The Honourable Minister of Industry, Trade and Investment (FMITI), Dr. Doris Uzoka-Anite has applauded African Development Bank (AfDB) for its industrial initiatives and support for economic empowerment.
This was at a courtesy visit by a delegation of AfDB led by Vice-President for Private Sector, Infrastructure & Industrialisation, Mr. Solomon Quaynor.
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 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 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.
