Nigeria is seeking to turn more than $50 billion in investment commitments into actual factories, businesses and jobs as the government shifts focus from attracting investors to delivering economic output.
Jumoke Oduwole, minister of industry, trade and investment, said Nigeria’s priority was now “conversion”, ensuring that investment commitments, government policies and reforms translate into production, exports and enterprise growth.
Speaking at the 17th meeting of the National Council on Industry, Trade and Investment (NCITI) in Enugu on Wednesday, the minister said Nigeria’s next phase of economic reforms must focus on “conversion”, moving from policies and commitments to actual business expansion.
“Our priority this year as mandated by Mr President is conversion, turning our commitments, policies and reforms into scaling businesses through financing into production, and training into jobs and enterprise growth,” Oduwole said.
She added that competitiveness would determine whether Nigeria could transform its resources and investment opportunities into stronger production, exports and shared prosperity, particularly as the country seeks to benefit from regional markets under the African Continental Free Trade Area (AfCFTA).
The minister said Nigeria’s industrial and trade ecosystem had recorded progress, citing approximately $6.1 billion in non-oil exports, N636 billion in Bank of Industry (BOI) disbursements, 527,000 micro, small and medium enterprises (MSMEs) captured in the national database, and 289,000 Nigerians supported through skills programmes.
However, analysts say converting investment announcements into actual projects remains a major challenge for Nigeria, where investors have historically cited infrastructure gaps, regulatory bottlenecks, foreign exchange constraints and policy uncertainty as barriers to execution.
According to Oduwole, the government is working to address these challenges through improved investment facilitation, stronger trade processes and industrial development initiatives.
She said the Nigeria Investment Policy was providing a framework to attract, facilitate and retain capital, adding that investor issues raised during the 2025 Domestic Investment Summit were being addressed more quickly.
“At the 2025 Domestic Investment Summit, 75 percent of investor issues were resolved on-site and all outstanding matters within five working days,” she said.
The minister also highlighted ongoing efforts to improve export competitiveness through the Export Track of the National Single Window, which she said would reduce the time, cost and uncertainty associated with trade processes.
She said Nigeria must take advantage of market access opportunities, including the United Kingdom’s Developing Countries Trading Scheme, to increase exports of products such as cocoa, cashew, shea, sesame, soybean and cowpea.
On industrial development, Oduwole said the government was focused on expanding manufacturing, agro-processing, industrial clusters, special economic zones, technology and skills development.
She said initiatives such as the National Talent Export Programme (NATEP) were aimed at positioning Nigerian workers for global services exports, while the implementation of the National Intellectual Property Policy and Strategy would support innovators and creative businesses in protecting and commercialising their assets.
The minister stressed that competitiveness must extend beyond major commercial centres, urging states to convert their comparative advantages into productive clusters and investment-ready projects.
“States must convert their comparative advantages into productive clusters, bankable projects and viable routes to market, working in partnership with the private sector and development partners to deliver measurable economic value,” she said.
Nigeria’s AfCFTA push was also central to the minister’s address, as she said the country had gazetted its Provisional Schedule of Tariff Concessions and was advancing implementation of the Digital Trade Protocol.
Oduwole said Nigeria’s role as chair of African ministers responsible for trade for 2026/2027 would require stronger coordination to ensure the country’s leadership translated into commercial opportunities.
She urged states to prepare investment-ready projects ahead of major continental trade events, including CANEX WKND 2026 and the Intra-African Trade Fair 2027.
The minister said outcomes from the council must move beyond resolutions, with each commitment requiring a clear owner, timeline and measurable outcome.
“The 17th NCITI must mark a decisive shift from policy to production, investment interest to projects, and market access to transactions,” she said.