Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, has called for stronger government-private sector partnerships, increased investment in youth and improved access to capital to transform Nigeria from a trading nation into a value-chain economy.
According to a statement issued by the Special Assistant on Digital Media and Public Diplomacy to the Minister, Raphael Oni, Enikanolaiye made the call at the 32nd Nigerian Economic Summit (NES #32) during a high-level panel discussion themed “From Trade to Value Chains: Building Regional Industries to Compete Globally,” with the sub-theme “Invest Nigeria.”
The minister, who recently returned from the Berlin Global Dialogue, said global business leaders remained optimistic about Nigeria and the global economy despite prevailing uncertainties.
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He explained that the administration had reordered its 4D foreign policy doctrine to place Nigeria’s national interest, defined by the welfare and prosperity of its citizens, at the centre of its international engagements.
The framework prioritises Demography, Development, Democracy and Diaspora.
“Democracy is good, but it is a means to an end, not an end in itself. Democracy must deliver on core priorities of economic development and economic prosperity to our people,” he said.
On mobilising resources for national development, Enikanolaiye stressed the need for constructive dialogue and stronger collaboration between the government and the private sector.
“In advancing our country, we don’t talk enough to one another in terms of constructive conversation and dialogue. We believe that partnership which allows government to engage deeper and stronger with the private sector is critical,” he said.
Mobilise the resources
The minister said that government alone could not mobilise the resources required to achieve shared prosperity, noting that Nigeria must attract capital from both international investors and domestic businesses.
He also identified the country’s youthful population as a critical asset that could drive industrialisation, innovation and economic growth if adequately supported.
“Our youth population is very critical—a vibrant population. We need to invest more in human capital, focusing on Small and Medium Scale Enterprises, technology, innovation and creativity,” he said.
According to him, such investments would generate employment opportunities for young Nigerians while increasing wealth and income across the economy.
Enikanolaiye further highlighted improvements in macroeconomic stability, noting that declining inflation and more stable economic indicators could help businesses make informed decisions and plan for the future.
He also called for a foreign ministry that engages more directly with Nigerians and the private sector, stressing that diplomacy must serve the interests of the people.
“We do not operate necessarily in esoteric terms above the people but for the people and with the people. The private sector has huge potential to partner creatively. We are all working for the Nigerian people,” he said.
The minister said Nigeria could build resilient regional industries capable of competing globally by strengthening government-to-government, government-to-business and business-to-business partnerships.
He emphasised the importance of engagement at different levels, beginning with Nigeria’s immediate neighbours and extending across West Africa, the African continent and the wider international community.
Also speaking at the session, the President of the ECOWAS Commission, General Birame Diop, reinforced the need for regional industrialisation, warning that trade agreements alone could not deliver the jobs and economic transformation West Africa requires.
According to the statement by Oni, Diop’s remarks were delivered by the Commissioner for Economic Affairs and Agriculture, Dehpue Yenpea Zuo.
“Trade agreements do not create jobs; industries do,” Diop said.
He noted that intra-African trade remained at about 15 per cent, compared with more than 60 per cent in Europe and Asia, attributing the disparity partly to the limited scale of regional industries.
The ECOWAS president identified the regional free trade area, with a market of more than 300 million consumers, as an immediate opportunity for Nigerian manufacturers to expand production and achieve economies of scale before competing across the continent under the African Continental Free Trade Area (AfCFTA).
Measuring Progress
He outlined four priorities for accelerating regional industrialisation: implementing existing agreements, beginning with border-related commitments; developing regional value chains in sectors where West Africa has a competitive advantage; mobilising financing for producers across supply chains; and measuring progress by the jobs created and goods processed within the region.
Diop’s position reinforced the call for Nigeria and other West African countries to move beyond trading raw materials and strengthen domestic production, industrial capacity and regional economic integration.
