The Ministry of Industry, Trade, and Investment is set to inaugurate a National Trade Intelligence Unit.
According to the ministry, the aim is to predict global market trends and enhance our local and global trading capacities.
The minister, Dr. Doris Uzoka-Anite, said this at the ongoing ministerial media briefing on Friday in Abuja.
“With respect to trade as a tool to stimulate economic growth, the ministry is set to inaugurate the National Trade Intelligence Unit in collaboration with other Ministries, Departments, and Agencies (MDAs)
“Such as the Federal Ministry of Communications, Innovation, and Digital Economy, the Nigerian Customs Service, Ministry of Marine and Blue Economy, and the Central Bank of Nigeria (CBN)
“The Trade Intelligence Unit will be the National Coordinator and focal point for all trade related data and information in Nigeria.
“This office is set to leverage world-class technology such as Artificial Intelligence, the Internet of Things, and Big-Data to provide Nigeria with the ability to predict global market trends.
“That will enhance our local and global trading capacities, thereby, significantly enhancing trade and the ease of doing business in Nigeria, in line with President Bola Tinubu’s Eight Point Agenda,” she said.
According to Uzoka-Anite, this will equip Nigerian traders with invaluable insights to navigate potential global economic shocks and provide strategic guidance to enhance our economic growth.
She said it would enable the traders to focus on areas where Nigeria had a comparative advantage, thus leading to rapid economic growth.
Reiterating the advantages of the centre, she said it would, among other things, provide Nigeria with unparalleled, reliable import and export information and data, essential for effective planning and business ease.
The minister said that under her stewardship, the ministry had taken various major steps targeted towards stimulating the economy and ensuring competiveness.
“We are creating a national job centre to match available vacancies in industries and businesses with an available talent pool. The job centre will also train and equip people to be job-ready.
“One such initiative is the Skill-UP Artisans programne (SUPA) led by our parastatal, the Industrial Training Fund (ITF).
“Over a two-year period, the programme aims to empower 10 million hard-working Nigerians, and reflects the government’s commitment to promoting economic development, improving citizens’ standard of living, and job creation,” she said.
According to Uzoka-Anite, the ministry is also taking decisive steps to attract capital investments that will transform our homegrown enterprises into global players.
She said all these were in furtherance of the 8-point agenda of the President Tinubu-led administration.
The Minister acknowledged some of the prevailing challenges in the sector, among which were infrastructure deficits, bureaucratic bottlenecks, and regulatory complexities.
She said: “Additionally, external factors such as fluctuating commodity prices and global economic uncertainties pose risks to our economic stability.
“Yet, we are undeterred in our resolve to address these challenges head-on, seeking innovative solutions and fostering collaboration across sectors.
“We will also be engaging more with the private sector to get closer to the business community and resolve their challenges. We will do this by having more sectoral stakeholder engagements.
“Through this collaboration, we can fully unlock Nigeria’s potential and create an environment where businesses thrive, innovate, and contribute significantly to the socio-economic development of our great nation.”
