The Ministry of Industry, Trade, and Investment announced plans to inaugurate a National Trade Intelligence Unit, aimed at enhancing Nigeria’s trading capabilities by forecasting global market trends. This announcement was made by the Minister, Dr. Doris Uzoka-Anite, during a ministerial media briefing in Abuja.
The initiative involves collaboration with various Ministries, Departments, and Agencies (MDAs), including the Federal Ministry of Communications, Innovation, and Digital Economy, the Nigerian Customs Service, the Ministry of Marine and Blue Economy, and the Central Bank of Nigeria (CBN). The unit’s goal is to centralize trade-related data and information, utilizing advanced technologies such as artificial intelligence, the Internet of Things, and big data analytics.
This strategic move is expected to bolster local and global trading operations, aligning with President Bola Tinubu’s Eight Point Agenda to improve the ease of doing business in Nigeria. According to Uzoka-Anite, the Trade Intelligence Unit will provide critical insights to navigate global economic fluctuations and identify strategic opportunities for growth, emphasizing sectors where Nigeria holds a comparative advantage.
Additionally, the Minister highlighted other initiatives under her leadership aimed at stimulating economic growth and enhancing competitiveness. These include the creation of a national job center to connect job seekers with industry vacancies and the Skill-UP Artisans Programme (SUPA), led by the Industrial Training Fund (ITF), which seeks to empower 10 million Nigerians over two years.
Efforts are also being made to attract capital investments to elevate Nigerian enterprises to a global standing, further advancing the administration’s 8-point agenda. Despite challenges such as infrastructure deficits, bureaucratic hurdles, and global economic uncertainties, the ministry remains committed to innovative solutions and increased private sector engagement.
Through these initiatives and collaborations, the Ministry of Industry, Trade, and Investment aims to unlock Nigeria’s full potential and foster an environment conducive to business growth and socio-economic development.
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