Stakeholders at the 16th meeting of the National Council on Industry, Trade and Investment have resolved, through a shared commitment, to reposition Nigeria’s economic climate through coordinated industrial, trade, and investment strategies.

Speaking at the Executive Session of the council in Lagos, Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment (FMITI), emphasised the urgent need to transform the country’s mono-product economy through sustainable industrial growth, technological innovation, and inclusive investment policies.

The theme of the meeting was “Accelerating Diversification by Leveraging Industry, Trade and Investment for Shared Prosperity.”

“Our aim is to transition from dependence on a single commodity to building a resilient, productive, and diversified economy.

“This requires coordination at every level—federal, state, and local—to enable industrial clusters, unlock capital for MSMEs, and support technology-driven trade solutions,” Oduwole said.

She highlighted the ministry’s ongoing efforts aimed at reforming investment policies, supporting digital trade under the AfCFTA, and empowering young talent through global linkages, adding, “We must move from resolutions to implementation, from intention to action.”

The minister acknowledged the commendable role of Lagos State as a model of enterprise and effective policy execution.

Also addressing the Council, Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, reiterated the need for tangible outcomes from Council decisions.

He said, “This meeting must go beyond rhetoric. Our sector is key to reversing Nigeria’s economic vulnerabilities and must lead the charge in moving from raw materials to finished goods.”

Enoh announced the strategic formation of the Industrial Revolution Work Group (IRWG), co-chaired by the President of the Manufacturers Association of Nigeria (MAN), as a vehicle to dismantle industrial barriers.

He further emphasised the importance of private sector partnerships and welcomed the renewed emphasis on executive support through initiatives such as the

“Nigerian First Policy” and the revitalisation of the cotton, textile, and garment sector.

The Governor of Lagos State, Babajide Sanwo-Olu, represented by an official of the state, Dr. Aina Olugbemiga Ayola, lauded the council’s theme, affirming the state’s readiness to harness its industrial assets in support of the national transformation agenda.

The governor pledged continuous collaboration to achieve sustainable economic growth.

Delivering a summary of the council’s technical sessions, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Amb. Nura

Abba Rimi, said that 75 memoranda were reviewed—31 actionable—across key thematic areas.

Rimi said that presentations and panel discussions covered themes ranging from finance access and digital inclusion to manufacturing cluster development and trade facilitation.