Trade Ministry vows to tackle regulatory bottlenecks to boost exports

Exporters Urged to Harness Nigeria’s Economic Potential

The Federal Ministry of Industry, Trade, and Investment has pledged to systematically address regulatory and bureaucratic challenges hindering Nigeria’s export sector.

This commitment was reiterated by the Minister, Dr. Jumoke Oduwole, during a ministerial export consultation held in Lagos yesterday, where she lauded the efforts of the top 100 exporters for their contributions to the nation’s economic growth.

Oduwole emphasised the critical role of exports in driving economic development, creating employment, and increasing foreign exchange earnings.

She called for greater collaboration among government agencies and exporters to accelerate the economy’s progress.

“Please encourage the Nigerian economy. The reforms may have been tough, but we are already turning the corner. Together, we can make this economy work,” she said.

The minister assured exporters that the government is committed to creating an enabling environment to foster export growth.

“We’re determined to address the well-known regulatory and bureaucratic challenges systematically,” she said, adding that the ministry’s support extends beyond goods and commodities to services.

Highlighting the potential of Nigeria’s youth in digital trade, she said Nigerian exporters of services, especially in digital trade, are poised to make Nigeria a dominant force globally.

She said these opportunities will allow our youth to earn foreign exchange while living in Nigeria.

Oduwole also announced plans to reinvigorate the nation’s Commodities Exchange, stressing that the collective efforts of all stakeholders are essential to achieving economic transformation.

The Permanent Secretary at the Ministry of Industry, Trade and Investment, Nura Abba Rimi, echoed the minister’s sentiments, describing the consultation as a significant step in enhancing Nigeria’s export competitiveness.

“This gathering underscores our commitment to fostering inclusive engagement with stakeholders to advance Nigeria’s economic diversification agenda and expand our export capacity,” Rimi said.

He outlined the ministry’s focus on addressing market access challenges, regulatory bottlenecks, and infrastructural constraints, aligning policies with global best practices.

“Through this consultation, we aim to provide actionable guidance to exporters and establish a collaborative framework to unlock Nigeria’s export potential,” he added.

The Comptroller-General of the Nigerian Customs Service (NCS), Bashir Adeniyi, also addressed the gathering, urging exporters to sustain their momentum in driving economic growth.

Adeniyi said exporters have played a pivotal role in the slight GDP increase from 3.9 per cent to 4.2 per cent.

Adeniyi attributed this progress to their resilience, pledging the NCS’s support in tackling challenges within the sector, ensuring seamless export processes.