The Federal Government has called for increased investment in youth development, small and medium-sized enterprises (SMEs), technology and local industries to accelerate economic growth, create jobs and improve living standards in Nigeria.
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call while speaking at the 32nd Nigerian Economic Summit, which had the sub-theme, “Invest Nigeria.”
Enikanolaiye spoke during a panel session titled, “From Trade to Value Chains: Building Regional Industries to Compete Globally.”
According to a statement issued on Tuesday by his Special Assistant on Digital Media and Public Diplomacy, Raphael Oni, the minister stressed the need for stronger collaboration between the government and private sector to transform Nigeria from a trading nation into a value-chain economy.
He said the government alone could not mobilise the resources needed to drive sustainable economic growth, urging greater participation by domestic businesses and foreign investors.
The minister added that mobilising capital from local businesses, alongside foreign investment, was essential to building industries capable of processing raw materials into finished products.
He said developing local industries would create employment opportunities, increase national wealth and strengthen Nigeria’s competitiveness in regional and international markets.
On foreign policy, the minister said the Federal Government had repositioned its 4D doctrine to place national interest, particularly the welfare and prosperity of Nigerians, at the centre of the country’s international engagements.
According to him, partnerships between Nigeria and neighbouring countries, the wider West African region, other African nations and the international community would help strengthen local industries.
He added that government-to-government, government-to-business and business-to-business collaborations were essential to building resilient industries capable of competing globally.
Meanwhile, the President of the Economic Community of West African States Commission, General Birame Diop, called for greater emphasis on industrialisation to create jobs and strengthen regional trade.
Diop’s remarks were delivered by the ECOWAS Commissioner for Economic Affairs and Agriculture, Dehpue Yenpea Zuo.
Diop said translating trade agreements into productive industries would be critical to expanding employment, increasing economic activity and improving West Africa’s competitiveness in the global market.
