Nigeria’s National Council Pushes for Economic Diversification Through Industry, Trade, and Investment
Stakeholders Commit to Unified Strategy for Economic Growth
Key stakeholders at the 16th meeting of the National Council on Industry, Trade and Investment have pledged to reposition Nigeria’s economy through coordinated industrial, trade, and investment strategies. The council emphasized the need for a unified approach to drive sustainable economic growth.
Minister Calls for Transition from Mono-Product Economy
Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment (FMITI), stressed the urgency of transforming Nigeria’s mono-product economy during the Executive Session in Lagos. She highlighted the importance of sustainable industrial growth, technological innovation, and inclusive investment policies.
“Our aim is to transition from dependence on a single commodity to building a resilient, productive, and diversified economy,” Oduwole stated. “This requires coordination at every level—federal, state, and local—to enable industrial clusters, unlock capital for MSMEs, and support technology-driven trade solutions.”
Key Focus Areas for Economic Transformation
The minister outlined ongoing efforts to reform investment policies, support digital trade under the AfCFTA, and empower young talent through global linkages. She emphasized moving from resolutions to actionable implementation, praising Lagos State as a model for effective policy execution.
State Minister Advocates for Tangible Outcomes
Senator John Owan Enoh, Minister of State for Industry, Trade and Investment, stressed the need for concrete results from council decisions. “This meeting must go beyond rhetoric,” he asserted. “Our sector is key to reversing Nigeria’s economic vulnerabilities and must lead the charge in moving from raw materials to finished goods.”
Enoh announced the formation of the Industrial Revolution Work Group (IRWG), co-chaired by the President of the Manufacturers Association of Nigeria (MAN), to address industrial barriers. He also highlighted the importance of private sector partnerships and initiatives like the “Nigerian First Policy.”
Lagos State Pledges Support for National Agenda
Governor Babajide Sanwo-Olu, represented by Dr. Aina Olugbemiga Ayola, endorsed the council’s theme and reaffirmed Lagos State’s commitment to leveraging its industrial assets for national economic transformation. The governor promised continued collaboration to achieve sustainable growth.
Council Reviews 75 Memoranda for Action
Amb. Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, reported that the council reviewed 75 memoranda—31 deemed actionable—across critical sectors. Discussions covered finance access, digital inclusion, manufacturing clusters, and trade facilitation.