FMITI Sets Ambitious Agenda with N2.5bn Budget for 2024

The Federal Ministry of Industry, Trade, and Investment (FMITI) has revealed an ambitious agenda for the year 2024, with a dedicated budget of N2.5 billion allocated to various strategic initiatives.

The recently signed 2024 Appropriation Bill outlines a comprehensive plan, highlighting key areas of focus, including the procurement of furniture and new fittings, the creation and partitioning of offices, trade intelligence, investment promotion, image rebranding, and roadshows.

A significant portion of the budget, totaling N500 million, has been earmarked for investment promotion, image rebranding, and roadshows.

This allocation underscores the ministry’s commitment to showcasing Nigeria as an attractive destination for potential investors on the global stage.

Another N500 million has been allocated for the procurement of office furniture and fittings, signaling an emphasis on creating a conducive and modern working environment for ministry staff.

Also, an equivalent sum has been set aside for the creation of new offices and partitioning at the new FMITI headquarters building, indicating a strategic focus on infrastructure development.

The trade ministry’s proactive approach to investment promotion aligns with its broader goals of stimulating economic growth, attracting foreign direct investment, and fostering a conducive business environment.

However, this comes on the heels of recent scrutiny over a N1 billion budget allocation for a trip to Geneva, which drew criticism from members of the Senate.

During a budget defense session before the Senate Committee on Trade, former Governor of Edo State and Senator representing Edo North, Adams Oshiomhole, questioned the allocation, describing it as a potential waste of public funds. Oshiomhole advised the minister to utilize experts within the ministry rather than embarking on costly foreign trips.

The minister, Doris Nkiruka-Anite Uzoka, defended the budget, emphasizing the importance of trade intelligence and the creation of a Trade Intelligence Unit.

She acknowledged concerns raised by Oshiomhole regarding the lack of well-documented statistics on Nigeria’s transactions with major trade partners and asserted that the Trade Intelligence Unit would address these gaps.

Despite the challenges and critiques, the FMITI remains steadfast in its commitment to achieving the outlined objectives in the 2024 budget.

As the year unfolds, Nigerians will keenly observe the ministry’s activities and the impact of these budgetary allocations on the nation’s trade and investment landscape.