The Minister of State for Industry, Trade, and Investment, Sen. John Enoh, says the Federal Government is commitment to balancing trade through policies that support local production while managing imports.
Enoh said this at the Renewed Hope Global Virtual Town Hall Conference 2025, while speaking on the nation’s trade strategy.
The minister emphasised the importance of evaluating the country’s balance of trade , whether in surplus or deficit when formulating economic policies.
He noted concerns that Nigeria remained an import-dependent economy and reiterated the need to expand and deepen the country’s productive capacity to drive exports and reduce reliance on foreign goods.
“The real issue is not just the volume of imports but the fact that we are not producing enough.
“We must expand local manufacturing and strengthen our industries to stay competitive in the global market,” he said.
Enoh said that the government had been deliberate in encouraging local productivity through various incentives, including import duty exemptions for manufacturers and industrialists.
“Since assuming office, I have approved countless import duty exemption certificates to industries to support local production.
“There are programmes such as backward integration policies aims at boosting local capacity in key industries, including manufacturing and agriculture ” he said.
Eno reaffirmed the administration’s commitment to ensuring that Nigeria remained competitive in global trade.
He said that at the end of each fiscal period, the government assessed the country’s trade balance to determine policy directions.
He assured stakeholders that the government would continue implementing measures to create an enabling environment for industries and improve Nigeria’s export potential.(NAN)
