*As Minister gives breakdown of $50bn foreign investment announcements
By Citizenship Daily 
The Minister of State for Industry, Senator John Enoh has revealed that local manufacturers are facing undue competition from importers of goods and services into the country.
Enoh spoke at a Ministerial Press Briefing in Abuja on Tuesday along with the Minister of Industry,Trade and Investment, Dr Jumoke Oduwole who gave the lead progress report of the Ministry.
According to Enoh, the local manufacturers complained to him during a tour of southern states about the unfair competition they are exposed to as a result of the companies that are importing goods of substandard quality into the country.
This puts the local industry at risk of growth and performance, the reason they were forced to put out their complaint to the minister.
Speaking earlier, the Minister of Industry, Trade and Investment
Dr. Jumoke Oduwole gave a breakdown of Nigeria’s progress in securing over $50 billion in investment announcements from international trips by President Bola Ahmed Tinubu.
Dr. Jumoke during the ministerial press briefing in Abuja also foresaw the Return On Investment (ROI) to contribute $50-$80 billion, about 30%, to the country’s GDP by 2030.
She also projected Nigeria’s GDP per capita to grow by at least 11.7% to between 15% to 17%, and predicted an increase in exports by at least 15% ($79billion), and increase in employment by at least 11 million.
She cited one of the major inflows as a $2.5 billion investment by Brazil’s largest meat exporters.
According to her, the ministry’s role is to ensure these announcements translate into tangible investments by addressing challenges and facilitating the necessary processes.
On Digital Trade and Infrastructure Development, Jumoke said digital trade is identified as a key priority for Nigeria’s growth, and drew attention to the importance of digital public infrastructure and tools that enable businesses to thrive.
She said while Nigeria is receiving a significant influx of fiber-optic cables, challenges remain in extending these services to low-density areas, which limits economic opportunities.
According to her, as a digital trade champion, Nigeria is positioning itself to attract global investment, aiming to provide the necessary tools for youth to succeed in a digital economy.
She said the government’s commitment to this cause is reflected in President Tinubu’s advocacy on the global stage, including meetings with tech giants like Google.
On Addressing Market Access and Stakeholder Engagement, the minister emphasized Nigeria’s efforts to address challenges faced by farmers, particularly related to a key export crop.
“The Nigeria Export Promotion Council (NEPC) swiftly escalated the issue, collaborating with the oil and agriculture ministries, and engaging key international stakeholders, such as Japan.
“The goal was to resolve issues hindering the success of this vital non-oil export, showcasing the ministry’s commitment to market access and active engagement with stakeholders across the country.
She highlighted the importance of inter-ministerial partnerships, providing an example of how the Ministry of Industry, Trade, and Investment works alongside other ministries to achieve trade goals.
She said the focus has shifted to improving export competitiveness, especially regarding packaging and labeling, which can lower costs for businesses and make them more viable in regional markets.
According to her, the ministry is addressing such issues along with ongoing discussions around tax reforms and the export proceeds process with the Central Bank.
On AFCFTA and Trade Facilitation for Nigerian Businesses, she mentioned the opportunities presented by the African Continental Free Trade Area (AFCFTA), emphasizing trade revenue growth, capacity building, and trade facilitation.
“The ministry’s efforts to streamline trade processes are crucial to ensuring goods and services flow smoothly across African borders, thus fostering prosperity for African youth.
“The Nigerian Customs Service is working to unify and centralize regulations, making it easier for businesses to engage in cross-border trade.
“Diversifying Nigeria’s Foreign Exchange Earnings. The focus shifts to the importance of diversifying Nigeria’s foreign exchange earnings, which have been heavily reliant on oil exports.
“Efforts are being made to boost non-oil exports,” she said.
In the opening remarks, the Minister of Information and National Orientation, Mohammed Idris Malagi said the signing of the N54.2 trillion 2025 budget by President Bola Tinubu, the largest in Nigeria’s history, testifies to the administration’s commitment to economic growth, national security, infrastructure development, and human capital advancement.
He said: “This year, 2025, is set to be the year of consolidation – a year where all the transformative reforms initiated by President Tinubu’s administration begin to bear tangible fruits in the lives of Nigerians. Already, we are witnessing a gradual reduction in the prices of foodstuffs, which is bringing much-needed relief to the people.
“The 2025 budget is not just a financial document; it is a bold statement of intent – a roadmap for economic resilience, social stability, and national progress. The budget has demonstrated a renewed focus on security, infrastructure, education, health, solid minerals, agriculture, and other key areas that have a direct impact on the well-being and socio-economic development of the country.
“Let me give the assurance that the Federal government remains committed to the efficient implementation of this budget in order to maximize its full impact on the lives of our citizens.”
