Government launches 2026 initiative to boost manufacturing, commerce, and business development

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The Federal Government is set to intensify efforts to drive industrial growth, expand trade, mobilise investment and boost non-oil exports in 2026 as part of its economic diversification agenda.

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Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, stated this at a management retreat for directors-general, directors and chief executives of agencies under the ministry.

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She said the focus is to translate policy into measurable economic outcomes through stronger implementation, collaboration and performance monitoring.

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The retreat themed, “From Policy to Performance: Driving Industrial Growth, Trade Expansion and Investment Outcomes,” was convened to review the implementation of the Nigeria Industrial Policy (NIP), described as the country’s first comprehensive industrial framework aimed at rebuilding Nigeria’s manufacturing base.

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According to the minister, the retreat seeks to assess progress on the policy and strengthen accountability, noting that previous policy initiatives often faltered at the implementation stage.

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“Our immediate responsibility is to convert policy direction into tangible results through effective execution, inter-agency collaboration and rigorous performance monitoring,” she said.

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Highlighting achievements recorded in 2025, Oduwole said policy alignment across trade, investment and industry delivered significant gains for the economy.

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She disclosed that total capital importation rose to about $21 billion within the first 10 months of 2025, while non-oil exports exceeded $6.1 billion, reflecting sustained efforts to diversify Nigeria’s export base.

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She also said intra-African trade climbed to approximately N4.82 trillion in the first half of 2025, driven by expanding opportunities under the African Continental Free Trade Area (AfCFTA).

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According to the minister, more than 115,000 Micro, Small and Medium Enterprises (MSMEs) accessed grants, loans and trade finance through interventions implemented by the Bank of Industry, NEXIM Bank and the Nigerian Export Promotion Council.

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Oduwole further revealed that Nigeria successfully completed Africa’s first comprehensive five-year review of the implementation of the AfCFTA, underscoring the country’s leadership in regional trade integration.

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She said progress has continued in 2026 with improved export connectivity, enhanced investment facilitation, stronger intellectual property reforms and increased support for exporters and manufacturers.

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The minister added that ongoing trade and investment agreements would unlock new export markets, attract foreign and domestic investments and strengthen Nigeria’s participation in global value chains.

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