Doris Nkiruka Uzoka-Anite, Nigeria’s Minister of Industry, Trade, and Investment, insists that Chief Bola Tinubu’s policies are restoring investor confidence. In an exclusive interview, she highlighted key achievements and the administration’s vision to create 50 million jobs in eight years.
“Our vision aligns with Chief Tinubu’s goal of creating 50 million jobs,” Uzoka-Anite said. “We are formulating policies and strategies to achieve this. For industries to thrive, we need investments and enabling trade policies.”
Uzoka-Anite claimed that they have secured investment commitments of at least $30 billion, with more investors showing interest. “Nigeria is blessed with vast natural and human resources. Investors are excited about the potential, and we are creating an enabling environment for them.”
The minister emphasized the importance of facilitating bilateral trade agreements to make Nigeria more of an exporting country. “We are diversifying away from exporting raw materials to value-added products,” she explained. “This makes us more competitive and increases our earnings.”
The ministry has received support from the World Trade Organization (WTO) for digital trade and trade intelligence. “With WTO’s support, we are developing e-commerce strategies for SMEs and reducing non-tariff barriers to trade,” she said. “We launched the enhanced Nigerian Trade Facilitation Committee to remove barriers and improve market access.”
Uzoka-Anite mentioned efforts to revitalize industries, particularly in the automotive sector and the cotton, textile, and garment value chains. “We want to produce our own cars. We have the raw materials and skills,” she stated. “We brought car manufacturers and suppliers together to sign an MOU. By December, we aim to produce our first vehicle, even if it’s a Keke NAPEP.”
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She acknowledged the difficult economic conditions when the administration took office. “The economy was in bad shape. The PMS subsidy and multiple exchange rates were major concerns. Chief Tinubu removed the PMS subsidy and unified the exchange rate to boost investor confidence.”
The minister credited Tinubu’s international engagements for reassuring investors. “Chief Tinubu traveled worldwide, assuring major countries and allies of Nigeria’s reforms. This yielded positive results. Prices of goods are coming down, FX is stabilizing, and the monetary policy is sanitizing the banking sector.”
Despite the economic challenges, Uzoka-Anite remains optimistic. “We have already attracted about $30 billion in investment commitments. We also launched the Nigeria Diaspora Fund to attract more investments from Nigerians abroad and other institutional investors.”
Addressing bureaucratic bottlenecks, she said, “We have digitized the Corporate Affairs Commission processes, providing a 24-hour online registration platform. We are also working to remove barriers to trade and improve market access.”
Uzoka-Anite highlighted Lagos’s infrastructure and investment potential. “Lagos has legacy investments and needs more attention to ease doing business. The main issue is the traffic gridlock.”
On the economy being import-driven, she explained, “High costs of doing business and lack of infrastructure make imports cheaper. We are identifying and removing these bottlenecks to make our products more competitive.”
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