The Minister of Industry, Trade and Investment, Jumoke Oduwole, has announced that Nigeria has secured $50. 8 billion in investment agreements as of November 2024.
Oduwole made this announcement while presenting the ministry’s accomplishments at a ministerial briefing in Abuja on Tuesday, 4 March 2025.
Regarding trade, the Minister stated that her ministry has positioned Nigeria as a significant contributor under the African Continental Free Trade Area (AfCFTA) agreement and has completed a World Trade Organization (WTO) review.
The Minister further noted that the ministry is endeavoring to eliminate obstacles obstructing investment growth while utilizing collaboration with other essential stakeholders, emphasizing various reforms, investment influxes, and policy advancements as notable successes of her ministry.
One of the principal reforms she detailed was the ministry’s formation of an Industrial Revolution Work Group and a National Industry Tour as part of initiatives to evaluate and revitalize Nigeria’s industrial sector.
These accomplishments signify progress in international trade engagement, Oduwole remarked, while also underscoring technology and job creation with a particular focus on youth involvement in a technology-driven economy.
In a prior statement made in February, Oduwole mentioned that Africa’s digital trade and trade in services landscape has experienced remarkable growth in recent years.
“Indeed, digital trade is reshaping the continent’s economic environment, generating new opportunities for genuine economic progress, productive job creation, and poverty alleviation.
“This significant transformation has taken place as the African Continental Free Trade Area (AfCFTA) Agreement and its Protocols have commenced playing a vital role in enhancing intra-African trade, propelling economic growth and development throughout the continent.
“In particular, the AfCFTA Protocol on Digital Trade, the first of its kind globally, and the Protocol on Trade in Services are critical catalysts at this crucial juncture, representing a turning point in the continent’s trajectory.
“The AfCFTA is anticipated to elevate intra-African trade from 18% in 2022 to 50% by 2030 (AfDB, 2022). Digital trade is an integral component of this, with the internet economy projected to contribute 5. 2% to Africa’s GDP by 2025 (Google and IFC, 2022).
“Already, Digital trade and trade in services are recognized as fundamental engines of Africa’s economic transformation, aiding in the diversification of economies, enhancing competitiveness, and improving productivity (UNCTAD, 2022).
“The continent’s digital economy is projected to reach $180 billion by 2025, up from $115 billion in 2020, thereby making a substantial contribution to Africa’s GDP, generating new employment opportunities, and expanding regional trade,” she concluded.
