The Federal Government has restated its dedication to lowering the cost of transporting goods and services by air, land, and sea, aiming to boost production and improve trade efficiency.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, shared this during a ministerial press briefing in Abuja on Tuesday, organised by the Ministry of Information and Cultural Orientation.
“We are working on establishing direct cargo freight routes across Africa to benefit Nigerian traders, as they play a major role in commerce. This initiative is designed to connect them more effectively,” she stated.
Oduwole pointed out that one of the ministry’s priorities is to cut cargo transportation expenses, making trade more cost-effective.
“With the measures in place, production costs are gradually decreasing, and we are committed to further strengthening our economy,” she added.
She also emphasised the ministry’s collaboration with Independent Power Producers (IPPs) to improve electricity supply, noting that reliable power is crucial for economic expansion.
“This partnership with the private sector is expected to significantly enhance electricity availability, which will drive economic growth,” she said.
Regarding trade facilitation, Oduwole highlighted ongoing efforts to refine tariff structures and simplify cross-border financial transactions.
She mentioned that the ministry was working closely with the Nigeria Customs Service and Nigeria Immigration Service to streamline trade regulations and processes.
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She underscored the need to attract more investors by ensuring a business-friendly environment.
“That’s why we continue engaging with both the fiscal and monetary arms of government. Our objective is to support trade and industry by implementing policies that foster business growth and economic development,” she explained.
Oduwole also revealed that the ministry is collaborating with over 50 federal agencies to enhance business operations and increase transparency.
“My team and I are focused on making processes more straightforward and ensuring greater transparency, which remains a top priority.
“We constantly seek innovative ways to prevent unintended policy consequences and create a favourable environment for businesses and traders,” she said.
She further noted that Nigerian businesses were already expanding across Africa, outpacing some government-led initiatives.
To realise its objectives, the ministry is working closely with key government ministries, including Agriculture and Food Security, Arts, Culture, Tourism and Creative Economy, and Communication, Innovation and Digital Economy.
“Through these strategic partnerships, we aim to foster an environment where trade, industry, and investment can flourish within Nigeria’s economy,” Oduwole concluded.