FG pledges reforms to tackle trade challenges, drive business growth in 2025

The Federal Government has pledged to address inflation, high interest rates, limited access to credit, trade facilitation and other key business challenges in 2025.

The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, made this commitment during a strategic engagement with the National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) on Friday.

She assured that the Federal Government would make 2025 a transformative year for businesses in the country with key reforms and actionable measures aimed at boosting trade, investment, and economic growth.

Oluwole said the government’s reforms will create an enabling environment for investment retention and foreign direct investment (FDI).

“We’ve talked about inflation, single-digit interest rates, and the need for financial inclusion for underserved businesses,” Oduwole noted.

Oduwole acknowledged the resilience of the private sector through challenging economic conditions in 2024, emphasising that collaboration and policy consistency would be central to driving growth in the coming year.

“2025 has to be impactful. We are committed to ensuring that businesses not only thrive but are seen to thrive. Starting from January, you will begin to see measurable changes,” she stated.

The Minister also highlighted the importance of diversifying Nigeria’s exports to include services, technology, and the creative sector.

She said NACCIMA is a key gateway for Nigerian businesses in terms of market access, stressing the need for compliance with trade agreements and prioritizing the implementation of trade policies to benefit local enterprises.

Oduwole reiterated President Bola Tinubu’s commitment to supporting businesses, stating, “NACCIMA is explicitly mentioned in my mandate, underscoring how seriously this administration takes your concerns.”

In his remarks, the President of NACCIMA, Dele Oye, called for tighter regulation of trade fairs to ensure quality standards and protect consumers from substandard goods.

He said the proliferation of unregulated trade fairs often introduces inferior goods into the market, undermining the integrity of the trade system.

Oye praised the Minister’s proactive engagement with the private sector, expressing optimism about the partnership’s potential to position Nigeria as a prime destination for FDI.

“The Federal Ministry of Industry, Trade, and Investment is our government access. This ministry has a full mandate over the private sector, and we are confident that, under Oduwole, we will achieve great strides,” he remarked.

Oye also urged members to remain hopeful about the future, noting that the government’sinitiatives would create opportunities and incentives to retain businesses and discourage emigration.

Oye emphasised the importance of ongoing collaboration to address market constraints, boost productivity, and enhance Nigeria’s global competitiveness.

“As January 2025 approaches, the NACCIMA and the government have pledged to work closely to implement reforms, ensure policy consistency, and create a business-friendly environment that fosters growth and prosperity for Nigerian businesses,” he assured.