Nigerian Minister of Industry, Trade and Investment, Jumoke Oduwole, has asserted that the country is beginning to experience the benefits of President Bola Tinubu’s economic reforms, declaring that “prosperity is already flowing” despite ongoing economic hardship. Speaking during an interview on Channels Television, Oduwole acknowledged the difficulties facing citizens but maintained that the administration’s policies are creating new opportunities for businesses through increased non-oil exports and improved access to international markets.
Addressing the current economic climate, Oduwole recognized the pain experienced by the populace, stating, “Are people in pain? Yes. We are also Nigerians.” However, she urged the public to recognize the progress being made, adding, “We know that this is the time you have to just stay through, and it’s already coming down. Prosperity is already flowing. Can you see it? I can.”
Oduwole explained that the reforms were necessary to address decades of structural weaknesses, using an agricultural metaphor to illustrate the point. “Where we’re coming from is like four decades, and we had to fix that foundation. There is no way you can plant new seeds in bad soil and expect anything to germinate,” she said. She noted that President Tinubu had previously warned that measures such as the removal of the fuel subsidy and changes to the foreign exchange system would be painful but essential for sustainable growth.
The minister highlighted that the previous foreign exchange arrangement, which involved six different windows, had discouraged investment and hindered industries like aviation. “Airlines could not get their foreign exchange out. No investor wanted to invest in this economy,” she stated. In contrast, she claimed that the current administration has achieved a milestone where the rate of growth in non-oil exports has overtaken that of oil exports for the first time in Nigeria’s history, signaling a more diversified economy.
To facilitate this diversification, the government conducted a survey across 13 countries in Southern and Eastern Africa and established an air cargo corridor with two airlines to support Nigerian exports. Oduwole cited specific successes from a recent trade mission to Botswana, where a female entrepreneur selling packaged Nigerian rice dishes sold out her stock and received additional offers, while another garment manufacturer secured an order for 6,000 pieces.
Oduwole emphasized the critical role of micro, small, and medium-sized enterprises (MSMEs) in the national economy, noting that Nigeria has more than 40 million such businesses that account for over 80 percent of employment. “These are small businesses, but I will tell you they are the bedrock of this economy,” she concluded, arguing that these sectors are central to the country’s economic resilience and future growth.
<small>Source: The Sun Nigeria — read the original story there.</small>
