FG reaffirms commitment to cutting trade, transport costs
“Our goal is to champion trade and industry, business growth and economic expansion,”
The Federal Government has reaffirmed its commitment to reducing the cost of transporting goods and services by air, land, and sea to boost production across the country.
Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, made this known during a ministerial briefing organised by the Ministry of Information and Cultural Orientation on Tuesday in Abuja.
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She stated that these efforts would ensure faster delivery of goods and services, reduce costs, and expand the country’s global trade reach.
“We are exploring direct cargo freight across Africa for our traders because Nigerians engage in significant trade. This will help bring them together.
“We aim to lower cargo freight costs. That is one of the key initiatives the ministry is undertaking to fulfil our mandate,” Oduwole said.
She added, “As we can see, the cost of production is gradually decreasing, and we will continue working to strengthen our economy.”
The minister noted that the ministry was collaborating with Independent Power Producers (IPP) nationwide.
“This partnership with the private sector aims to enhance power supply, which will significantly boost the country’s economic growth,” she said.
Oduwole also confirmed ongoing efforts to improve tariff schedules, ensuring that products can move freely across different payment systems.
She said the ministry was working with the Nigeria Customs Service and the Nigeria Immigration Service to streamline procedures, rules, and value chains for trade facilitation.
According to her, the ministry is also focused on making Nigeria an attractive investment destination, which requires a conducive environment and favourable tariffs.
“That is why we continue to engage with the fiscal and monetary arms of government.
“Our goal is to champion trade and industry, ensuring policies support business growth and economic expansion,” she stated.
She highlighted collaborations with over 50 federal agencies to improve business processes and transparency.
“My team and I are dedicated to simplifying processes and enhancing transparency, which is a priority for me.
“We continuously seek new pathways to prevent unintended consequences in our policies and ensure they support businesses and traders,” Oduwole said.
She emphasised that Nigerian businesses were already expanding across Africa, moving ahead of government-led initiatives.
To achieve its objectives, the ministry has partnered with key ministries, strengthening collaboration to drive investment, trade, and industry.
“We are working closely with 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 partnerships, we aim to create an environment where investment, industry, and trade can thrive within Nigeria’s economy,” she said.
