BY CHIKA OKEKE, Abuja
The Federal Ministry of Industry, Trade and Investment (FMITI) has sustained engagement with the Federal Ministry of Finance on fiscal reforms that lead to balanced tariff for businesses in the country.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole stated this on Tuesday in Abuja during a presentation to the Economic Management Team (EMT) on the ministry’s ‘Contribution to Nigeria’s $1 Trillion Economy Target’ in Abuja.
She stated that the ministry is developing rules-based framework to succeed the raw-nut export ban, which lapses on 25 February 2027, enabling processors get first access to shea through NCX-certified warehouses, even as only the surplus will be exported through a national export anchor.
Oduwole added: “FMITI is operationalising the NCX as the platform for structured commodity trade, with standardised grading, certified warehouses and electronic warehouse receipts, so that farmers can use stored produce to access finance.
“FMITI is restructuring the Export Expansion Grant (EEG) scheme as a predictable, rules-based and performance driven framework to scale non-oil exports and deepen industrial value addition.”
The EEG scheme is a post-shipment incentive program managed by the Nigerian Export Promotion Council (NEPC) to grow non-oil exports from Nigeria.
She pointed out that the ministry is driving the implementation of a professionally managed fund to be applied strictly to the financing of strategic trade facilitation and export incentive interventions.
On economic wins, the minister stated that the African Union (AU) has designated Nigeria as a co-champion for Digital Trade in Africa and the first country to ratify the AfCFTA protocol on digital Trade, adding that 96,035 documents were processed in NSW between March and July 2026.
She insisted that FMITI will engage all Ministries and State Governments for centralised coordination of bilateral Memorandum of Understanding (MoUs) and investment agreement, with support from MFA and MOJ.
Oduwole disclosed that the ministry has advanced modernisation of investment rules and institutions to attract quality investment, while coordinating implementation, improving investor awareness and access, and tracking uptake and investment outcomes.
“The FMITI is reviewing stakeholder submissions to prepare drafting instructions for the proposed IP law reforms, and automating the Trademarks, Patents and Designs Registries to speed up registration and improve service delivery. It is also expanding cooperation with WIPO, including IP Business Centres for MSMEs through SMEDAN,” she added.
She noted that the Special Economic Zones (SEZ) reform committee is preparing the legislative and regulatory package that will align the free zone regime with the Nigeria Tax Act 2025.
The minister informed that the ministry is working with the National Assembly (NASS) and relevant Ministries, Departments and Agencies (MDAs) to fast-track the domestication of the AfCFTA instruments for sustainability.
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