By VIVIAN EMONI

The Federal Government has expressed determination to prioritise economic diversification, trade expansion and investment mobilisation to achieve measurable economic gains in 2026.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole,

disclosed this at a management retreat for directors, directors-general, and chief executives of agencies under the ministry on Monday in Abuja.

The retreat, themed ‘From Policy to Performance: Driving Industrial Growth, Trade Expansion and Investment Outcomes’, was organised to review the implementation of the Nigeria Industrial Policy (NIP).

Oduwole said the objective of the retreat was to review the NIP’s implementation and ensure accountability, noting that past efforts had struggled during the execution phase.

She said the NIP, unveiled by President Bola Tinubu, is Nigeria’s first comprehensive industrial framework aimed at re-engineering the country’s manufacturing base.

According to the minister, the immediate responsibility of the ministry is to translate policy direction into tangible results through stronger implementation, collaboration and performance monitoring.

She noted that Nigeria recorded significant achievements in 2025 when trade, investment and industrial policies were aligned toward common national objectives.

“Total capital importation reached about 21 billion dollars within the first 10 months of 2025.

“Non-oil exports exceeded 6.1 billion dollars during the period, reflecting growing diversification efforts, while intra-African trade reached approximately N4.82 trillion in the first half of 2025.”

Oduwole said more than 115,000 Micro, Small and Medium Enterprises (MSMEs) accessed grants, loans and trade finance through government interventions were delivered via the Bank of Industry, NEXIM Bank and the Nigerian Export Promotion Council.

She noted that Nigeria produced Africa’s first comprehensive five-year review of the African Continental Free Trade Area (AfCFTA) implementation.

According to her, progress has continued in 2026 through expanded export connectivity and stronger implementation of the AfCFTA.

“Investment facilitation has improved, while intellectual property reforms and support for exporters and manufacturers have been strengthened,” she said.

The minister said ongoing trade and investment agreements would open new markets, attract capital and strengthen Nigeria’s position in global value chains.

She added that the ministry’s 2026 outlook would focus on industrial growth, trade expansion, investment mobilisation and increased non-oil exports.

“All programmes and partnerships must translate into sustainable jobs, business growth and shared prosperity for Nigerians,” she added.

The Minister of State for Industry, Sen. John Enoh, said the NIP recognised that challenges vary across sectors, requiring tailored solutions for industries such as fertiliser production, rice processing and manufacturing.

He said implementation of the policy began with creating awareness and ownership among ministries, agencies, businesses, investors, manufacturers and sub-national governments.

“The ministry has intensified sensitisation efforts, including engagements with stakeholders and presentations to national decision-making bodies to promote understanding of the policy,” he said.

“Effective implementation also requires the alignment of programmes and priorities across sectors to ensure all activities support the objectives of the NIP. Trade, investment, local content development, skills acquisition, energy and infrastructure initiatives must operate within a coordinated national industrial agenda.

“Accountability is essential, with implementation matrices regularly reviewed through data tracking, monitoring and reporting mechanisms.

”The policy calls for institutionalisation through a dedicated secretariat to coordinate implementation, reporting, stakeholder engagement and compliance by responsible institutions.”

Enoh emphasised that industrialisation remained critical to economic transformation, wealth creation and reducing dependence on natural resources for national prosperity.

“While the policy framework and implementation structures are in place, success depends on sustained execution, stronger coordination and delivering measurable benefits to ordinary Nigerians,” he said.

Dr Reuben Bamidele, National Programme Officer, UNIDO, who represented Amb. Philbert Johnson, Country Representative of UNIDO, said weak coordination between trade and industrial policies had slowed sustainable growth.

He emphasised that effective implementation and stronger linkages across sectors were critical to achieving Nigeria’s economic transformation and long-term industrial development goals, and called for stronger collaboration to drive inclusive industrialisation and investment.

The Permanent Secretary of the ministry, Dr Chris Isokpunwu, said the retreat would enable stakeholders to review the NIP, assess progress, identify challenges and develop practical solutions.

Director and Clerk to the Senate Committee on Industry, Mr Femi Ajibabi, reaffirmed legislative support for initiatives promoting industrial development, innovation, competitiveness and private sector participation. (NAN)

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