Tinubu's Economic Reforms Yield Stability, Says Foreign Affairs Minister

The Federal Government has reported significant progress in stabilizing Nigeria's economy, attributing these advancements to the economic reforms initiated by President Bola Tinubu. Ambassador Sola Enikanolaiye, the Minister of State for Foreign Affairs, made this announcement during a recent workshop on the ECOWAS Trade Liberalisation Scheme held in Bauchi.

Enikanolaiye emphasized that the workshop aimed to bridge Nigeria’s foreign policy and economic opportunities for local businesses. He stated, “Our goal is to bring foreign policy closer to the people, enhancing prosperity and expanding economic opportunities across the West African region.”

The minister heralded the workshop as part of the government’s 4D foreign policy framework, emphasizing the need for grassroots engagement. He urged Nigerian businesses, particularly small and medium-sized enterprises, to explore opportunities within the African market, including the African Continental Free Trade Area Agreement.

Highlighting the need for awareness, Enikanolaiye noted that many Nigerians lack information about the ECOWAS Trade Liberalisation Scheme. The sensitization program will cover all six geopolitical zones, concluding in Abuja, aiming to boost understanding of registration requirements and opportunities available under the scheme.

Enikanolaiye acknowledged the ongoing challenges of inflation but reassured that it is on a downward trend. He stated, “Although inflation remains high, we have achieved a reasonable degree of economic stability, and it is vital for us to work together towards prosperity.”

Bauchi State Governor Bala Mohammed, represented by his deputy, reaffirmed the state’s commitment to supporting local investments and expanding business opportunities. He characterized the ECOWAS Trade Liberalisation Scheme as a vital tool for enhancing legitimate trade and fostering economic cooperation among member states.

Governor Mohammed called on participants to fully grasp the scheme’s intricacies, including standards and requirements necessary for regional competitiveness. He emphasized that regional integration should be viewed as an economic pathway, bridging local enterprises with wider markets.

The governor also stressed the importance of addressing barriers to trade, such as delays at borders and inadequate infrastructure, which disproportionately affect small businesses. “We expect this workshop to produce practical outcomes that deepen awareness and compliance with the ETLS,” he added.

In conclusion, both the minister and the governor urged stakeholders to transition from dialogue to actionable steps, ensuring that local producers and entrepreneurs are empowered to thrive in the regional market. The workshop represents a crucial step toward enhancing Nigeria’s role in regional trade and economic development.