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Nigeria trade ministry set foreign trade plan

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By Abiodun Okunloye

The created strategy will enhance the Nigeria National Development Plan.

During a special retreat in Abuja on the crucial ministry’s strategic plan, the Ministry of Industry, Trade, and Investment announced that it is creating a strategic plan that would act as a blueprint for increasing foreign Investment and trade in Nigeria. According to the statement from Dr. Evelyn Ngige, the ministry’s permanent secretary, the initiatives would act as a road map for ensuring the overall goals of the agency and its parastatals. As she explained, the strategy was developed with the National Development Plan’s goals in mind.

According to Dr. Ngige, the retreat’s primary goal was to provide a productive setting for the ministry’s and its parastatals’ higher leadership. She explained that the purpose was to talk about the ministry’s proposed strategy plan for the years 2023–2027 and offer ideas and feedback on it. Furthermore, she said, they were tasked with devising plans to realize the goals. Through the ministry, they have a significant part to play in the country’s economic growth, and they must make sure that their goals are consistent with the present National Development Plan.

Inter agency and departmental collaboration will be encouraged.

As part of its long-term strategy, it will encourage cooperation and synergies between government agencies and departments by encouraging them to collaborate on programs and activities that will increase productivity in carrying out their respective sectoral mandates. The Federal Government places the utmost importance on the National Development Plan (NDP 2021-2025), which eliminates all obstacles to economic progress so that they can benefit everyone. As the Federal Civil Service Strategy and Implementation Plan (FCSIP 2021-2025), she asserts that this would contribute to more job opportunities and a decrease in the poverty rate.

She maintains that this will also help re-establish the Nigerian Federal Civil Service as an efficient government instrument for better service provision. Some pressing issues with the country’s development system will be addressed in the long-term strategy. She highlighted the issues as low and unstable economic development, insecurity, tattered institutions, inadequate public service delivery, substantial infrastructure shortages, climate variability, and poor social indices. According to Dr. Ngige, the government plans to make substantial investments in infrastructure, maintain macroeconomic vitality, strengthen the investment environment, and raise the standard of life for all citizens.

The strategic plan would help them fulfil their developmental tasks.

Furthermore, the official affirmed that the Strategic Plan was made to help stakeholders fulfil their obligations to support Nigeria’s economic productivity and growth. She claims this may be achieved by industrialization, commerce, and Investment aimed at fostering an environment in which businesses can grow and flourish, attracting foreign investments and fostering expansion in the services and manufacturing sectors. According to her, the government’s involvement would go beyond simply creating an environment that fosters economic growth and also involves meaningful engagement with key economic sectors, creating chances for the private sector to play a significant role in promoting growth.

In order to ensure the realization of the Ministry’s Objective to enable growth in the economy, create new jobs, and generate income, the permanent secretary encouraged retreat attendees to fervently use their experiences and knowledge on the proposed strategic plan. She also asked them to determine the role and responsibility of separate departments and parastatals in fulfilling the set goals to facilitate the identification and expected outcomes for consolidation in the 2023 – 2027 Strategic Plan.

A revalidation retreat will see to the plan execution.

On the other hand, Alhaji Babagana Alkali, who is the Director of the Policy Planning Research and Statistics Department at the Ministry, voiced his confidence that the people who participated in the retreat would be able to contribute to the plan. Also, prior to the conclusion of the adoption process for the Strategic Plan document, the director explained that a re-approval retreat would take place in both the Southern and Northern zones to collect feedback from relevant stakeholders.

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