The Federal Government has reaffirmed its commitment to improving the business environment, simplifying trade processes and attracting investment to strengthen domestic production and expand Nigerian businesses’ access to regional and global markets.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, stated this at the opening of the 21st Abuja International Trade Fair, organised by the Abuja Chamber of Commerce and Industry (ACCI).
Speaking on the theme, “Resilience, Trade, Taxation and the Economy,” Oduwole said the government was working to improve infrastructure, reduce unnecessary trade barriers and create an enabling environment for businesses to grow.
“Government’s role is to create an enabling environment. The private sector must remain the engine of growth,” she said.
The minister said the government would continue engaging businesses, identifying operational challenges and working with private-sector stakeholders and development partners to address barriers to trade and investment.
She added that efforts were also focused on improving access to finance, standards, technology, information and markets, particularly for micro, small and medium enterprises (MSMEs).
Oduwole highlighted the opportunities presented by the African Continental Free Trade Area (AfCFTA), urging Nigerian businesses to expand beyond the domestic market and position themselves to compete across Africa.
She, however, emphasised the need for businesses to improve their competitiveness, meet required standards and strengthen their capacity to move goods and services efficiently to benefit from regional trade opportunities.
The minister also identified initiatives such as the National Single Window and trade exhibitions as part of the government’s efforts to facilitate commerce and connect Nigerian enterprises with wider markets.
She urged exhibitors to use the trade fair to establish partnerships, meet potential buyers and distributors, explore export opportunities and understand the standards required to access new markets.
According to her, the government is committed to attracting investments that strengthen domestic production, deepen value chains, create employment, facilitate technology transfer and improve the competitiveness of Nigerian businesses.
Earlier, the President of ACCI, Emeka Obegolu, said Nigerian businesses continued to face challenges, including inflation, exchange rate volatility, inadequate infrastructure, high operating costs and changing regulatory requirements.
Despite these constraints, he noted that businesses had continued to adapt, invest, create jobs and explore new markets.
Obegolu called for reduced multiple taxation, improved infrastructure, affordable financing and stronger support for local manufacturing and export-oriented enterprises.
He disclosed that the 21st Abuja International Trade Fair was expected to feature more than 500 exhibitors, showcase over 10,000 products, services and solutions, and attract nearly 100,000 visitors over its 12-day-plus duration.
The ACCI president said the fair was designed to facilitate business-to-business and business-to-government engagements, investment networking, policy discussions, product exhibitions and consumer interactions.
He also encouraged international partners and members of the diplomatic community to consider Nigeria as a destination for production and investment, beyond its position as a major consumer market.
The trade fair provides a platform for businesses, investors, policymakers and international partners to explore commercial opportunities, build partnerships and discuss measures to improve Nigeria’s trade and investment environment.