The Nigerian government has reaffirmed its commitment to reducing the cost of transporting goods by air, land, and sea to enhance national production and drive economic growth. The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, made this announcement during a ministerial briefing organized by the Ministry of Information and Cultural Orientation in Abuja.
Dr. Oduwole emphasized that lowering transportation costs is crucial for improving trade efficiency, supporting businesses, and strengthening Nigeria’s competitive position in the global market. She highlighted that these efforts would lead to faster delivery of goods, reduced costs, and expanded trade opportunities worldwide.
“We are exploring direct cargo freight across Africa for our traders because Nigerians engage in significant trade. This will help bring them together,” Oduwole said. She further explained that reducing cargo freight costs is one of the key initiatives the ministry is pursuing to fulfill its mandate.
The minister also pointed out that the cost of production in Nigeria is gradually decreasing and assured that efforts to strengthen the economy would continue. As part of these efforts, the ministry is collaborating with Independent Power Producers (IPP) to enhance power supply, which is expected to significantly boost economic growth.
Oduwole revealed that the ministry is working closely with the Nigeria Customs Service and the Nigeria Immigration Service to streamline trade procedures, rules, and value chains. This includes improving tariff schedules to facilitate the smooth movement of products across different payment systems.
She also underscored the ministry’s focus on making Nigeria an attractive destination for investment by creating a conducive environment and implementing favorable tariffs. “Our goal is to champion trade and industry, ensuring policies support business growth and economic expansion,” she stated.
The minister highlighted ongoing collaborations with over 50 federal agencies aimed at simplifying business processes and enhancing transparency. She expressed her commitment to preventing unintended consequences in policies to ensure they benefit businesses and traders.
Oduwole noted that Nigerian businesses are already expanding across Africa, often ahead of government-led initiatives. To sustain this growth, the ministry is strengthening partnerships with key ministries, including the Ministry of Agriculture and Food Security, the Ministry of Arts, Culture, Tourism and Creative Economy, and the Ministry of Communication, Innovation and Digital Economy.
Through these collaborations, the ministry aims to create an environment where investment, industry, and trade can thrive, thereby driving Nigeria’s economic expansion.
