Business

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

Published

3 years ago

July 14, 2023

416 Views

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.”

Related Topics:FDI Manufacturers Trade and Investment Policies

Up Next

Emirates Begins Charter Flights For Travellers To GCC Destinations

Don't Miss

NCAA Suspends Max Air Domestic Flights Indefinitely

Click to comment

Business

Emmanuel Nnorom takes over as UBA Chairman

” I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”

Published

10 hours ago

July 6, 2026

OCHEFA

31 Views

• Emmanuel Nnorom, incoming board chairman , and the outgoing Chairman, United Bank for Africa Plc, Tony Elumelu…Photo Credit: Tony Elumelu

United Bank for Africa Plc has announced that Mr. Tony O. Elumelu, Group Chairman of UBA, will retire from the Board of Directors of UBA on 21 August 2026.

Alero Ladipo Group Head, Marketing and Corporate Communications United Bank for Africa Plc, said that Elumelu was retiring

upon the completion of the 12-year tenure limit prescribed for Non-Executive Directors of Banks by the Central Bank of Nigeria.

At its meeting held on 6 July 2026, the Board accepted Mr. Elumelu’s retirement and elected Mr. Emmanuel N. Nnorom, a Non-Executive Director of the Bank, as his successor, with effect from 21 August 2026.

The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.

Mr. Elumelu’s tenure has been a defining chapter in the Group’s history. Under his stewardship, UBA was transformed into a pan African institution, operating in 20 African countries and 4 global financial centres and serving over 50 million customers.

Mr. Nnorom is a chartered accountant with over forty years’ experience in banking, finance and audit. He brings to the role extensive leadership experience and deep institutional knowledge of UBA.

Commenting on his retirement, Mr. Tony O. Elumelu:

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”

Mr. Emmanuel N. Nnorom, on his appointment, said:

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”

United Bank for Africa Plc is Africa’s Global Bank. Operating across twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 50 million customers globally.

Business

Dangote Cement targets 20% emissions cut by 2030

“By 2027, all fleet trucks operating in Nigeria, except at the Gboko plant, will run on Compressed Natural Gas (CNG), with electric trucks scheduled for introduction in 2026.”

Published

15 hours ago

July 6, 2026

OCHEFA

32 Views

Dangote Cement Plc has unveiled a sustainability roadmap aimed at reducing its carbon emissions by 20 percent and expanding its installed production capacity to 80 million tonnes per annum (MTPA) by 2030.

The plans were announced during the company’s 17th Annual General Meeting (AGM) in Lagos, where Chairman, Emmanuel Ikazoboh, presented the 2025 Sustainability Scorecard to shareholders and reaffirmed the company’s commitment to embedding environmental, social and governance (ESG) principles at the core of its operations in line with Dangote Industries Limited’s Vision 2030.

Ikazoboh said sustainability had evolved from a compliance obligation into a central business strategy designed to drive growth, resilience and long-term value creation.

As part of its decarbonisation agenda, the company disclosed that it approved plans in 2024 to reduce its net carbon dioxide (CO₂) emissions intensity by 20 percent while accelerating the transition to cleaner transportation.

He said, “By 2027, all fleet trucks operating in Nigeria, except at the Gboko plant, will run on Compressed Natural Gas (CNG), with electric trucks scheduled for introduction in 2026.”

Business

Dangote exports N757bn jet fuel to Europe in June

The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.

Published

18 hours ago

July 6, 2026

OCHEFA

40 Views

Latest data from the S&P Global Commodity Insights, indicates that Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757 billion.

According to the market report, the refinery’s exports came as the European jet fuel market turned increasingly bearish following a sharp decline in prices from the highs recorded during the Middle East conflict.

The June export volume is equivalent to about 582.5 million litres of jet fuel. At an estimated domestic value of N1,300 per litre, the shipment is worth about N757.25 billion.

On the other hand, aviation fuel exports from the United States fell sharply in the past months.

The report showed that jet fuel exports from the United States to Europe declined steadily over the same period, falling from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and further to 399,000 metric tonnes in June, leaving Nigeria as a bigger supplier to Europe during the month.