The Federal Government says the economic reforms introduced by President Bola Tinubu’s administration have helped stabilise Nigeria’s economy and set the country on the path towards sustained economic growth and prosperity.
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, said on Saturday that despite the country’s high inflation rate, key economic indicators were beginning to show signs of improvement.
Enikanolaiye spoke with journalists on the sidelines of a sensitisation workshop on the ECOWAS Trade Liberalisation Scheme for the North-East geopolitical zone held in Bauchi.The workshop, themed “Increasing Intra-Regional Trade Through ECOWAS Trade Liberalisation Scheme,” was organised by the ECOWAS National Unit of the Ministry of Foreign Affairs in collaboration with the Bauchi State Government.
The minister said the Federal Government had achieved a reasonable level of price stability and economic growth and was gradually moving towards broader economic and social development.
According to him, President Tinubu’s reforms have provided the foundation needed for Nigeria to transition from economic stabilisation to sustainable prosperity.“I can say, without fear of contradiction, that the economic reforms of President Bola Tinubu have achieved a great degree of stabilisation and growth,” Enikanolaiye said.
“You cannot promote economic development without growth. If you have an economy suffering from zero growth or negative growth, there is no way we can talk about the benefits of development.“So, we have attained that stage, and we are moving progressively towards economic development, social development and prosperity.”
The minister acknowledged that inflation remained high but insisted that the rate was gradually declining.“Inflation is coming down, even though it is still high. We admit that. But we have achieved a reasonable degree of economic stability, and all of us must now work together to ensure that we move towards development, economic prosperity and shared prosperity for the people of Nigeria,” he added.
FG Promotes ECOWAS Trade OpportunitiesEnikanolaiye said the sensitisation programme was part of the Federal Government’s efforts to bring Nigeria’s foreign policy closer to ordinary citizens while creating economic opportunities for businesses and entrepreneurs.
He explained that the initiative aligns with the Federal Government’s 4D foreign policy framework, which places Nigerians at the centre of the country’s diplomatic engagements.“One of the main reasons we decided to organise this workshop is in line with our 4D foreign policy framework, which places the Nigerian people at the centre of our foreign policy,” he said.
“We are looking at ways and means of bringing foreign policy closer to Nigerians at the grassroots in a manner that enhances their prosperity and expands economic opportunities within the West African region.”The minister said Nigerian businesses, including small and medium-sized enterprises, large corporations and agricultural enterprises, were being encouraged to explore opportunities across West Africa and the wider African market.
He added that the programme would also expose businesses to opportunities available under the African Continental Free Trade Area Agreement.According to him, limited public awareness remains one of the major challenges affecting participation in the ECOWAS Trade Liberalisation Scheme.
“We believe that not much information is available to the public about this scheme. Therefore, through these zonal workshops, we intend to raise awareness about the ECOWAS Trade Liberalisation Scheme, its scope and the requirements Nigerian companies must meet to register and benefit from it,” he said.
Enikanolaiye disclosed that similar workshops would be organised across Nigeria’s six geopolitical zones before the programme concludes in Abuja.“We are starting with the North-East. We will move to the North-Central, North-West, South-South, South-East and South-West before concluding in Abuja,” he said.
“We believe that by the time we complete this process, awareness about the scheme and the opportunities available under it will have increased substantially.”FG Targets Industrial Growth and Job CreationThe minister also said the Federal Government was focusing on strengthening Nigeria’s productive capacity through industrialisation and value addition.
He stressed the need for the country to produce more goods locally, create jobs and expand opportunities for Nigeria’s growing youth population.“We want to focus on industrial value addition.
We believe that the productive base of the Nigerian economy has to improve so that we can produce more, generate more jobs and create opportunities for our growing youth population,” he said.Bauchi Government Backs Regional Trade IntegrationMeanwhile, Bauchi State Governor Bala Mohammed said the state government remained committed to supporting local investments and expanding opportunities for businesses.
The governor, represented by his deputy, Auwal Jatau, stated this while declaring the workshop open.Mohammed explained that the ECOWAS Trade Liberalisation Scheme was designed to facilitate legitimate trade in qualifying products originating within ECOWAS member states, promote investment, expand markets and strengthen regional economic cooperation.
He said the North-East region possesses enormous agricultural, livestock, mineral and industrial potential that could benefit from improved access to regional markets.“The North-East is richly endowed with agricultural, livestock, mineral and industrial resources.
We have hardworking farmers, innovative entrepreneurs, manufacturers, processors, traders, cooperatives, women-owned businesses and a growing community of young people seeking productive economic opportunities,” he said.
“The ETLS sensitisation programme should therefore serve as a bridge between knowledge and opportunity, between local enterprise and regional prosperity.”The governor urged participants to gain a proper understanding of the scheme, including registration requirements, relevant institutions, documentation and product standards required to compete in the regional market.
He said stakeholders must also address challenges affecting cross-border trade, including border delays, multiple checkpoints, poor transportation infrastructure, non-tariff barriers and limited access to reliable trade information.
According to him, such obstacles often have a greater impact on small businesses and entrepreneurs with limited resources.Mohammed said the Bauchi State Government would continue to work with the Ministry of Foreign Affairs, ECOWAS Commission, regulatory agencies, neighbouring states, development partners and the organised private sector to remove barriers affecting regional trade.
He also called for stronger economic cooperation among North-East states and urged businesses to take advantage of regional integration opportunities.“We must produce more, process more, add more value and sell to larger markets,” the governor said.
“We must begin to see regional integration not as an abstract diplomatic concept but as an economic pathway through which a farmer in Bauchi, a producer in Gombe, a trader in Borno or an entrepreneur in Adamawa can connect to consumers and businesses across West Africa.
Mohammed urged stakeholders to move from discussions to practical implementation and ensure that farmers, manufacturers, women entrepreneurs, young people, cooperatives and traders become active beneficiaries of regional economic integration.
“Let us ensure that our farmers, manufacturers, women entrepreneurs, young entrepreneurs, cooperatives, processors and traders are not spectators in the process of regional integration,” he said.“Let them be its beneficiaries. Let them be its drivers, and let them be its success stories.”
