Nigeria: Trade ministry develops roadmap to increase foreign investment, international trade

The Ministry of Industry, Trade and Investment says it is developing a strategic plan that will serve as a roadmap for increased foreign investment and International trade in Nigeria.

The Permanent Secretary of the ministry, Dr Evelyn Ngige, in a statement in Abuja, said this at a special retreat on the all-important Ministry’s Strategic Plan in Abuja.

According to Ngige, the strategic plan will serve as a roadmap to ensure the collective objectives of the ministry and its parastatals.

She said the plan was geared toward achieving the objectives of the government as streamlined in the National Development Plan.

The permanent secretary said the objective of the retreat was to create a conducive platform for top management of the ministry and its parastatals.

She said that the idea was to discuss, brainstorm and provide input into the draft Strategic Plan of the ministry for five years, from 2023 to 2027.

The permanent secretary said they were meant to also come up with strategies for achieving the set targets.

“As a ministry, we have a crucial role to play in the economic development of our country, through the ministry and we must ensure that our plans align with the current National Development Plan.

“The ministry’s strategic plan will promote inter-Agency-Department collaboration and synergies through joint programmes and activities that will foster efficiency in achieving sectoral mandates.

“The National Development Plan (NDP 2021 – 2025) is the highest priority of the Federal Government which seeks to unlock all constraints to ensure that inclusive and sustainable economic growth is enhanced.’’

According to her, this will generate employment and reduce poverty as the Federal Civil Service Strategy and Implementation Plan (FCSIP 2021-2025).

She said that it would also to reposition the Nigeria Federal Civil Service as an effective machinery of government for improved service delivery.

“The role of government will go beyond normal provision of enabling environment to include qualitative participation of vital sectors of the economy that will open opportunities for the private sector to be a major engine of growth,’’ she said.

According to Ngige, the strategic plan will among other things, address several subsisting development challenges in the country.

She listed the challenges to include low and fragile economic growth, insecurity, weak institutions, insufficient public service delivery, notable infrastructure deficits, climate change and weak social indicators.

Ngige said it would seek to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment and improve on social indicators and living conditions.

The official said that the Strategic plan was designed to guide stakeholders in achieving the mandate of promoting economic growth and development in Nigeria.

According to her, this will be done through industrialisation, trade and investment aimed at creating an enabling environment for businesses to thrive, attract foreign investments, and develop the manufacturing and service sectors.

The permanent secretary urged participants at the retreat to keenly employ their experiences and expertise on the draft strategic plan that would guarantee the achievement of the Ministry’s Vision to promote economic growth, create jobs and generate wealth.

She also urged them to jointly identify and set goals for consolidation in the 2023 – 2027 Strategic Plan by determining the roles and contributions of respective Departments and Parastatals to the attainment of the set goals.

Earlier, the Director Policy Planning Research and Statistics Department in the Ministry, Alhaji Babagana Alkali expressed optimism that the participants would key into the plan.

The director said that revalidation retreat would hold in the Southern and Northern zones for inputs from stakeholders before the final adoption of the Strategic Plan document.