Market News

By Sola Ojo, Abuja

As Nigeria navigates one of the most consequential periods in its economic history, the Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, sits at the intersection of policy, investment diplomacy and public accountability.

In this interview, she defends the Tinubu administration’s economic reforms, explains what ordinary Nigerians should expect from the President’s recent engagements in Kenya and Rwanda, and makes the case that Nigeria, despite the pressures of hardship and scepticism, remains Africa’s most consequential economic force.

President Tinubu recently visited Kenya and Rwanda. What concrete significance should Nigerians attach to those engagements?

>span class="s1">The Africa-France Summit, themed Africa Forward, was especially significant. Nigeria played a central role, with the Nigeria-France Business Council holding substantive discussions involving approximately 40 chief executives focused on green industrialisation and investment opportunities across Africa. Overall, roughly 23 billion euros in new commitments were discussed, with approximately nine billion euros coming directly from African investors and institutions.

One of the most tangible outcomes was a partnership involving Kola Karim’s Shoreline Group and Accor Hotels, which will see the development of ten new hotels across Nigeria. The first is already under construction in Port Harcourt and is expected to be completed within four months. Additional developments are planned for Abuja and other cities. Beyond hospitality, Zenith Bank concluded a significant acquisition in East Africa during the Nairobi engagements, demonstrating how Nigerian financial institutions are expanding their footprint competitively across the continent.

Nigerians hear about investment commitments regularly, yet inflation remains high, the cost of living continues to rise, and debt servicing constrains government spending. What direct value should ordinary Nigerians realistically expect?

Hospitality alone is a significant employment driver. It creates opportunities for upward mobility even for those without university education, whilst providing transferable skills across multiple sectors. When ten new hotels are built and staffed, those are real jobs for real Nigerians. That is how macro-level investment translates into individual livelihoods.

Some analysts argue that Nigeria’s quick wins should be in technology and manufacturing, and that countries like Kenya and Rwanda are pulling ahead whilst Nigeria risks becoming a spectator in areas where it once had clear advantages. Is that concern not justified?

Nigeria remains Africa’s digital trade champion. Other countries look to Nigeria in many respects, particularly in digital public infrastructure and innovation. Nigeria’s technology ecosystem continues to attract some of the highest levels of foreign direct investment on the continent, and the size and scale of the Nigerian market dwarfs the markets being cited in that comparison.

You have seen the Rwanda Digital Hub in Kigali. Are you satisfied with what we are building by comparison?

I have indeed seen it. But I would ask in return: have you seen what we are building in Nigeria? We have significant projects in the pipeline, including convention centres and ecosystem developments designed to stimulate economic activity across multiple states. We have strengthened bilateral trade initiatives and launched an air cargo corridor with Uganda Air. We are in early discussions with RwandAir on similar partnerships to support the growth of Nigeria’s non-oil exports across Africa. Nigeria’s non-oil export figures are increasing steadily, and that is a measurable, verifiable fact. Our approach is structured and strategic, and the numbers are beginning to reflect that.

Nigerian entrepreneurs and industrialists, from Aliko Dangote to Tony Elumelu, continue to make major investments across Africa. Yet South Africa appears to enjoy stronger continental influence, and Nigerians operating there sometimes face hostility and attacks. How does the government reconcile that reality?

Life is not always fair, and different situations arise in different countries. Dr. Abdulsamad Rabiu has himself spoken publicly about the access challenges Nigerian businesses face in South Africa. But despite those realities, our focus remains on delivering results for the Nigerian economy rather than being distracted by frustrations we cannot immediately control.

Some argue that the government and the APC will face political consequences in 2027 precisely because economic improvements feel too slow for a population bearing significant hardship. What do you say to that?

Nigeria’s economy is not sluggish. What Nigerians are living through is the consequence of structural problems that accumulated over a very long period and cannot be resolved overnight. As the Coordinating Minister of the Economy has stated clearly, if the Tinubu administration had not taken these reform steps when it did, it is difficult to contemplate where the Nigerian economy would be today. The government made the courageous decision to act rather than defer, and that distinction matters enormously in the long run.

President Tinubu has also made it unambiguously clear to members of his cabinet that governance, not political positioning, remains the priority. He has said directly that anyone intending to be distracted by the politics of 2027 should step aside. That instruction reflects the seriousness with which this administration regards the task before it.

At this moment, it is an all-hands-on-deck approach. Ministers and officials are focused on delivering the benefits of the reforms to the Nigerian people. The administration took the difficult decisions. It is now in the business of ensuring that those decisions produce the outcomes Nigerians deserve. We remain focused, and we are not about to be deterred by the pressures of the political cycle.