The Federal Ministry of Industry, Trade and Investment has revealed intentions to partner with Trademark Africa and its business division, Trade Catalyst Africa, to improve trade initiatives, promote industrial growth, and increase Nigeria’s reach to international markets.
The collaboration, encompassing commercial loans to aid small and medium-sized enterprises (SMEs), seeks to assist Nigerian companies in utilizing opportunities presented by the African Continental Free Trade Area (AfCFTA). Comparable efforts by TMA in Ghana and Côte d’Ivoire have enhanced economic development and boosted trade efficiency.
Speaking during a meeting with the TMA delegation in Abuja on Friday, Ambassador Nura Abba Rimi, Permanent Secretary of FMITI, described the proposed collaboration as a strategic move to improve trade efficiency, attract investment, and foster regional integration.
“This collaboration will significantly step up and advance trade efficiency and enable Nigerian businesses to thrive in the global market space,” he said, speaking on behalf of the Minister of Trade and Investment, Jumoke Oduwole.
TMA and its partners have invested over $1.5 billion across Africa in transformative projects, including infrastructure, transportation, and trade systems.
Through TCA, the organization mobilizes funding for key trade reforms, such as border post efficiency, customs modernization, and digital trade.
As part of its commitment to trade reform, Nigeria is advancing its National Intellectual Property Policy to align with global standards.
The policy encompasses geographical indication regulations to safeguard distinct agricultural products such as aloe vera and yellow pepper.
Director of the Department of Trademarks, Adamu Yauri, highlighted the significance of robust IP frameworks in boosting the competitiveness of Nigerian products and drawing in foreign investment.
TMA’s Deputy Chief of Programme, Allen Asiimwe, highlighted the role of digital trade strategies in improving market access, especially for small-scale businesses.
She also mentioned current initiatives to advance green commerce and address logistical issues in international shipping. Asiimwe stated, “TMA is committed to expanding partnerships in Nigeria and West Africa,” citing the group’s most recent efforts to remove trade barriers with ECOWAS.
The meeting concluded with a mutual commitment to strengthen governance structures and oversight committees to ensure the successful implementation of trade reforms.
This partnership is expected to improve Nigeria’s trade efficiency, elevate its economic standing, and contribute significantly to sustainable development across Africa.
