Minister of Industry, Trade, and Investment, Jumoke Oduwole, has stated that the federal government is committed to providing local investors with the necessary support to help businesses thrive.
Oduwole stated this on Wednesday after touring the electric assembly vehicle plant by Saglev in Lagos.
She said the government will ensure the trade facilitation process is easy for investors, even as it is an important aspect of developing any economy.
Oduwole said the Nigeria First policy of President Bola Ahmed Tinubu is committed to supporting investors, exactly like the demographic found at the assembling plant.
She said that this administration, from industrial policy to trade policy to investment policy, is focused on Nigerian investors and prioritising their needs so they can thrive.
She said: “This is my first time in this capacity, visiting an EV plant just to see the dexterity, the range of products available. This is affordable, this is sustainable, this is what can really jumpstart our transportation, logistics, and businesses.
“So from a business perspective, the affordable vehicles under 20 million naira. There are also credit opportunities, and that’s another thing that young Nigerians can look at. We talked about the transportation business, Uber drivers, Bolt and how they can lease vehicles like this, and they have the track record through technology to prove to their banks.”
She said these are vehicles that use like 80 per cent less power. “I got the statistics from the chairman, and it’s really what can take Nigeria to the next level, what can help productivity with projects like our coastal road. You know what that’s going to mean as a multiplier effect for the Nigerian economy. I’m excited to see the opportunity of this supply for the demand that is the Nigerian economy.”
Speaking on trade facilitation, she noted that it is an important aspect of developing any economy.
She said, “We import, we also are leading in exports, particularly to the rest of Africa, and so with trade facilitation, we continue to work.
“Now we have the technical partner online in-country, Crimson Logic, the best in the world, a Singaporean firm, partnering with the Nigerian ecosystem to deliver a national single window, which is a digital public infrastructure that increases trade facilitation. By Q1 of 2026, you can expect even more improvements in trade facilitation, and this is ongoing work. As you know, I worked on the ease of doing business for nine years before being appointed as Minister of Industrial Trade and Investment.
In his remarks, Dr Sam Faleye, Chief Executive Officer of SAGLEV, stated that the assembling plant can assemble 2,500 electric vehicles per annum, adding that the company still faces challenges in importing parts into the country.
He said, “I am not a critic of the government because I just don’t do it if it’s not productive. I want to focus on the positives, so the government is indeed making significant changes. The importation picture is slowly changing the problem.”
