FG To Mobilize Fresh Funding To Drive Trade Reforms

The Federal Ministry of Industry, Trade and Investment (FMITI) is to have a strategic collaboration with Trademark Africa (TMA) and its commercial arm, Trade Catalyst Africa (TCA), to strengthen trade reforms, promote industrialization, and expand Nigeria’s access to global markets.

This proposed partnership in commercial borrowings will support medium- and small-scale enterprises, as the firm has done in Ghana and Cote d’Ivoire. This will ensure greater support to striving MSMEs to assess the benefits accruing from the African Continental Free Trade Area (AfCFTA).

This milestone partnership, when formalized would further boost trading and the exports of made-in-Nigeria Products within Nigeria and the African continent.

Welcoming the TMA team to the Federal Ministry of Industry Trade and Investment, Ambassador Nura Abba Rimi, Permanent Secretary of FMITI said the proposed initiatives “aimed at improving trade efficiency, increasing investment opportunities, and fostering regional integration across Nigeria and the African continent.”

Rimi, who spoke on behalf of the Minister of Trade and Investment, Dr Jumoke Oduwole, highlighted Nigeria’s dedication to enhancing the ease of doing business and modernizing trade policies.

He cited notable achievements, such as the digitization of customs processes and the development of a new National Intellectual Property (IP) Policy.

Rimi expressed optimism about the partnership, saying, “This collaboration will significantly step up and advance trade efficiency and enable Nigerian businesses to thrive in the global market space.”

TMA and its partners have invested over $1.5bn across Africa to support transformative projects in infrastructure, transportation, and trade systems. The organization’s commercial arm, TCA, focuses on mobilizing funding to drive trade reforms in areas such as border post efficiency, customs modernization, and digital trade.

Nigeria is advancing its National IP Policy to align with global standards and promote geographical indication (GI) laws that protect unique agricultural products such as aloe vera and yellow pepper.

Allen Asiimwe, Deputy Chief of Program at TMA, underscored the importance of digital trade strategies in creating accessible trade environments, particularly for small-scale businesses and traders.

She highlighted ongoing initiatives aimed at promoting green trade and addressing logistical challenges in cross-border transportation.

TMA’s commitment to expanding partnerships in Nigeria and West Africa is evidenced by the recent establishment of regional offices and collaborations with ECOWAS to address trade barriers.