- To improve information sharing and collaboration through the creation of dashboards for tracking projects and activities across the Industry, Trade and Investment Sector.
- To collaborate with relevant stakeholders in pursuance of the development of a robust digital ecosystem for the conduct of trade and trade-related activities.
- To equip the workforce in the Industry, Trade and Investment Sectors with skills required for the digital age to navigate digital platforms for promoting and conducting activities in the Industry, Trade and Investment Sector.
- To encourage and support Investments in the digital Sector to promote and facilitate economic development and citizen-focused wealth creation through Industry, Trade and Investment activities.
- To take necessary steps to align Nigeria’s trade policies with those of the ECOWAS and AFCFTA to ensure seamless Infra-African trade with Nigeria playing a leading role in the automation of trade business processes.
- To collaborate with relevant Agencies in the area of Cyber Security to ensure the safety of all transactions in the digital ecosystem both within the Country and beyond.
- To promote Research Development in Artificial Intelligence (AI), Machine Learning (ML) and other digital tools and platforms to drive digital trade facilitations in the context of modernization of trade processes and procedures.
- To develop a digital blueprint in the Industry, Trade and Investment Sector to grow the Sector to meet both national and global expectations for investment inflows.
- To ascertain and monitor trends and patterns of digital policies in the country and ensure that FMITI supports and enhances the performance of the Industry, Trade and Investment Sector to deliver on national economic growth and development.
- To engage the Federal Ministry of Communication and Digital Economy to play its critical role in promoting and enhancing e-commerce within the context of Nigeria’s Digitalization Agenda.
- To encourage and support MSMEs to link up with online platforms to access local and international markets to promote Made in Nigeria Goods and Services.
- To encourage State Governments and Private Sector Entities to take advantage of the Common Fund for Commodities to access Financial and Technical Assistance for the development of the Agricultural Commodities value chain.
- To advise States with the outbreak of ginger fungal disease to take necessary steps and measures to check the spread of the disease to other ginger-producing states in the country.
The approvals and resolutions coming out of the latest meeting of the National Council on Industry, Trade and Investment are expected to work alongside standing policies for the sector.
Two of the polices—the Nigerian Investment Policy, 2023-2027 and the Trade Policy of Nigeria, 2023-2027—have already been approved by the Federal Executive Council since May 2023.
For the next five years, they are 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, according to the minister.
The next meeting of the council is expected to hold in future at a date and venue to be communicated to members in due course.
