In the 2024 budget breakdown, the Ministry of Industry, Trade and Investment reveals plans to allocate N1 billion for roadshows, rebranding, furniture, and investment promotion.
Out of the total budget of N14.1 billion, the ministry aims to spend N500 million on rebranding and investment promotion, with an additional N500 million earmarked for furniture fittings.
The budget distribution indicates that recurrent expenditure will absorb N6 billion, while capital expenditure will utilize N8 billion.
Notably, the budget includes N1 billion for the survey, feasibility, and development of a pipeline of investable assets for foreign and local investments. Another N1 billion is allocated for establishing a Trade Intelligence Unit.
Personnel cost is allocated N5.12 billion, while overhead costs are set at N905 million. Capital expenditure is designated to consume N8.13 billion.
A detailed breakdown of the budget includes N582 million for the rehabilitation and repair of office buildings, N500 million for creating new offices and partitioning at the Federal Ministry of Industry, Trade and Investment headquarters building, and N500 million for implementing trade facilitation under the one-stop export window program.
Additionally, N300 million is allocated for digitising and onboarding the retail export platform.
The move to establish a Trade Intelligence Unit was prompted by the Ministry’s admission that it lacks data on Nigeria’s trade balance with other countries.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, acknowledged this shortfall while addressing a Senate committee, expressing the ministry’s commitment to rectifying the issue.
The Trade Intelligence Unit aims to generate and store data related to Nigeria’s balance of trade, providing essential insights into the nation’s exports and imports.
The budget signals a strategic effort to address gaps in trade data and enhance the ministry’s capabilities in managing trade relationships.
