Onwuka Nzeshi 
The Federal Government yesterday disclosed that it had secured a whooping sum of $30 billion commitment from a foreign corporate entity willing to invest in Nigeria, with potentials to create jobs and boost productivity in the country. Minister of Industry, Trade and Investments, Dr. Doris Uzoka-Anite, who disclosed this at a media briefing in Abuja, said the fund had already arrived Nigeria and was not a mere pledge. Uzoka-Anite also disclosed that part of the investment will come in the form of equipment while the rest will come in terms of finance. This is in addition to the $14 billion worth of FDI flow from India which was secured on the sidelines of the G20 Summit held in India.
The minister said that since the inception of the President Bola Tinubu’s administration, Nigeria’s bilateral engagements have been fruitful and have led to significant investments in the country. Uzoka-Anite said that since the G29 Summit, the Confederation of Indian Industries has been visiting Nigeria to further explore identified investment op- portunities, just as there has been an engagement with Germany, Netherlands, UAE, South Africa, and others to open up avenues for investment and the establishment of joint regulatory protocols. She said: “Recently, we signed a MoU on Enhanced Trade in Partnership (ETIP) with the Unit- ed Kingdom, where we have extensively discussed the issue of joint regulatory protocols.
“This has culminated in the signing of the Enhanced Trade and Investment Partnership Agreement. “This agreement facilitates smoother trade processes, allowing Nigerian businesses to export more goods to the UK. “It also provides capacity building and sensitisation for Nigerian exporters on how to benefit from the UK Developing Countries Trading Scheme (DCTS), which enables Nigerian exporters to export up to 3000 different agricultural products to the UK with beneficial terms.” Uzoka-Anite said the government has also re-launched the Nigerian Trade Policy 2023-2027, which is geared at stimulating the domestic economy by connecting Nigerian SME’s to the global value chain thereby ensuring that Nigerian businesses have the capacity to be globally competitive.
She added: “In furtherance of ensuring this global competitiveness, we are currently negotiating our accession into the Africa Continental Free Trade Area (AFCFTA) Agreement, which is posited to be the largest free trade area in the world, with a combined GDP of $3.4 trillion and access to a market of over 1.3 billion people spread across 54 member states of the African Union. “Recently, I was at the 13th AFCFTA Trade Minister’s meeting where we are actively negotiating Nigeria’s unique position on several crucial matters bordering on digital trade, safeguarding against illegal transshipment under the AFCFTA and tariff lines in specific sectors of the Nigerian economy.
“The successful implementation of the AFCFTA is expected to lead to diversification of exports, improved market access, enhanced trade opportunities and increased foreign direct investment.” Furthermore, under the Presidential Council, we are implementing several initiatives to reform the commodity trading landscape and also NCX’s operations and performance. These reforms, she said, will create a future where the hard work of farmers and miners translates into equitable opportunities in national and international markets, contribute to minimising food inflation, enhance solid mineral and agricultural production and exports, boost private sector investment in the agricultural value chain, and foster economic empowerment among small hold farmers and miners.”
Uzoka-Anite also disclosed that her ministry is set to launch the National Trade Intelligence Unit in collaboration with other MDAs such as the Federal Ministry of Communications, Innovation, and Digital Economy, the Nigerian Customs Services, Ministry of Marine and Blue Economy, and the Central Bank of Nigeria. The Trade Intelligence Unit, she said, will be the National Coordinator and focal point for all trade related data and information in Nigeria.
