Trade Minister Welcomes African Development Bank’s Support for Economic Empowerment and Industrialization Initiatives

The Honourable Minister of Industry, Trade and Investment (FMITI), Dr. Doris Uzoka-Anite welcomed a delegation from the African Development Bank (AfDB), led by Mr. Solomon Quaynor, Vice-President for Private Sector, Infrastructure & Industrialization, on a courtesy visit to the ministry.

The meeting centred on discussions of mutual interest aimed at improving Nigeria’s economic landscape, with a keen focus on innovative financial solutions and infrastructural support for industrialisation, job creation, and sustainable development.

Mr Solomon Quaynor expressed admiration for the Honourable Minister’s innovative initiatives, particularly the development of the Consumer Credit system and the emphasis on value addition to commodities before export. “We are impressed by the forward-thinking policies and initiatives championed by the FMITI. These efforts are pivotal in transforming Nigeria’s economic landscape, and the AfDB is eager to support such evolutionary endeavours,” said Mr Quaynor.

A key highlight of the meeting was the discussion around the establishment of a Youth and Women-focused bank in Nigeria, an initiative aimed at supporting businesses led by these vital demographic groups. Dr Doris Uzoka-Anite also emphasised the need for support in developing industrial clusters, with a particular focus on gas interconnectivity to facilitate cheaper energy solutions, thereby reducing the cost of production.

In response to the forex liquidity challenges faced by local manufacturers in Nigeria, the Honourable Minister sought the AfDB’s assistance in establishing a credit guarantee trading line. This initiative is expected to provide a much-needed lifeline to manufacturers, enabling them to fund import bills more effectively. The discussions underscored the potential impact of a robust commodities exchange in unlocking the value chain of commodities in Nigeria. The AfDB committed to exploring avenues for technical assistance and funding to support the Nigeria Commodities Exchange (NCX) with its capitalisation and seed fund. The Honourable Minister expressed gratitude towards the AfDB for its continued collaboration, particularly with the Bank of Industry (BOI), and reassured the delegation of the Ministry’s unwavering support in empowering businesses and driving Nigeria’s industrialisation agenda.

This meeting marks a significant milestone in the collaborative efforts between the FMITI and AfDB, setting the stage for impactful initiatives that promise to drive economic empowerment, enhance industrial capacity, and foster sustainable development across Nigeria.