Oduwole: With 53% Service-based Economy, FG to Leverage Nigeria’s Comparative Advantage

•Says Nigeria more focused on integration, not protectionism

Emmanuel Addeh in Abuja

The Minister of Industry, Trade and Investment, Olajumoke Oduwole, yesterday stressed that at 53 per cent Nigeria has a comparative in the service industry, explaining that the Bola Tinubu administration will continue to encourage the players with the right policies.

Speaking on Arise Television yesterday, Oduwole noted that in Nigeria, the service sector has a broad spectrum and does not need a large capital outlay to take off.

“All the way, it’s services. That is the first place. So our economy, the world’s economy, has skewed towards services in terms of growth. The African economy has skewed and the Nigerian economy is no different. I will say about 53 per cent is currently in services.

“Now services have a broad spectrum.  Services from tourism to hospitality to financial services and what that does, especially when you layer technology, is that we’re on the cutting edge of competitiveness as Nigerians.

“Nigerians are gifted in that space and have pivoted to that space because it also requires less of an infrastructure outlay. So while this administration works on the infrastructure deficit, our entrepreneurial spirit has led us to finding profitable pathways and that has put Nigeria at the forefront of services delivery across Africa,” she argued.

With the needed data now available, and growing ease of doing business, as well as  regulatory and legislative reforms and trade facilitation, the world has started to look in the direction of Nigeria.

According to her this has been further enhanced with the ongoing digitisation of public infrastructure and adoption of ‘whole of government approach’ to trade facilitation, explaining that results are being delivered.

In terms of energy availability, Oduwole noted that although still not enough, the amount of power is increasing gradually in the country, as a result of creative solutions being deployed,  the willing buyer, willing seller regime the little pockets of Independent Power Projects (IPPs).

“ So people are finding creative ways to get themselves power, including solar projects across the country. And so gradually, we are having more power. So it’s work in progress,” she pointed out.

She explained that Nigeria needs to continue to support and encourage its businesses to thrive, reason President Bola Tinubu has a domestic investors focus, and that means ‘Nigeria First’.

“It’s not about being protectionist like some others would, you know, as it is about integration,” she explained, noting that Nigeria will continue to make new friends across the world.

“So this is market access work. This is what we do, finding markets for Nigerians with trade intelligence and also supporting them with the regulatory environment, opening the door for their goods, making sure of standards, making sure there’s export credit”, she emphasised.