The Federal Ministry of Industry, Trade, and Investment has strengthened its partnership with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) to tackle challenges facing Nigerian businesses.

The minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole stated this to the media after a meeting with the Chamber at the weekend in Lagos.

This is as the Minister outlined plans to ensure that businesses are supported by consistent policies and actionable measures.

According to Oduwole, we have talked about inflation, interest rates, and the need for single-digit interest rates to boost productivity for their members across the country by getting enablement, facilitation and access to credit, saying, ‘We have talked about several issues concerning smaller businesses, and financial inclusion and they have spoken for underserved members of their constituencies.’

She assured NACCIMA of the federal government’s commitment to addressing market constraints and enhancing access to credit for small and medium businesses.

She pointed out that, “Nigeria is open for business, and we are not going back on reforms or policies. We have talked about the priorities that NACCIMA members would want to see in the area of trade, how we implement the trade agreement and make sure to be consistent and support NACCIMA businesses when they are trading across the region and internationally.”

The minister further stated that there is a need for prioritising trade facilitation and implementing trade agreements to benefit Nigerian businesses locally and internationally.

Also, the minister emphasised that the ministry is committed to driving export in the country, saying that the ministry is discussing with the Central Bank of Nigeria (CBN) and other stakeholders on how the federal government will implement policies to ensure exporters improve their export. Oduwole added that the ministry is working with its Agencies to strengthen adherence and compliance to the design and architecture of the free trade zones.

The president of NACCIMA, Dele Oye, expressed confidence in the new partnership, asserting “the Federal Ministry of Industry, Trade and Investment is our government access. The minister has assured us that she is going to work very closely with us to make sure some of the issues we have within government policies or several other issues are resolved in an amicable and time-conscious fashion.”

Oye urged members to remain optimistic about the opportunities ahead, noting that. “I will take the message back to our members so that they can continue to invest and also to encourage our colleagues who are thinking of emigrating that there is a new minister and we do not want them to be caught in the air while we are reaping the successes and the incentives the minister is going to create to further retain businesses in Nigeria.”