Dr. Jumoke Oduwole is the Minister of Trade and Investment in the Federal Ministry of Industry, Trade, and Investment of the Federal Republic of Nigeria. She holds an LL.B from the University of Lagos, an LL.M from Cambridge University, UK and a JSM and JSD from Stanford Law School USA, and is called to the Nigerian Bar. She has served in various leading capacities in both the Tinubu and Buhari-led administrations honing her expertise. In this interview, she speaks on ‘Road to Davos’, rebuilding trust to establish Nigeria as a leading destination for global investment.
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You are recognised as one of Nigeria’s leading reformers, what informs the initiatives you champion for national development?
My mandate is rooted in the vision to create an enabling environment for trade and investment that directly aligns with the aspirations of Mr President’s 8-point agenda as derived from our national development agenda. The initiatives I champion are informed by the need to transform Nigeria into a global leader in trade, industry and investment, focusing on long-term sustainable growth. This requires implementing reforms that address systemic challenges, foster an enabling environment for industries to thrive, and rebuild foreign investor trust. We are fostering a competitive, diversified, and resilient economy through enhanced collaboration between government agencies, the private sector, and global partners.
You have served in various leading capacities in the private and public sectors. How have these experiences impacted your role as the Honourable Minister of Trade and Investment?
The range of experiences I gained in the academia private and public sectors have been instrumental in shaping my approach to governance. In the private sector, as an investment and corporate banker I gained firsthand insight into the challenges businesses face, particularly in navigating complex regulatory frameworks and securing sustainable investment. This largely translated into my chosen areas of interest as a researcher and policy maker in the space of international economic law.
In the last 10 years in the public sector, I have been gratified to witness some of the impact derived from implementing important national reforms that improve regulations and promote good regulations while enhancing transparency and efficiency in public service delivery and the ease of doing business.
The balance between policy and practical execution is key, and my experiences have shaped my approach to ensuring that Nigeria’s trade policies are responsive to the needs of businesses, particularly in the face of rapidly changing global trends. I am focused on creating synergies that enable local entrepreneurs and foreign investors to thrive in a stable, efficient and transparent environment.
When you assumed office, you said your immediate priorities were to champion Nigerian businesses, foster an export-led economy; and attract sustainable investments, optimize trade policy for growth across sectors. How are you achieving this especially through ‘Road to Davos’?
The “Road to Davos” is central to these goals, as it helps position Nigeria as a prime investment destination early in the year. Through this outing, we are engaging key global stakeholders, showcasing the potential of investment opportunities in Nigeria, and demonstrating our government’s dedication to creating a business-friendly environment. My strategy is focused on positioning Nigeria as an export-driven and retention-oriented economy. Rebuilding the Trade and Investment Strategy and aligning the NationalTrade Policy with fiscal and monitory reforms for productivity and competitiveness has been key to promoting value-added exports, diversifying revenue streams, and boosting foreign exchange earnings. A major priority has been fully implementing the African Continental Free Trade Agreement (AfCFTA) protocols and accelerating digital trade to attract investment, address market competitiveness gaps and enable greater participation of Nigerian business in regional trade. By streamlining trade procedures and improving coordination among ministries and regulatory agencies, we are significantly enhancing access to regional and global markets, and fostering a more competitive trade ecosystem within Nigeria, regionally and internationally
Our primary goal is to build resilient and sustainable local economies that can create jobs and improve the livelihoods of millions of Nigerians, especially our youth and women. On the Road to Davos, we are spotlighting the potential for investors to achieve real social, environmental and economic returns by investing in high-potential sectors in Nigeria that create large scale employment and promote environmental stewardship. Near term, we are bullish on attracting investment into our thriving technology and services sectors, where we are competitive and can rapidly create export-led jobs for the youth. In the mid-term, our focus on regulatory reforms and trade facilitation enablers, such as the framework for Responsible, Inclusive, Balanced, and Sustainable (RIBS) Investments or the National Single Window, will ensure that we strengthen our local value chains, expand our industrial base and attract investment into sectors that deliver long-term growth with social and environmental benefits. Some priorities areas include climate-resilient agriculture, clean energy, and manufacturing.
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A core part of our work involves aligning reforms with the World Trade Organization (WTO) Trade Facilitation Agreement and negotiating Preferential Trade Agreements (PTAs) with key countries to unlock new market opportunities. We are also prioritizing Free Trade Zones to attract foreign direct investment and support export growth. Additionally, digital trade initiatives are improving the efficiency and transparency of our trade processes, making Nigeria more competitive globally.
In what ways is the government attracting Foreign Direct Investment from the global investment community?
Attracting Foreign Direct Investment (FDI) is a top priority for this administration, and we are implementing a multi-faceted approach to position Nigeria as a leading investment destination. We are actively creating a stable, transparent, and competitive investment environment through reforms that address the core concerns of foreign investors. These include improving regulatory frameworks, offering attractive incentives, and enhancing infrastructure. The focus on establishing more Free Trade Zones and Special Economic Zones (SEZs) is central to attracting Foreign Direct Investment (FDI), as these zones provide fiscal benefits and streamlined processes for investors. Additionally, we are aligning Nigeria’s legal and financial frameworks with international best practices to strengthen investor confidence. These efforts are designed to position Nigeria as a prime destination for investment across diverse sectors such as agriculture, technology, manufacturing, and renewable energy, ensuring sustainable economic growth and development.
What policies are in place to improve the Ease of Doing Business Index in Nigeria?
