In a statement, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the ministry held a high-level meeting in March 2025. The meeting aimed to address fears from key industry groups. These include the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Nigeria Employers’ Consultative Association (NECA).

These groups had raised concerns as early as December 2024. Their main worry was the reclassification of large private companies as PIEs. Under the new law, these companies must pay annual dues ranging from 0.02% to 0.05% of turnover. There is no upper limit. Meanwhile, publicly listed firms pay a fixed ₦25 million, no matter their size.

In March 2025, the ministry held a public consultation to discuss these issues. As a result, two key actions were taken. First, an administrative pause was placed on the new dues. Second, a Technical Working Group was set up to study the impact.

This group included NECA, MAN, ALTON, NACCIMA, PEBEC, CAC, SEC, and the Financial Reporting Council (FRC). They met six times in three weeks. They presented their report to the minister on April 17, 2025.

Dr. Oduwole then briefed President Bola Tinubu. She shared private sector concerns and recommended keeping the pause. The government agreed to maintain this pause for now.

To give immediate relief, the minister directed FRC to cap annual dues for private PIEs at ₦25 million. This matches the cap for listed companies.

This move creates a fair and stable environment for companies. It shows the government’s focus on transparency, fairness, and investor confidence.

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After taking her oath of office, administered by President Bola Tinubu at the Presidential Villa in Abuja, Oduwole emphasized her focus on reversing trade policies to promote job opportunities for Nigeria’s youth.

Oduwole prioritized attracting and retaining foreign direct investment (FDI), essential for sustainable growth.

“The time has come for Nigeria to reshape its trade policies to create competitive jobs for our youth,” she stated. She further promised regular performance evaluations to ensure that the ministry meets its targets, aligning with her commitment to accountability and measurable outcomes.

The minister stressed the importance of exporting high-quality Nigerian products to achieve a favorable balance of trade and pledged to leverage the African Continental Free Trade Agreement (AfCFTA) to maximize economic benefits for Nigeria.

Following her oath-taking, Oduwole took a tour of the ministry to familiarize herself with her new environment, a move that reportedly fostered positive relations with ministry staff. Permanent Secretary Nura Rimi expressed optimism about the minister’s leadership, stating, “We are confident that Oduwole’s strategic vision and dynamic approach will bring positive changes to the sector. Her track record speaks volumes, and we look forward to achieving great milestones under her guidance.”

Rimi added that with the collective efforts of the dedicated FMITI staff and Oduwole’s leadership, the ministry is poised to overcome challenges and drive industrial growth to benefit all Nigerians.

Before her current appointment, Oduwole served as the Senior Special Assistant to the President at the Presidential Enabling Business Environment Council (PEBEC), where she spearheaded efforts to improve the ease of doing business in Nigeria.

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