Enoh: New Industrial Policy to Clear Obstacles for Foreign Investors

•Glovo reaffirms commitment to empowering SMEs

James Emejo in Abuja

Minister of State for Industry, Senator John Owan Enoh, has said a new industrial policy, billed to be unveiled at 31st Nigerian Economic Summit (NES#31), will provide direction and structure, and usher in a better business environment to attract more investments into the country.

The minister spoke at the unveiling of the new edition of Glovo Academy in Abuja.

He said, “Many international investors have faced challenges entering or staying in the Nigerian market due to the absence of a clear industrial policy. While there was an industrial plan, a policy was needed to drive that plan.”

Enoh was represented by his Special Adviser, Ifeoma Williams.

He told THISDAY, “This new policy has been validated and will be unveiled soon. I can assure you it will be a major driver of economic growth.”

The minister stressed that MSMEs remained the backbone of any economy, noting that current data from the National Bureau of Statistics (NBS) revealed that 40 per cent of the country’s Gross Domestic Product (GDP) is derived from these small businesses.

While also bemoaning poor access to loan facilities from the federal government for many SMEs, she attributed the challenge to a lack of proper structure and the right business plan.

He however, pointed out that the federal government was doing a lot to provide the right policies for thriving businesses.

Meanwhile, Glovo, one of the leading tech platforms in Europe, Africa and Central Asia, has reaffirmed its commitment to empowering small and medium enterprises in the country.

Glovo Academy is an in-person learning and development initiative designed to provide training and digital tools to help local businesses optimise operations, boost their brand, and increase online sales through the Glovo platform.

Head of Growth, Glovo Nigeria, Reni Onafeko, said the company remained committed to empowering SMEs on its platform by offering access to opportunities such as advisory and finance.

She disclosed that over N11 billion in value had been delivered to partners through millions of orders since the company’s launch in Abuja.

According to her, the company has recorded a 30 per cent increase year-on-year in orders in Abuja, working now with over 1,000 local restaurants.

Onafeko emphasised the need for SMEs to embrace digital literacy to enable their businesses to expand, formalise their operations, and scale sustainably.