Nigeria Has Secured $50.8bn Investment Deals — Trade Minister
The Minister of Industry, Trade and Investment, Jumoke Oduwole, says Nigeria has secured $50.8 billion in investment deals as of November 2024.
She made the disclosure when she presented the ministry’s achievements at a ministerial briefing in Abuja on Tuesday.
On trade, the minister said her ministry has positioned Nigeria as a key player under the African Continental Free Trade Area (AfCFTA) agreement and completed a World Trade Organisation (WTO) review.
She added that the ministry was working to remove bottlenecks hindering investment growth while leveraging collaboration with other key stakeholders.
The minister highlighted some reforms, investment inflows, and policy advancements as strides of her ministry.
One of the major reforms she outlined was the ministry’s establishment of an Industrial Revolution Work Group and a National Industry Tour as part of efforts to assess and revitalise Nigeria’s industrial landscape.
These achievements indicate progress in international trade engagement, Oduwole said, even as she highlighted technology and job creation with emphasis on youth participation in a tech-driven economy.
In a piece earlier in February, Oduwole said Africa’s digital trade and trade in services landscape has witnessed significant growth in recent years.
“Indeed, digital trade is transforming the continent’s economic landscape, creating new opportunities for real economic growth, productive job creation, and poverty reduction.
“This important shift has occurred as the African Continental Free Trade Area (AfCFTA) Agreement and its Protocols have begun to play a crucial role in increasing intra-African trade, driving economic growth and development across the continent.
“In particular, the AfCFTA Protocol on Digital Trade, the first of its kind in the world, and the Protocol on Trade in Services are critical game-changers at this pivotal moment, an inflection point in the continent’s journey.
“The AfCFTA is expected to increase intra-African trade from 18% in 2022 to 50% by 2030 (AfDB, 2022). Digital trade is a key part of this, with the internet economy projected to contribute 5.2% of Africa’s GDP by 2025 (Google and IFC, 2022).
“Already, Digital trade and trade in services are recognized as key drivers of Africa’s economic transformation, helping to diversify economies, increase competitiveness, and improve productivity (UNCTAD, 2022).
“The continent’s digital economy is projected to reach $180 billion by 2025, up from $115 billion in 2020, thus, contributing significantly to Africa’s GDP, creating new job opportunities, and expanding regional trade,” she stated.
