Today marks exactly 180 days since Dr. Olajumoke Oduwole assumed the position of Nigeria’s Minister of Industry, Trade and Investment. In a nation grappling with innumerable economic challenges and seeking to bolster growth, beyond rhetoric, the lack of visible initiatives by her office is becoming increasingly concerning.

Oduwole’s appointment to her position last year by President Bola Tinubu came with lots of expectations, and many people thought that she would hit the ground running. No doubt, she brought a wealth of experience and expertise to her current role. As the pioneer Executive Secretary of the Presidential Enabling Business Environment Council (PEBEC) set up in 2016, the belief was that she had a full grasp of the factors making it difficult for businesses to flourish, promote trade and investment. But so far, she has not been able to pull her weight. 

The main objective of macroeconomic policy is to achieve sustainable economic growth in the context of price stability and viable external accounts. For this, it is essential to have a close degree of coordination among policymakers in the areas of monetary, fiscal, and trade policies. Today, the Minister of Trade and Investment has not been able to churn out policies that would support monetary and fiscal policies, sometimes leading to inconsistencies and challenges in achieving economic goals. This lack of alignment results in policies that sometimes work against each other.

Trade is crucial for economic growth as it facilitates specialisation, expands markets, encourages competition, and promotes innovation, ultimately leading to higher productivity and economic prosperity. Investment, on the other hand, is a key factor that determines economic progress in any nation, and Nigeria requires a great amount of investment to promote and enhance economic activities that guarantee better living conditions for its citizens and lift a lot out of poverty. Creating the conditions for investment and trade to flourish is essential to building robust pathways towards sustainable economic growth. This is because when businesses, domestic and international, feel confident about Nigeria’s environment, they are more likely to commit resources. Such capital injection drives job creation across various sectors. With this, new industries emerge, existing ones expand, and the overall productivity of the nation increases. Investment also brings with it transfer of valuable skills and technologies.

Nigeria has enormous economic potential due to its abundant resources and growing population. The country has the potential to manufacture many products that are currently being imported. 

However, economic growth and investment over the years have been hampered by its persistently low ranking on international measures of ease of doing business and it keeps punching below its belt. It is well documented that Nigeria has a difficult business environment. In 2023, the country ranked 131st out of 190 economies in the World Bank’s annual ease of doing business ratings as it faces challenges in areas such as getting electricity, registering property, paying taxes, and resolving insolvency. Also, Nigeria was ranked ninth in Africa for investment opportunities in 2024, according to the Rand Merchant Bank’s ‘Where to Invest in Africa’ report and Nigeria ranked 113th out of 133 economies in the 2024 Global Innovation Index (GII). Nigeria ranks 127th for infrastructure, 125th for institutions, and 121st for market sophistication, knowledge, and technology outputs.

In 2023, President Muhammadu Buhari’s administration launched the Trade Policy of Nigeria (TPN) 2023-2027, which was expected to enhance economic growth and development. The 59-page document is also expected to help the country pursue market-oriented policies, based on principles that are consistent with Nigeria’s rights and obligations in the World Trade Organisation and in global trade. At a period of heightened global economic uncertainties and complexity in the world occasioned by United States President Donald Trump’s reciprocal tariffs, how relevant is the TPN today? Oduwole must be at the forefront in designing a clear strategy for Nigeria to navigate the tides. The current situation in the global trade environment has created an opportunity for Nigeria to assert its dominance in Africa.  

Effectively leveraging existing trade agreements like the African Continental Free Trade Area to expand market access for Nigerian goods and services is key today and presents a significant opportunity for the country to increase its trade with other African countries. Oduwole needs to develop a clear strategy for Nigeria to maximise the benefits of the continental trade agreement. Her ability to deliver tangible results in the face of these challenges will determine her success.

In addition, Nigeria has historically struggled to attract consistent and substantial foreign direct investments. The minister is expected to implement policies and strategies that make Nigeria a more attractive destination for foreign investors. 

During a recent ministerial briefing, Oduwole, alongside her counterpart, John Eno, said the federal government aims to position Nigeria as a prime investment destination, to unlock a $50 billion Foreign Direct Investment commitment and that President Tinubu’s foreign trips have so far accumulated $50.8 billion in proposed investments. In addition, she said the ministry is collaborating commercial banks to provide soft loans for micro, small, and medium-scale enterprises across Nigeria’s 776 local government areas to boost the manufacturing sector and grassroots wealth creation. Nigerians are eager to see all these move beyond policy intentions that the investments commitments come to fruition. She must understand the fierce urgency to increase investment and expand trade in the country. 

Also, it is the primary responsibility of her ministry to create an enabling environment where people can do business, and investors would find it attractive to invest.  Simplifying regulations, streamlining bureaucratic processes, and fostering a more predictable business environment are not just desirable goals, but essential for Nigeria to reach its full potential. Creating a more business-friendly climate would signal to international investors that Nigeria is open for business and would encourage the growth of small and medium-sized enterprises, which are the backbone of any economy. Additionally, it reduces opportunities for corruption, promotes a level playing field for businesses, increases public trust in government, and enhances the country’s global competitiveness by making it more attractive for trade and investment in the long term.

Improving the ease of doing business in Nigeria is not just a technical exercise; it’s a strategic imperative for the country’s economic future. The achievement of double-digit growth which is the target of the government, achieving a drop in inflation, and a friendly macroeconomic environment would also require a shift in policy focus. 

In all of these, the minister’s success will depend on her ability to translate policy pronouncements into concrete actions and results. 

As I stated earlier, the media is littered with headlines such as “Oduwole Pledges…, Minister Promises….,” and she must do more going forward by focusing on tangible actions and results. 

With this, the ministry under her leadership will help attract the much-desired investments, create jobs, and improve the lives of its citizens. It will also be able to develop and execute well-thought-out trade policies to enhance Nigeria’s competitiveness, attract foreign investment, and promote export diversification. The time for action is now.