MINISTRY OF INDUSTRY, TRADE AND INVESTMENT
MINISTRY OF INDUSTRY, TRADE AND INVESTMENT
Background Information
The government refers to a group of persons who have been elected or appointed to carry out certain roles in an organization. According to the constitution, there are three levels of government, and there are also three tiers of government. The levels of government are the federal, state, and local governments. In this arrangement, the constitution has spelt out the roles, responsibilities, and limits of each of these government levels. This is to ensure that there is no interference between the various responsibilities of these levels. This is also the reason the constitution has spelt out the exclusive and concurrent list.
Also, the tiers of government are the executive, legislature, and judiciary. Unfortunately, when the word “government” is mentioned, many persons erroneously interpret these to refer to only the executive.
Let me attempt to draw a link between these tiers of government. The executive formulates policies, the legislature examines the legitimacy of these policies and decides whether or not to make it a law, while the judiciary implements these laws. A common phenomenon among the tiers is the difference in their respective symbols of authority and sub-offices/portfolios.
For the purpose of this article, the executive would be discussed more; since it houses the ministry which this article is about to discuss.
The Executive
The executive arm of government is headed by the president, the General Commander in Chief of the Armed Forces. In Nigeria, the ministries are headed by different ministers.
The essence of ministry creation is to ensure that all sectors of the economy are equally attended to.
The structure of these ministries follows the order of the civil service, i.e., it has Permanent Secretaries, Directors, and other staff involved in the ministry’s daily running.
Another thing to note is while some of these ministries have their particular buildings, others occupy sections of the federal or state secretariat.
Ministry
This ministry has existed in the last set of administrations and was created to carry out the following functions
- To formulate trade policies that will be beneficial to Nigeria and its partners.
- To increase the productivity level of both new and existing industries operating in Nigeria.
- To turn Nigeria into an industrial hub and destination for all forms of positive and legitimate investment.
To strategize on how to improve the productivity of micro, small, and medium scale enterprises; due to its contribution to National income.
- To ensure the existence of enabling environment which would precipitate foreign investments.
Currently, it is headed by Mr. Niyi Adebayo, while Mariam Yalwaji Katagum serves as the corresponding Minister for State. Seven sub-departments increase productivity of this parastatal. These departments include: weight and measurements, commercial law, trade department, industrial inspectorate, commodities and products, inspectorate, and industrial development departments.
According to records, this ministry was formerly called the ministry of commerce and industry ( 2011-2015). Its name was later changed in 2015 to the ministry of industry, trade, and investment.
The ministry is an umbrella body for many standard and certification organizations in the country. Some of them include
The Industrial Training Fund
The industrial Training Fund was established in 1971. It consists of individuals from both the private and public sectors delegated with the responsibility of carrying out work- experience programs and vocational training for graduate youths. It is currently headed by Sir. Joseph N. Ari who serves as the Director-General.
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MINISTRY OF INDUSTRY, TRADE AND INVESTMENT
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
The aim of SMEDAN is to ensure that micro, small, and medium scale entrepreneurs have access to the funds and materials required to support their venture. It was established in 2003 with the responsibility of stimulating, monitoring, and coordinating the MSME sector.
Some of its functions include
- Initiating policy ideas for the growth of small and medium scale enterprises.
- Instituting development programs and services that will increase the rate of MSME modernization and development.
- It serves as an intermediary between MSME and Government.
- They are working in partnership with public and private sectors to create an enabling environment for potential micro, small and medium entrepreneurs.
Corporate Affairs Commission
Corporate Affairs Commission is an agency under the federal ministry of industry, trade, and investment. It was established in 1990 by the Corporate Allied Matters Act. The functions of this body are
- To investigate the affairs of any company where the interest of the public and shareholders demand.
- They are primarily in charge of the company and business name registration, incorporated trustees, as well as other ancillary services.
- To administer the act, including the regulation and supervision of the formation, incorporation, management, and winding up of companies.
The Corporate Affairs Commission is headed by Hon. Ademola Seriki, its headquarter is located at Plot 420, Tigris Crescent, Abuja.
Standard Organization of Nigeria
SON is one of the institutions in Nigeria that ensures products and services meet the required standard. In other words, it is the country’s Apex standardization body. They inspect products quality and production facilities and ensure the standardization of both locally made and imported products. It was established in 1971. The headquarter of SON is located in Victoria Arobieke Street, Lekki Peninsula scheme in Lagos State.
The duties of SON include
- Institution of quality assurance system which involves certifying products, factories, and laboratories.
- They seize and destroy substandard products.
- It sets the standard for calibrations and measurements employed in production across Nigeria.
SON is currently headed by Mr. Mallam Farouk A. Salim.
Conclusion
The federal ministry of industry, trade and investment has a total of 16 sub-ministries. Some of which have already been discussed. Others include Nigeria Export Processing Zones Authority (NEPZA), Nigerian Export Promotion Council, National Automotive Design and Development Council (NADDC), Nigeria Commodities Exchange, Bank of Industry Limited, Nigeria Investment Promotion Commission (NIPC), Consumer Protection Council. All these subdivisions work together to foster internal and external trade and investment.
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