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Nigeria’s New Trade, Investment Policies To Further Attract  local, global manufacturers

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Nigeria has fine – tuned its trade and investment policies to further boost both local and foreign direct investments (fdi).

Dr. Evelyn Ngige, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI) discloses this during the
stakeholder’s sensitisation workshop in Abuja.

She said that the new policies which will be sustained for the next five years ( 2023 – 2027), have been approved for implementation by the Federal Government.

” The maiden Nigeria Investment Policy (NINP) and Trade Policy (NTP) documents marked the beginning of a new era in Nigeria’s investment climate of our country,” she said.

Represented by the Director, Policy, Planning, Research and Strategies in the ministry, Mr. Babagana Alkal,  the Permanent Secretary explained that the NInP focuses on three pillars,  namely:  investment promotion, investment facilitation, and sustainable development, with the objectives to develop the investment policy framework, especially fast-tracking the process of Nigeria’s economic diversification, improving investment

The policy also seeks to improve investors’ experience and confidence through ensuring compliance with global best practices, while generating inclusive domestic growth for employment generation and wealth creation.

On her part, the Director, Investment Promotion Department, Federal Ministry of Industry, Trade and Investment, Mrs. Gertrude Orji, said the approval came at a time when the country is making concerted efforts to achieve economic recovery and growth.

“You are all aware that before now, Nigeria did not have a single comprehensive document on Investment policy, all that was in place were Investment related laws and regulations of MDAs and agencies.

“In 2018, the immediate past Honourable Minister of Industry, Trade and Investment, having realized the need for the country to have a holistic and link-based Investment policy document, approved that the Department of Investment Promotion should develop a detailed and sustainable investment policy that will provide a comprehensive roadmap for boosting domestic, regional and international investment in Nigeria,” she said.

She also explained that the process of reviewing the 2002 Trade Policy of Nigeria began in 2011, having realized the need to align with the current trend of the global and domestic economy.

She said the workshop therefore seeks to sensitize stakeholders and the general public on these two policies and their implications for the trade and investment environment in Nigeria.

Also, Dr. Ezra Yakusak, the CEO , Nigerian Export Promotion Council (NEPC), told the  stakeholders that an effective investment policy plays a crucial role in promoting export growth by creating a conducive environment for both domestic and foreign direct investment (FDI).

He said these elements were critical catalysts that propels economic development which the new policy seeks to achieve.

He added, “We at the NEPC will support any policy or instrument that will positively change the trade trajectory of the nation and bring about foreign exchange earnings, job creation and economic diversification.”

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BUA Chairman Rabiu shares South Africa visa entry denial experience at Africa CEO Forum

Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.

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The founder and Chairman of BUA Group, Abdul Samad Rabiu, has recounted how he was denied entry into South Africa after his visa expired a day before his trip, while European travellers were reportedly allowed into the country without visas.

Rabiu shared the experience on Thursday while speaking on “Africa at Scale: Capital, Policy and the Architecture of Growth” at the ongoing Africa CEO Forum in Kigali, Rwanda.

He said that the incident occurred in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba conference.

He said that immigration officials stopped him on arrival after discovering that his visa had expired the previous day.

Rabiu explained that he and his team spent about four hours at the airport before he was eventually returned to Lagos.

“I take full responsibility because my visa had expired and my crew failed to notice it before the trip,” he said.

However, the businessman said that he became concerned after noticing that passengers arriving on multiple flights from Europe were allowed into South Africa without visas while he, as an African, was denied entry.

“While we were waiting at the immigration desk, there were about three international flights from Europe. Most of the passengers were Europeans, and they all entered Cape Town without visas,” he said.

Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.

“I did not have a problem with being returned because I had no valid visa. My issue was being an African in Africa and being denied entry, while foreigners from other continents were allowed in freely without visas,” he said.

He called for reforms in visa and immigration policies across the continent, stressing that Africa cannot achieve meaningful economic integration while Africans continue to face barriers moving within African countries.

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At Africa CEO Forum, President Tinubu Highlights “Partnerships That Moves Africa Forward”

“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.

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President Bola Ahmed Tinubu during a panel session at the ongoing Africa CEO Forum, called for “Partnership that can move Africa forward.”

He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.

“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” said President Tinubu.

He said that his administration’s policies were positioning Nigeria as an open and competitive destination for investment.

“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.

President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.

He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.

He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.

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Obi Meets UK Business Leaders, Advocates Stronger Support for MSMEs

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Presidential hopeful of the National Democratic Congress (NDC), Mr. Peter Obi, has reiterated the critical role of micro, small, and medium-sized enterprises (MSMEs) in driving Nigeria’s economic growth and reducing unemployment.

Obi made the remarks on Tuesday following a series of meetings in London with stakeholders in British politics and the business community, including Jonathan Marland, Chairman of the Commonwealth Enterprise and Investment Council (CWEIC).

According to Obi, discussions with Lord Marland focused on prospective trade opportunities, economic advancement, and strategies for promoting small businesses across Nigeria.

Drawing comparisons with rapidly developing economies such as China, Indonesia, and Vietnam, Obi stressed that sustainable economic growth and job creation can only be achieved through deliberate support for MSMEs.

The former Anambra State governor maintained that small businesses remain the backbone of the economy and called for stronger policies aimed at boosting development and creating employment opportunities, particularly in the agriculture and manufacturing sectors.

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