FG urges investment in youth, local industries to boost Nigeria’s economy

The Federal Government has called for increased investment in youth development, small businesses and technology, alongside stronger public-private partnerships, to transform Nigeria from a trading nation into a value-chain economy.

The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call while speaking on a panel themed “From Trade to Value Chains: Building Regional Industries to Compete Globally” at the 32nd Nigerian Economic Summit, held under the sub-theme, Invest Nigeria.

In a statement issued on Tuesday and signed by the Minister’s Special Assistant on Digital Media and Public Diplomacy, Raphael Oni, Enikanolaiye said government alone could not mobilise the resources required to drive economic growth.

He stressed the need to attract investment from both domestic businesses and foreign sources to build industries, create jobs and improve Nigerians’ living standards.

The minister said Nigeria needed to deepen collaboration between the government and private sector to develop local industries capable of processing raw materials into finished products and competing in regional and international markets.

“In advancing our country, we don’t talk enough to one another in terms of constructive conversation and dialogue. We believe that partnership which allows government to engage deeper and stronger with the private sector is critical. Government alone cannot alone raise the resources needed for shared prosperity.

“We need partnership with the private sector. We need mobilisation of capital, not just from foreign sources, but from domestic business, which is also very key,” he said.

The minister identified Nigeria’s youthful population as a major asset that could accelerate industrialisation if supported with appropriate investments in human capital, innovation and entrepreneurship.

“Our youth population is very critical – a vibrant population. We need to invest more in human capital, focusing on Small and Medium Scale Enterprises, technology, innovation and creativity. By so doing, we will be able to generate more employment for the youth and also raise more wealth and income,” he said.

On Nigeria’s foreign policy, Enikanolaiye said the administration had reordered its 4D doctrine to place national interest, defined by the welfare and prosperity of Nigerians, at the centre of the country’s international engagements.

He explained that the framework prioritised Demography, Development, Democracy and Diaspora, adding that democratic governance must translate into tangible economic benefits for citizens.

“Democracy is good, but it is a means to an end, not an end in itself. Democracy must deliver on core priorities of economic development and economic prosperity to our people,” he said.

Enikanolaiye also said improved macroeconomic stability would help businesses make informed investment decisions and plan their operations more effectively.

“We have achieved enhanced macroeconomic stability. Inflation is coming down, macroeconomic variables are now stable,” he said.

He stressed that predictable economic conditions and reliable data were essential for businesses to assess opportunities and make long-term investment decisions.

The minister further called for reforms that would make the Ministry of Foreign Affairs more responsive to the needs of Nigerians and strengthen its engagement with businesses.

“We have to ensure that the foreign ministry is brought closer to the Nigerian people. We do not operate necessarily in esoteric terms above the people but for the people and with the people. The private sector has huge potential to partner creatively. We are all working for the Nigerian people,” Enikanolaiye said.

He added that Nigeria could strengthen its industrial base by expanding partnerships with neighbouring countries, the wider West African region, other African countries and the international community.

According to him, government-to-government, government-to-business and business-to-business partnerships would be instrumental in developing resilient regional industries capable of competing globally.

Also speaking at the session, the President of the Economic Community of West African States Commission, General Birame Diop, called for greater emphasis on industrialisation as a means of creating jobs and strengthening regional trade.

His remarks were delivered by the ECOWAS Commissioner for Economic Affairs and Agriculture, Dehpue Yenpea Zuo.

Diop said existing trade agreements would have limited economic impact without industries capable of producing goods, processing raw materials and employing people across the region.

“Trade agreements do not create jobs; industries do,” he said.

He noted that intra-African trade accounted for about 15 per cent of the continent’s total trade, compared with more than 60 per cent in Europe and Asia, attributing the disparity partly to the limited scale of regional industries.

The ECOWAS president said the regional free trade area, with more than 300 million consumers, offered Nigerian manufacturers an immediate market to expand production before competing across Africa under the African Continental Free Trade Area.

He outlined four priorities for strengthening regional industrialisation, including implementing existing agreements, beginning with commitments on border management; developing value chains in sectors where West Africa had a competitive advantage; improving access to finance for businesses and producers along supply chains; and measuring progress through jobs created and goods processed within the region.

He said translating trade agreements into productive industries would be critical to expanding employment, increasing regional economic activity and improving West Africa’s competitiveness in global markets.