The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, has called for stronger government-private sector partnerships, increased investment in youth development and domestic capital mobilisation to transform Nigeria from a trading nation into a competitive value-chain economy.
Enikanolaiye made the call while speaking at the 32nd Nigerian Economic Summit (NES #32) during a high-level panel discussion on “From Trade to Value Chains: Building Regional Industries to Compete Globally,” under the sub-theme, “Invest Nigeria.”
The Minister reaffirmed the Federal Government’s reordered 4D foreign policy doctrine, explaining that national interest, defined by the welfare and prosperity of Nigerians, remains at the centre of the country’s diplomatic engagements.
He identified the four pillars of the doctrine as Demography, Development, Democracy and Diaspora, stressing that democracy must translate into tangible economic benefits for citizens.
“Democracy is good, but it is a means to an end, not an end in itself. Democracy must deliver on core priorities of economic development and economic prosperity to our people,” he said.
On economic transformation, Enikanolaiye emphasised that government alone cannot mobilise the resources required to drive national development, calling for stronger collaboration with domestic businesses and international investors.
He said Nigeria must prioritise constructive dialogue and deeper engagement between government and the private sector to attract investment, mobilise capital and build sustainable economic partnerships.
The Minister also described Nigeria’s youthful population as a major economic asset, urging increased investment in human capital, Small and Medium Enterprises, technology, innovation and creativity.
According to him, empowering young Nigerians and supporting small businesses would expand employment opportunities, stimulate wealth creation and increase national income.
On macroeconomic stability, Enikanolaiye observed that improving economic indicators and declining inflation would provide businesses with a more predictable environment for investment and long-term planning.
He further stressed the need to reposition the Ministry of Foreign Affairs to become more responsive to the needs of Nigerians, noting that diplomacy must serve the people through practical economic opportunities and partnerships.
The Minister advocated stronger Government-to-Government (G2G), Government-to-Business (G2B) and Business-to-Business (B2B) engagements, leveraging Nigeria’s relationships with its immediate neighbours, West Africa, the African continent and the wider international community.
ECOWAS Calls for Industrialisation to Drive Regional Growth
Also speaking at the summit, the President of the ECOWAS Commission, General Birame Diop, represented by the Commissioner for Economic Affairs and Agriculture, Hon. Dehpue Yenpea Zuo, reinforced the call for regional industrialisation.
Diop stressed that trade agreements alone cannot generate employment without strong industries to process goods and create economic value.
“Trade agreements do not create jobs; industries do,” he stated.
He noted that intra-African trade currently accounts for approximately 15 per cent, compared with more than 60 per cent in Europe and Asia, attributing the gap largely to the limited development of regional industries and value chains.
The ECOWAS President identified the regional market, comprising more than 300 million consumers, as an immediate opportunity for Nigerian manufacturers to expand production and achieve economies of scale before competing across the continent under the African Continental Free Trade Area (AfCFTA).
He outlined four priorities for accelerating regional industrialisation: implementing existing agreements, beginning with border-related commitments; developing regional value chains in areas where West Africa has competitive advantages; mobilising financing that reaches producers across the value chain; and measuring economic progress through jobs created and goods processed within the region.
Both speakers emphasised the importance of moving beyond conventional trade arrangements towards productive industries, investment partnerships and regional value chains capable of strengthening Nigeria’s economy and positioning West Africa for global competitiveness.
