Takeaways from the ministerial press briefing hosted by the Minister of Information

Special Guest: Dr. Doris Uzoka-Anite, Honorable Minister of Industry, Trade and Investment

Date: February 16, 2024

The Honorable Minister of Industry, Trade and Investment, in this media briefing, reeled out her Ministry’s efforts and activities in achieving its mandate of attracting investment, facilitating trade and advancing the industrialization of Nigeria:

1. The President Bola Ahmed Tinubu-led administration has attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, since assumption of office. These investment commitments—covering various sectors, including Manufacturing, Telecoms, Healthcare, Oil and Gas, and others—are already being realized.
2. The Ministry has commenced processes for the disbursement of N200 Billion Naira, approved by President Tinubu, through three (3) new special intervention funds established as part of measures to bring post-subsidy-removal relief to businesses: The Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund:

a. The 50 Billion Naira Presidential Conditional Grant Scheme (PCGS) will provide grants and loans to traders, food vendors, transport workers, ICT businesses, creatives and artisans, as part of interventions to cushion the effect of the removal of petrol subsidies. Verification of all submitted applications is ongoing, and disbursements—to be handled by SMEDAN and BOI—will commence as soon as verification is completed.

b. The 75 Billion Naira FGN MSME Intervention Fund will provide single-digit-interest loans to MSMEs.

c. The 75 Billion Naira FGN Manufacturing Sector Fund targeting manufacturing businesses, with selected beneficiaries eligible to access up to 1 Billion Naira each.

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3. To ensure that Nigeria retains more foreign exchange from its exports, the Export Permit application process is being revised and automated. Intending exporters will now have to show genuine proof of formal repatriation of export proceeds before new export licenses and permits are granted.
4. To address the challenges of skilling and job creation, the Ministry of Industry, Trade and Investment and its agencies have launched the following:

a. The National Talent Export Programme (NATEP), launched by the Ministry on the sidelines of the 78th United Nations General Assembly (UNGA), as a special purpose vehicle for skills development and talent outsourcing (matching Nigerian skills with globally-available jobs), to create one million jobs for Nigerians. NATEP is currently finalizing its set-up process.

b. Skill-Up Artisans (SUPA), a program of the Industrial Training Fund (ITF) designed to empower 10 million Nigerian artisans with improved skills and professional licenses. As part of this, the ITF is partnering with AHK of Germany and City & Guilds of London to provide international-standard curriculums and vocational certifications to Nigerian artisans.

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c. The Ministry is opening physical and virtual Job Centers across the country as part of efforts to tackle unemployment. These Centers will provide job-availability information and work preparation training to unemployed and under-employed Nigerians.

5. The Ministry in partnership with Nigerian Diaspora Commission is launching a Nigerian Diaspora Investment Initiative and a Diaspora Investment Fund. The Ministry has also established a new “Catalytic Investment Unit” to oversee these diaspora investment facilitation matters.
6. The Presidential Council on Industrial Revitalisation is currently working on the needed framework to implement a well-structured and functioning consumer credit system in Nigeria, in line with global best practices.
7. The Ministry is reconstituting the National Trade Facilitation Committee, which convenes various relevant agencies and private sector representatives (under the leadership of the Ministry), to resolve and remove administrative and operational bottlenecks facing domestic and external trade in the country.
8. The Nigeria Commodity Exchange (NCE), an agency of the Ministry, is being revamped and repositioned to enable it de-risk the commodities value chain, covering agriculture produce, solid minerals, and oil & gas. The benefits of a functioning NCE include reduced spoilage of food, increased food supplies, and increased access to low-cost capital for farmers.
9. As part of measures to de-risk domestic and foreign investments and strengthen business sustainability, the Federal Government has been engaging with the African Development Bank, Afrexim Bank, Ministry of Finance Incorporated (MOFI) and other financing institutions. One of the outcomes of this is the establishment of a 120 Billion Naira “Project Preparation Facility”, that will help support new investment projects and provide early-stage comfort to investors.
10. The Corporate Affairs Commission (CAC) has been mandated to operate a 24-hour online registration timeline for new businesses, as part of Ease of Doing Business reforms.

Prepared by:
Information & Insights Unit
Office of the Minister of Information and National Orientation

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