By Gabriel Ameh
ABUJA, Nigeria — Nigeria must move beyond exporting and importing goods to building industries that create jobs, add value to raw materials and strengthen the country’s position in regional and global markets, the Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, has said.
Enikanolaiye made the call at the 32nd Nigerian Economic Summit (NES #32) during a high-level panel discussion titled “From Trade to Value Chains: Building Regional Industries to Compete Globally,” with the sub-theme “Invest Nigeria.”
He emphasised the need for stronger government-private sector partnerships, increased investment in young Nigerians and greater support for small and medium-sized enterprises (SMEs) to drive industrial growth and economic prosperity.
According to the minister, Nigeria cannot achieve sustainable economic development through government efforts alone. Mobilising domestic and foreign capital, encouraging constructive dialogue and creating opportunities for private businesses are essential to building a stronger economy.
Nigeria’s Foreign Policy and Economic Priorities
Enikanolaiye explained that the Federal Government’s reordered 4D foreign policy doctrine places the national interest, defined by the welfare and prosperity of Nigerians, at the centre of the country’s international engagements.
The framework prioritises Demography, Development, Democracy and Diaspora.
He argued that democracy must translate into tangible improvements in citizens’ lives, particularly through economic development and prosperity.
“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.
The minister maintained that Nigeria’s foreign policy should support the country’s development objectives and create opportunities that directly benefit its citizens.
Private Sector Partnership Key to Economic Growth
Enikanolaiye said stronger engagement between the government and private businesses was necessary to mobilise the resources required for shared prosperity.
He noted that Nigeria needed more constructive conversations between stakeholders, adding that domestic businesses were as important as foreign investors in raising the capital needed to expand the economy.
“In advancing our country, we don’t talk enough to one another in terms of constructive conversation and dialogue,” he said.
The minister stressed that a stronger partnership between government and the private sector could help unlock investment, expand production and create sustainable economic opportunities.
Enikanolaiye Calls for Greater Investment in Young Nigerians
The minister also identified Nigeria’s large youth population as a major asset that could drive industrialisation if supported with the right investments.
He called for increased investment in human capital, SMEs, technology, innovation and creativity, saying these areas could expand employment opportunities and improve incomes.
“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,” he said.
He added that investments in these sectors would help generate more jobs for young Nigerians while creating wealth and strengthening the economy.
Minister Highlights Macroeconomic Stability
Addressing the business environment, Enikanolaiye said improvements in macroeconomic stability could help businesses make better investment decisions and plan for the future.
He noted that inflation was coming down and described greater stability in key economic indicators as important for investors and business owners.
The minister emphasised the need for businesses to rely on credible data and economic statistics when making decisions, particularly in an environment where predictability is essential to long-term investment.
Foreign Ministry Seeks Closer Engagement with Nigerians
Enikanolaiye also called for a foreign affairs ministry that was more closely connected to the needs and aspirations of ordinary Nigerians.
He said the ministry should not operate in isolation from the people it serves, stressing that international relations should contribute directly to national development.
“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,” he said.
He added that the private sector had significant potential to work creatively with the government to advance the interests of Nigerians.
The minister further advocated stronger engagement with Nigeria’s immediate neighbours, the wider West African region, the African continent and international partners.
He said government-to-government, government-to-business and business-to-business partnerships could help build resilient regional industries capable of competing in global markets.
ECOWAS President Says Industries, Not Trade Agreements, Create Jobs
Also speaking during the session, the President of the ECOWAS Commission, General Birame Diop, reinforced the call for regional industrialisation.
His statement was delivered on his behalf by Hon. Dehpue Yenpea Zuo, Commissioner for Economic Affairs and Agriculture.
Diop argued that trade agreements alone could not deliver the employment and economic benefits countries expected without strong industries capable of producing goods and processing raw materials.
“Trade agreements do not create jobs; industries do,” he said.
He noted that intra-African trade remained at about 15 per cent, compared with more than 60 per cent in Europe and Asia, attributing the gap partly to the limited scale of regional industries.
According to him, the ECOWAS market, with more than 300 million consumers, offers Nigerian manufacturers an important opportunity to expand production and achieve economies of scale before competing more widely under the African Continental Free Trade Area (AfCFTA).
Four Priorities for West African Industrialisation
The ECOWAS Commission president outlined four priorities for strengthening regional industries and expanding trade within West Africa.
These include implementing existing regional agreements, beginning with border-related commitments; developing value chains in sectors where West Africa has a competitive advantage; mobilising financing that reaches producers across supply chains; and measuring success through jobs created and goods processed within the region.
The recommendations highlight the need to move beyond signing trade agreements towards building productive industries that can generate employment, increase local processing and strengthen regional economic integration.
For Nigeria, the message from the summit was clear: stronger partnerships, investment in young people, access to capital and regional industrial development will be essential to turning trade opportunities into jobs, wealth and sustainable economic growth.
Source: Office of the Minister of State for Foreign Affairs.
