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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Nigeria trade ministry set foreign trade plan – The created strategy will enhance the Nigeria National Development Plan. – Express your point of view.
I hope the trade plan with foreigners will help the indigenes benefit from it. The trade plan should also facilitate better bilateral relationship with other countries.
They must make sure that their objectives are in line with the current National Development Plan since they have a key role to play in the ministry’s contribution to the economic development of the nation.
The plans importance and benefits of the projects are to address problems becoming challenges to the country e.g, low and unstable economic development, insecurity, tattered institutions; and proffering solutions to these issues to raise the standard of life for all citizens and improve the development sector of the country.
The plan proposed by the Ministry of Industry, Trade, and Investment on foreign trade plan will effective if well implemented. It will generate revenue for the country, provide jobs for the unemployed.
We should know that during a retreat in Abuja that it is developing a strategy plan to serve as a road map for attracting more foreign investment.
If properly executed, the Ministry of Industry, Commerce, and Investment’s proposed overseas trade plan will be highly successful. Creating cash for the government and employment opportunities for the unemployed.
In order to collect feedback from important stakeholders, there would be a re-approval retreat held in both the Southern and Northern zones.
The initiatives would serve as a road map for the agency and its parastatals to follow in order to ensure the achievement of their overall aims.
Since the ministry plays a significant role in the government’s commitment to the country’s economic development, it is imperative that its goals align with the present National Development Plan.
As the ministry plays a significant role in the government’s commitment to the country’s economic growth, it is imperative that its goals align with the present National Development Plan.
Setting foreign trade plan with benefit and make trade easily with foreign country in creating good bilateral relationship with them
The agency and its subsidiary entities could use the initiatives as a guide to accomplish their overarching goals.
The administration intends to increase the standard of living for all citizens, maintain the vigor of the macroeconomic system, boost the investment climate, and make considerable investments in the country’s physical infrastructure.
They play a crucial role in the country’s economic progress and need to make sure their aims are in line with the current National Development Plan.
In addition to that, this will help to reestablish the Nigerian Federal Civil Service as an effective government instrument for the provision of better services.
Involvement on the part of the government would require more than just the creation of conditions favorable to the expansion of the economy; rather, it would also include substantive interaction with important economic sectors.
Since they play a crucial part in the ministry’s contribution to the country’s economic development, they must ensure that their goals are in line with the present National Development Plan.
Nigeria seriously need plan that will boost the economy in every way and anything that is needed to be done by all stakeholders in the sector should be done so as to get appreciable results that will benefit life’s of every citizen of the country.
Nigeria trade ministry set foreign trade plan . This is a very good initiative but we still need security
My concern is not just creating a strategic plan that would act as a blueprint for increasing foreign Investment and trade in Nigeria but and achievable one that will be of great benefit to us.