KEY POINTS

• The Ministry of Industry, Trade and Investment has inaugurated its 2026 Trade Intelligence Tools to improve export performance, attract investment and strengthen business competitiveness.
• The Federal Government is targeting a $1 trillion economy by 2030, with trade, industrial growth and productive investment identified as key drivers.
• Nigeria’s capital importation rose from about $3.9 billion in 2023 to more than $23 billion in 2025, while exports reached approximately ₦12 trillion.
• A technical working group has 60 days to develop reforms for the Export Expansion Grant scheme.
• Nigeria will host CANEX Weekend 2026 in Lagos from November 5 to 8, ahead of the 2027 Intra-African Trade Fair.

MAIN STORY

The Federal Government has inaugurated its 2026 Trade Intelligence Tools to help Nigerian businesses identify export markets, understand international trade requirements and make better-informed commercial decisions as the country pursues a $1 trillion economy by 2030.

The Ministry of Industry, Trade and Investment unveiled the tools alongside a trade intelligence portal at an event in Abuja on Thursday. Minister of Industry, Trade and Investment, Dr Jumoke Oluwole, said the initiative would provide businesses with access to reliable market information, including tariffs, entry requirements and other data needed to compete internationally.

Oluwole said the tools consolidated the ministry’s policies, interventions and institutional activities into practical intelligence to support trade, investment and industrial development. She added that the initiative aligned with President Bola Tinubu’s Renewed Hope Agenda, which prioritises productive investment, industrial expansion and stronger Nigerian industries.

The minister said achieving the administration’s $1 trillion economic target by 2030 would require fiscal, monetary and industrial policies to work together, translating macroeconomic stability into higher production, employment and sustainable growth.

She reported that capital importation increased from approximately $3.9 billion in 2023 to more than $23 billion in 2025, while exports reached about ₦12 trillion. Nigerian products also reached more than 120 countries, and intra-African trade grew by 21 per cent in 2025.

Despite these gains, Oluwole identified high production costs, limited access to finance, logistics difficulties and complex trade procedures as continuing constraints on businesses. She called for sustained collaboration between the government and private-sector stakeholders to address these challenges.

The minister also disclosed that the President had directed the clearance of outstanding Export Expansion Grant claims up to 2022 and reforms to improve the scheme’s sustainability.

According to her, a technical working group led by the ministry’s Commodities Export Department had been inaugurated and given 60 days to develop a comprehensive reform framework. The reforms are intended to restore confidence in the scheme while ensuring that export incentives remain transparent, predictable and financially sustainable.

Oluwole further announced that Nigeria would host CANEX Weekend 2026 in Lagos from November 5 to 8. She described the event as an opportunity to commercialise the country’s creative talent and prepare for the 2027 Intra-African Trade Fair, scheduled to take place in Lagos.

She urged ministries and agencies to track the business deals and partnerships generated by CANEX Weekend, adding that the formal launch of the trade portal at the event would connect businesses, investors and buyers with market intelligence to help convert commercial relationships into transactions.

The minister called on government agencies to integrate the tools into their operations, improve their reliability and accessibility, and ensure that implementation groups delivered measurable results.

The ministry’s Permanent Secretary, Dr Chris Isokpunwu, said the tools would improve access to reliable information, strengthen business competitiveness and help protect genuine investors from fraud. He reaffirmed the ministry’s commitment to translating the Federal Government’s Renewed Hope Agenda into tangible economic outcomes.

The launch included presentations on the tools, an overview of their functions, a live demonstration of the portal and an interactive session. Isokpunwu urged participants to provide constructive feedback, noting that sustained implementation would be necessary to support trade facilitation and business growth.

Also speaking, the Chairman of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dr Jani Ibrahim, commended the minister for her reforms and commitment to evidence-based policies and accountability.

Ibrahim, represented by his Technical Adviser, Mr Suleman Audu, said trade intelligence should guide businesses on production, market entry, standards and investment decisions. He also called for quarterly public-private scorecards to monitor export volumes, clearance times and investment.

THE ISSUES

The launch addresses a practical challenge facing Nigerian exporters: access to international markets depends on more than producing goods for sale. Businesses must understand demand, pricing, tariffs, product standards, documentation and the cost of moving goods to buyers. Reliable trade intelligence can help reduce information gaps, particularly for smaller businesses that lack the resources to conduct extensive market research.

However, a portal alone cannot resolve the production costs, financing constraints, logistics difficulties and administrative procedures identified by the minister. Its economic value will depend on whether businesses can access accurate, regularly updated information and use it to make decisions that lead to actual export orders.

The figures presented by the ministry indicate an increase in capital importation and substantial export activity, but the broader test is whether these flows translate into stronger domestic production, more competitive firms, jobs and sustained foreign-exchange earnings.

Reforming the Export Expansion Grant is another important part of the agenda. Clearing outstanding claims could help rebuild exporters’ confidence, while a more predictable framework could support business planning. However, the proposed reforms will need to balance timely support for exporters with transparent administration and the government’s capacity to fund the scheme sustainably.

The proposed quarterly public-private scorecards could provide an additional accountability mechanism by showing whether trade facilitation measures are producing measurable improvements. Publishing consistent data would also help businesses assess progress beyond official announcements.

WHAT’S BEING SAID

“The president had set an ambitious target of building a trillion-dollar economy by 2030, requiring coordinated fiscal, monetary and industrial policies.” – Dr Jumoke Oluwole, Minister of Industry, Trade and Investment

“Trade, investment and industrial policies must translate macroeconomic stability into production, competitiveness, employment and sustainable economic growth,” she said. – Dr Jumoke Oluwole, Minister of Industry, Trade and Investment

“The CANEX Weekend will prepare Nigeria for the 2027 Intra-African Trade Fair in Lagos: ministries and agencies should track business deals and partnerships generated.” – Dr Jumoke Oluwole, Minister of Industry, Trade and Investment

“The formal launch of the trade portal at CANEX Weekend will connect businesses, investors and buyers with market intelligence, turning commercial relationships into transactions,” she said. – Dr Jumoke Oluwole, Minister of Industry, Trade and Investment

“The ministry’s newly launched trade intelligence tools will strengthen access to reliable information, improve business competitiveness and protect genuine investors from fraud.” – Dr Chris Isokpunwu, Permanent Secretary, Ministry of Industry, Trade and Investment

WHAT’S NEXT

The immediate milestone is the technical working group’s 60-day deadline to produce a reform framework for the Export Expansion Grant scheme. Exporters will be watching for details on how outstanding claims will be addressed and what changes will govern future incentives.

The trade intelligence portal’s practical value will become clearer as ministries and agencies integrate it into their work and businesses begin using its information to assess markets and meet export requirements. Data accuracy, accessibility and evidence of commercial outcomes will be important indicators of progress.

CANEX Weekend 2026, scheduled for November 5 to 8 in Lagos, is another milestone. The ministry has identified the event as a platform for connecting businesses, investors and buyers, with the portal’s formal launch planned for the gathering. Tracking deals and partnerships generated at the event could help establish whether those connections lead to completed transactions.

Quarterly public-private scorecards, as proposed by NACCIMA, could also provide a way to measure progress in export volumes, clearance times and investment if the government and private sector agree on transparent indicators and reporting arrangements.

BOTTOM LINE

Nigeria’s new trade intelligence tools aim to help businesses make better export and investment decisions as the government pursues a $1 trillion economy by 2030. Their success will depend not simply on launching a portal, but on providing reliable information and demonstrating measurable improvements in market access, export performance and the wider business environment.

Source: NAN