By Abba Onyekachukwu, Abuja
The Federal Ministry of Industry, Trade and Investment (FMITI) has taken a significant step towards enhancing its operational efficiency by signing a Memorandum of Understanding (MoU) with the Aig-Imoukhuede Foundation.
This partnership aims to digitize the Ministry’s processes and operations, ultimately driving effectiveness and efficiency in the delivery of its mandates and services.
This was made available to media houses on Wednesday by the Information and Insights Unit, Office of the Honourable Minister of Information and National Orientation.
As part of its efforts to boost industrial growth, the Ministry is embarking on National Industrial Tours across the six geo-political zones.
These tours involve conducting on-the-ground assessments of Nigeria’s industrial landscape and gathering insights to fine-tune national industrial policies. The South West tour has already been concluded, with other regions scheduled to be visited throughout the year.
Furthermore, the Ministry has inaugurated the Industrial Revolution Work Group (IRWG), an elite task force comprising representatives from the Manufacturers Association of Nigeria, Organized Private Sector, and relevant stakeholders.
The IRWG is focused on reengineering the Nigeria Industrial Revolution Plan to accelerate industrial growth and development.
To accelerate Nigeria’s industrial transformation, the Ministry is driving several initiatives forward, by working closely with NAFDAC to review Packaging Label regulations, allowing for multilingual labeling that will boost international market access. Additionally, they are collaborating with the Central Bank of Nigeria (CBN) to review policies around repatriation of export proceeds.
New policies, according to the press statement are being formulated to reconstruct Nigeria’s Trademarks and Intellectual Property regulation and registry. This effort is being undertaken in conjunction with the Ministries of Justice, Art, Culture and Creative Economy, and Communications and Digital Economy, informing that Nigeria has been shortlisted to host the next IATF in 2027, with the National Theatre in Lagos proposed as the venue.
Winning the final bid could create over 10,000 jobs, offering a significant boost to the economy.
President Bola Tinubu’s foreign trips have yielded significant results, with over $50 billion in Foreign Direct Investment (FDI) commitments facilitated as of December 2024. The Ministry is now focused on tracking these commitments and working to support investors in overcoming any challenges.
Nigeria has also received several international recognitions. The African Union has designated Nigeria as the Champion of the AfCFTA Protocol on Digital Trade, as announced at the 38th Ordinary Session of the African Union Assembly of Heads of State and Government in February 2025.
Additionally, Nigeria’s Ambassador to the WTO has been appointed as the Chairperson of the Committee of Trade in Services Special Session, effective February 2025.
This appointment underscores Nigeria’s growing influence in global trade.
In another significant development, Nigeria has secured the hosting rights for the UAE’s premier Economic and Business Forum, Investopia, in 2025. This marks a historic milestone, as Nigeria becomes the first African country to host this prestigious forum. Progress is being made on the full deployment of the National Single Window (NSW), a centralized digital platform that will transform Nigeria’s cross-border trading system.
The NSW will enable importers and exporters to submit, process, and access trade-related documentation securely and transparently, making Nigeria globally competitive.
In other developments, Nigeria concluded its sixth WTO Trade Review in November 2024, addressing concerns over import restrictions, FX policies, and trade barriers. This review marked a significant step forward, as the last review took place in 2017. Nigeria has also been actively engaging with international partners.
In January 2025, the country hosted the AfCFTA Secretary General at a Roundtable in Abuja, focusing on trade in goods and services, and featuring top Nigerian FinTech innovators.
Furthermore, discussions are ongoing with the International Finance Corporation (IFC) to establish Nigeria’s carbon markets, unlocking sustainable financing for industrial growth.
Additionally, Nigeria is collaborating with the United Nations Industrial Development Organisation (UNIDO) to advance a Partnership for Industrial Acceleration, covering areas such as industrial policy and governance, special economic zones, and industrial clusters.
