Business and Economy
INVEST NIGERIA PUSHES SEAMLESS TRADE UNDER D-8 FRAMEWORK
By Iyojo Ameh
Invest Nigeria has reaffirmed its commitment to deepening trade and investment ties between Nigeria and Indonesia, following the signing of Memoranda of Understanding (MoU) between Nigerian and Indonesian firms at a bilateral business forum in Indonesia.
Speaking after the signing ceremony, the Executive Director of Invest Nigeria, Sheye Oyetade, said the organization came to service its Memorandum of Understanding with the D-8 Organization for Economic Cooperation to ensure seamless trade between both countries.
Invest Nigeria is a private-public investment enterprise that promotes Nigerian goods and services in domestic, regional and international markets, attracts local and foreign investors, and supports Nigerian businesses in accessing international markets and increasing non-oil exports.
“Invest Nigeria has a great relationship with D-8, the Developing Eight countries. Nigeria and Indonesia are both part of the D-8 family of eight countries, well nine now with Azerbaijan joining. We came to service our memorandum of understanding with D-8 to make sure that trade is actually seamless between Nigeria and Indonesia,” Oyetade said.
He said the current economic reforms in Nigeria have created a more enabling environment for transnational trade and investment.
“Because of the major reforms happening in Nigeria back at home under the Bola Tinubu administration, the economic reforms has actually opened the gateway for transnational trade and businesses to function properly. This is one of the ways by which that is being activated,” he added.
Oyetade noted that the MoU signing is strategic given Africa’s growing importance in global commerce.
“Africa is becoming the major darling of the world in terms of market. With our ever-growing population in Nigeria, by 2050 it is known everywhere that Nigeria will be the third largest populated country in the world, going to about 400 million. So where the people are, there the market is,” he said.
According to him, Invest Nigeria is driving this vision through Trade Promotion, Investment Attraction, Export Development, Trade Missions, Business Facilitation connecting Nigerian businesses with international buyers and investors, Market Access under AfCFTA and other trade agreements, SME Development, Public-Private Partnerships, Trade Intelligence, and Economic Diversification into agriculture, manufacturing and technology.
He said the Indonesia MoU aligns with Invest Nigeria’s core mandate of helping Nigerian enterprises identify new markets and establishing commercial partnerships that create jobs and strengthen the economy.
