By ihotu Gabriel
Nigeria must strengthen partnerships between government and private businesses, invest in young people and develop local industries to move from trading finished goods to producing higher-value products, 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 said stronger collaboration between government and the private sector would help mobilise investment, expand production, create employment and position Nigerian businesses to compete in regional and international markets.
According to the minister, government alone cannot provide the resources needed to achieve broad-based economic growth, making domestic investment and private-sector participation essential to national development.
Nigeria’s 4D Foreign Policy Focuses on National Interest
Enikanolaiye explained that the Federal Government had reordered its 4D foreign policy doctrine to place the welfare and prosperity of Nigerians at the centre of the country’s international engagements.
The framework prioritises Demography, Development, Democracy and Diaspora.
He stressed that democracy should translate into practical improvements in people’s lives through economic growth, development and greater prosperity.
“Democracy is good, but it is a means to an end, not an end in itself,” the minister said, emphasising that democratic governance must deliver meaningful economic benefits to Nigerians.
He added that Nigeria’s foreign policy should support the country’s development priorities and strengthen opportunities for its citizens and businesses.
Private Sector Investment Key to Economic Growth
The minister called for more constructive dialogue between government and business leaders, noting that stronger partnerships could help mobilise capital from both domestic and foreign sources.
He said Nigerian businesses had an important role to play in expanding the country’s productive capacity and building industries capable of generating sustainable wealth.
Enikanolaiye also stressed the need to bring the Ministry of Foreign Affairs closer to Nigerians by ensuring that the country’s international engagements deliver tangible benefits to citizens.
He said cooperation between government and businesses could create opportunities for investment, improve economic resilience and support the growth of local enterprises.
Youth, SMEs and Technology Central to Job Creation
The minister identified Nigeria’s youthful population as a major asset that could drive economic development if supported by adequate investment in human capital.
He called for increased support for small and medium-sized enterprises (SMEs), technology, innovation and creativity to expand employment opportunities and improve incomes.
According to him, developing these sectors would help young Nigerians contribute more effectively to the economy while encouraging entrepreneurship and wealth creation.
Enikanolaiye also pointed to improvements in macroeconomic stability, saying businesses needed reliable data and predictable economic conditions to make informed investment decisions and plan for the future.
ECOWAS Warns Trade Agreements Alone Cannot Create Jobs
The President of the Economic Community of West African States (ECOWAS) Commission, H.E. General Birame Diop, also called for stronger regional industrial development.
His remarks were delivered at the summit by Hon. Dehpue Yenpea Zuo, Commissioner for Economic Affairs and Agriculture.
Diop stressed that regional trade agreements must be supported by industries capable of processing raw materials, producing goods and creating jobs.
“Trade agreements do not create jobs; industries do,” he said.
He noted that intra-African trade accounts for about 15 per cent of total trade, compared with more than 60 per cent in Europe and Asia, highlighting the need to strengthen regional production and trade networks.
According to the ECOWAS Commission president, West Africa’s market of more than 300 million consumers offers Nigerian manufacturers an opportunity to expand production and achieve economies of scale before competing across the wider African market under the African Continental Free Trade Area (AfCFTA).
He outlined four priorities for accelerating regional industrialisation: implementing existing trade agreements, including commitments on border procedures; developing regional value chains in sectors where West Africa has a competitive advantage; improving access to finance for businesses and producers; and measuring progress through jobs created and goods processed within the region.
Building Industries for Regional and Global Competition
The discussions highlighted the importance of linking trade policy with industrial investment, technology, financing and skills development.
For Nigeria, stronger cooperation between government and the private sector could help local businesses move beyond importing and selling finished goods towards manufacturing, processing and participating in regional supply chains.
The speakers emphasised that investment in people, local enterprises and productive industries would be essential to creating jobs, raising incomes and strengthening West Africa’s economic competitiveness.
SOURCE: Federal Ministry of Foreign Affairs, Nigeria, based on the supplied statement on Ambassador Sola Enikanolaiye’s remarks at the 32nd Nigerian Economic Summit.
