Nigeria’s Trade Minister To Showcase Country’s New Prospects At G-20 Summit in India

The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite will accompany President Bola Tinubu to showcase the country’s varied investable opportunities at the G-20 summit in New Delhi, India between September 9 and 10.

With the challenges in the global oil and gas sector, Nigeria has been divesting to develop other investable areas with huge opportunities for interested investors. The minister will be at the forefront of showcasing these areas in the non-oil sector that have become high-revenue earners in the country to the participants and prospective investors.

The country’s non-oil sector has in recent times, become the higher revenue earner for the country, drawing income from the agricultural commodity exports and the numerous resources in the solid minerals sector.

Data from the Federal Inland Revenue Service (FIRS) supported this as the country netted a total of N10.1 trillion in tax revenue with N5.96 trillion coming from the non-oil sector as against the oil and gas sector’s contribution of N4.09trillion.

Besides Information Technology in which the country has recorded a huge success as exemplified in the growing numbers of Fintechs, Nigeria boasts of numerous natural resources in the solid minerals sector and all the 36 states of the federation have them in huge investable quantities. These include Gold, lead/zinc, limestone, salt, cassiterite, clay, dolomite, marble and tantalite, bentonite, gypsium, kaolin, magnesite, lignite, uranium, diatomite, glass sand, feldspar and others.

On the sideline of the two-day summit, the minister will participate in the Nigeria-India Presidential Roundtable and the Nigeria-India Business where these new prospects will be showcased to the leading industrialists in the Indian private sector, Nigerian industrialists, as well as senior government officials from both countries that are expected to be in attendance.

The country aims to leverage these meetings to attract global capital and promote increased foreign direct investments in key labour-intensive sectors of Nigeria’s economy for job creation and revenue expansion.

The minister will also feature at bilateral meetings with a cross-section of world leaders from four different continents, representing both G-20 and non–G20 countries. These engagements are geared towards strengthening bilateral economic, trade, and investment partnerships for mutual benefit.

At the G20 Summit, Nigeria is expected to share Nigeria’s perspective on the theme, “One Earth-One Family-One Future,” which speaks to the global unity required to address the challenges facing humanity and the planet.

Other cabinet members that are part of the delegation are Amb. Yusuf Tuggar, Minister of Foreign Affairs; Wale Edun, Minister of Finance and Coordinating Minister of the Economy;  Bosun Tijani, Minister of Communications, Innovation, and Digital Economy.

With its collective contribution of up to 80 per cent of global GDP, 75 per cent of international trade, and housing 60 per cent of the world’s population, the G-20 constitutes a significant economic power bloc of socio-economic opportunity and geo-political stability.