By Editor
The Federal Government has declared that President Bola Tinubu’s economic reforms are beginning to stabilise Nigeria’s economy, with government pointing to improved price stability, sustained economic growth and a renewed push towards industrial production.
Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the declaration yesterday in Bauchi, saying the reforms were gradually laying the foundation for long-term economic and social development.
He spoke at a sensitisation workshop on the ECOWAS Trade Liberalisation Scheme, ETLS, organised by the Ministry of Foreign Affairs’ ECOWAS National Unit in collaboration with the Bauchi State Government.
The workshop, themed “Increasing Intra-Regional Trade Through ECOWAS Trade Liberalisation Scheme,” focused on expanding Nigeria’s participation in regional trade and opening up more opportunities for businesses across the country.
Enikanolaiye said the initiative was part of the Federal Government’s broader diplomatic strategy under its 4D foreign policy framework, which he said placed the welfare and prosperity of Nigerians at the centre of foreign policy.
“One of the main reasons we decided to organise this workshop is in line with our 4D foreign policy framework, which places the Nigerian people at the centre of our foreign policy,” he said.
According to him, the government was seeking practical ways to bring foreign policy closer to Nigerians, particularly businesses and entrepreneurs at the grassroots, while using regional trade to expand economic opportunities.
“We are looking at ways and means of bringing foreign policy closer to Nigerians at the grassroots in a manner that enhances their prosperity and expands economic opportunities within the West African region,” the minister said.
He said the government’s strategy was also aimed at helping Nigerian businesses take advantage of the ECOWAS market and prepare for opportunities under the African Continental Free Trade Area, AfCFTA.
Enikanolaiye explained that many businesses, particularly small and medium-sized enterprises, SMEs, agricultural exporters and manufacturers, remained unaware of the opportunities and requirements under the regional trade scheme.
“We believe that not much information is available to the public about this scheme,” he said.
“Therefore, through these zonal workshops, we intend to raise awareness about the ECOWAS Trade Liberalisation Scheme, its scope and the requirements Nigerian companies must meet to register and benefit from it.”
The minister said increased participation in regional trade would complement the Federal Government’s economic reforms by expanding the productive capacity of the economy, creating jobs and increasing opportunities for young Nigerians.
He stressed the need for Nigeria to move beyond exporting raw materials and begin to derive greater value from its agricultural and industrial output through local processing and manufacturing.
“We want to focus on industrial value addition,” Enikanolaiye said.
“We believe that the productive base of the Nigerian economy has to improve so that we can produce more, generate more jobs and create opportunities for our growing youth population.”
The Bauchi workshop marks the beginning of a nationwide sensitisation campaign by the ministry, which will move through the six geopolitical zones, covering the North-East, North-Central, North-West, South-South, South-East and South-West, before culminating in Abuja.
The Federal Government expects the campaign to significantly increase awareness and participation in the ETLS, while enabling more Nigerian businesses to access the regional market.
The ETLS is designed to facilitate the free movement of eligible goods produced within the ECOWAS region by removing customs duties and other barriers on qualifying products, thereby promoting intra-regional trade and economic integration.