The Presidential Enabling Business Environment Council (PEBEC) has been at the forefront of driving impactful reforms to improve Nigeria’s Ease of Doing Business. Over 200 verifiable reforms have been implemented, including reducing bureaucratic bottlenecks, simplifying business registration processes, and enhancing access to finance. These efforts contributed to Nigeria’s remarkable 39-place leap in the World Bank’s Doing Business rankings and earned the country the prestigious Top 10 Global Reformer title twice in three years.
To address challenges at the state level, PEBEC launched the Subnational Intervention Programme in 2017, which includes initiatives like the 60-day National Action Plans (seven iterations from 2017 to 2022) and the 90-Day Regulatory Reform Accelerator introduced in February 2024. Tools such as the ReportGov.NG app and the Executive Order 001 tracking reports have provided measurable progress and accountability. These milestones were achieved through collaboration with over 50 MDAs, 17 Honourable Ministers, all 37 state governments, the judiciary, the legislature, and the private sector.
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As the Minister of Industry, Trade and Investment I am committed to building on this success. My focus will be to further streamline regulatory processes, enhance transparency through technology, and scale up the Subnational Intervention Programme across all 37 states. We will also develop targeted initiatives to improve access to finance for SMEs and foster a more competitive market. Through these continued reforms, we aim to solidify Nigeria’s position as a top destination for investment and ensure sustainable economic growth.
Are you impressed with the nation’s export growth? And what strategies is the Ministry putting in place to achieve economic stability.
While we have made significant strides, we continue to pursue new opportunities to diversify and grow our exports. The strategies we are putting in place involve leveraging the AfCFTA, which offers unprecedented access to 1.3 billion consumers across the continent. A key priority is diversifying Nigeria’s export base and reducing dependence on oil. We are promoting value-added exports by focusing on sectors such as agriculture, manufacturing, and creative industries, and are working to expand our presence in regional markets via the AfCFTA. Also, by fostering industrialization, supporting MSMEs, and enabling innovation, we aim to achieve long-term economic stability. This holistic approach will strengthen our export infrastructure, create jobs, and drive sustainable economic growth for Nigeria.
Women are key drivers of economic growth, how are you impacting them, especially with policies that enable them to thrive in trade and investment?
Women are not just drivers of economic growth, we play a pivotal role in improving development outcomes in communities – Women in Africa reinvest 90% of their income into their communities but face an enormous funding gap. It is imperative that we enable women fully participate in the economy to realize our true potential. This is why I am deeply committed to creating policies that enable increased access to affordable finance and increased access to markets for women. It is astonishing that only 20% of exporting companies globally are women-led or owned. We are implementing gender-responsive trade policies that reduce barriers for women in cross-border trade, including simplified customs procedures and digital platforms that allow for easier market access. Through targeted initiatives like HerAfCFTA, we are connecting women-led businesses to regional and global markets under the African Continental Free Trade Area (AfCFTA). This includes providing capacity-building programs and financing tailored to their needs to ensure they meet export standards and scale their businesses internationally. We are also increasing investments into women-led, and MSME-driven enterprises across priority sector like agriculture, technology, and manufacturing.
What is the Ministry’s roadmap to driving more impactful reforms and sustainable economic growth for Nigeria in 2025?
Our roadmap for 2025 is focused on reinforcing Nigeria’s position as a leading global player in trade and investment. This involves creating a more attractive environment for foreign direct investment, fostering value-added industrial growth, and expanding non-oil exports. Key areas of focus will include implementing robust incentive frameworks to retain and attract investment, supporting MSMEs, and facilitating increased access to digital technologies. We are also committed to strengthening Nigeria’s capital markets, expanding export categories, and positioning the country to take full advantage of the AfCFTA. By working with other government agencies and the private sector, we aim to build a competitive, resilient, and diversified economy.
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What were the major challenges in the Nigerian Industry and Trade sector from the outgoing, and what measures are being taken to address them?
We are actively addressing challenges such as regulatory inefficiency and infrastructure gaps with innovative solutions that will ensure a more favorable business climate. Our goal is to streamline the regulatory frameworks, simplify business registration processes, digitize key services, and ensure better coordination between governmental bodies. The establishment of Free Trade Zones and Special Economic Zones is another key measure to stimulate investment, offering targeted incentives and better infrastructure. We also recognize the need for robust trade facilitation systems and have implemented policies to streamline export processes. Lastly, we are working to ensure that the financial ecosystem is more inclusive, providing SMEs and businesses with access to the resources they need to grow and compete on a global scale.
The Federal Ministry of Industry, Trade, and Investment (FMITI) is streamlining regulatory frameworks, simplifying business registration processes, and enhancing transparency through digital platforms. The government promotes non-oil exports by expanding export incentive programs, supporting MSMEs in export sectors, and leveraging the African Continental Free Trade Area (AfCFTA) to increase market access and diversify export offerings.
There are concentrated efforts to restore investor confidence, including enhancing coordination across government agencies to provide a stable business environment.
What is your key message especially to Nigerian women?
My key message to Nigerian women is one of empowerment, resilience, and limitless potential. Nigeria’s future is intricately tied to the progress of its women, and I believe that when women are given equal opportunities, they can drive transformative change in every sector. You are a priority and the government is committed to creating an environment where your talents, innovations, and entrepreneurial spirit can thrive. We are working to remove barriers and ensure that women can fully participate in trade and investment. Your success is not just personal—it’s a victory for all of us, contributing to the advancement of our society and the realization of a more inclusive and prosperous Nigeria.
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