FG outlines investment initiatives for economic growth, job creation

Doris Uzoka-Anite, minister of industry, trade and investment, has outlined key investment initiatives aimed at improving economic growth and job creation in Nigeria.

Uzoka-Anite spoke on the government’s efforts to reposition Nigeria’s economy at a news conference on Friday in Abuja, according to a statement by Suleiman Haruna, the head of press unit, at the ministry of information and national orientation.

The minister was said to have highlighted several strategic programmes underway at the ministry, building on four ‘renewed hope’ eight-point agenda — economic growth and job creation, access to capital, improved business environment, and poverty reduction.

She said the ministry is actively involved in negotiating Nigeria’s accession to the Africa Continental Free Trade Area (AfCFTA), recognising its potential for export diversification, market access expansion, and increased foreign direct investment (FDI).

“Several initiatives target reforms in the commodity trading landscape, fostering better outcomes for farmers and miners,” she said.

“Upgrading NCX operations, robust outreach programs, and establishing a National Job Centre are among the efforts underway.”

According to Uzoka-Anite, one of the key initiatives is the Skill-UP artisans programme (SUPA), designed to boost the productivity and earnings of artisans.

She said through the programme, the government aims to provide training and certification to 10 million artisans, giving them the skills and credentials needed to compete in the global marketplace.

The minister said the initiative is expected to reduce the need for imported labour, while also creating job opportunities.

“Notably, the Skill-UP artisans program (SUPA) aims to empower 10 million artisans with tech-enabled skills and industry-standard certifications, addressing skills gaps and reducing reliance on labor imports.” she said.

FG TO REVAMP DIASPORA INVESTMENT INITIATIVE

Collaborating with the Nigeria diaspora commission, Uzoka-Anite said the ministry is revamping its diaspora investment initiative.

She said Nigeria’s bilateral engagements with other countries have been successful and have led to significant investment announcements and partnership opportunities for Nigerian trade.

The minister said successful bilateral engagements, like the G20 summit in India, yielded $14 billion in pledged foreign direct investments (FDI) inflows to Nigeria.

She also disclosed that the country currently has about $30 billion in investment commitments from various investors, attributing the feat to President Bola Tinubu’s diplomatic visits to India and engagements with stakeholders in the oil and gas sector.

In pursuit of his vision for a $1 trillion economy, Tinubu had held a meeting with Indian investors on September 6, 2023. Two months later, the United Arab Emirates (UAE) committed to strengthening diplomatic ties with Nigeria after a bilateral meeting with the president.