Nigeria investment in youth and local industries is vital to job creation, says FG, urging public-private partnerships and regional industrialisation

The Federal Government has called for increased investment in youth development, small and medium-sized enterprises, technology and local industries to create jobs and strengthen Nigeria’s economic competitiveness.

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The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call during a panel discussion titled “From Trade to Value Chains: Building Regional Industries to Compete Globally” at the 32nd Nigerian Economic Summit, held under the sub-theme, “Invest Nigeria”.

In a statement issued on Tuesday and signed by his Special Assistant on Digital Media and Public Diplomacy, Raphael Oni, Enikanolaiye said Nigeria needed stronger partnerships between the public and private sectors to mobilise the capital required for sustainable economic growth.

He argued that the country must move beyond trading raw materials towards building industries that process local resources into finished products for domestic consumption and export.

According to the minister, investment from both domestic businesses and foreign sources would be necessary to expand industrial capacity, create employment opportunities and improve living standards.

“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. Government alone cannot alone raise the resources needed for shared prosperity,” he said.

Enikanolaiye added that domestic capital mobilisation was as important as attracting foreign investment.

He identified Nigeria’s youthful population as a major asset that could accelerate industrialisation if supported by investments in education, skills development, innovation and entrepreneurship.

“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. By so doing, we will be able to generate more employment for the youth and also raise more wealth and income,” he said.

On foreign policy, the minister said the administration had reordered its four-point 4D doctrine to place the welfare and prosperity of Nigerians at the centre of the country’s international engagements.

The framework focuses on Demography, Development, Democracy and Diaspora.

Enikanolaiye said democratic governance should produce tangible economic benefits for citizens rather than remain an end in itself.

“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.

The minister also emphasised the importance of macroeconomic stability and reliable economic data in helping businesses assess investment opportunities and make long-term plans.

He said Nigeria had recorded improvements in macroeconomic stability and that inflation was coming down, although he did not provide supporting figures in the statement.

Enikanolaiye further called for reforms to make the Ministry of Foreign Affairs more responsive to Nigerians and strengthen its engagement with businesses.

He said cooperation between the government and private sector, alongside partnerships with neighbouring countries and other international markets, could help Nigeria expand its industrial base and improve its access to regional and global markets.

Also speaking at the summit, the President of the Economic Community of West African States Commission, General Birame Diop, called for greater emphasis on industrialisation to create jobs and strengthen regional trade.

His remarks were delivered by the ECOWAS Commissioner for Economic Affairs and Agriculture, Dehpue Yenpea Zuo.

Diop argued that trade agreements alone could not deliver widespread employment and economic growth without industries capable of processing raw materials and producing goods.

“Trade agreements do not create jobs; industries do,” he said.

He noted that intra-African trade accounted for about 15 per cent of the continent’s total trade, compared with more than 60 per cent in Europe and Asia.

He attributed the gap partly to the limited scale of regional industries.

According to Diop, the regional market, with more than 300 million consumers, provides an opportunity for West African manufacturers to expand production before competing across the continent under the African Continental Free Trade Area.

He outlined four priorities for advancing regional industrialisation: implementing existing trade agreements, including commitments on border management; developing value chains in sectors where West Africa has a competitive advantage; improving access to finance for businesses and producers; and measuring progress through jobs created and goods processed within the region.

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Diop said converting trade commitments into productive industries would be essential to expanding employment, increasing regional economic activity and strengthening West Africa’s competitiveness in global markets.

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