The Ministry of Trade Budget for 2024 Allocates N1 Billion for Furniture, Roadshows, and Rebranding
The Ministry of Industry, Trade and Investment plans to set aside N1 billion for investment promotion, furniture, roadshows, and rebranding in the 2024 budget breakdown.
The ministry plans to spend N500 million of the N14.1 billion total budget on rebranding and investment promotion, with an additional N500 million set aside for furniture fittings. According to the budget distribution, capital expenses will require N8 billion, while recurrent expenditures will take up N6 billion.
N5.12 billion is allotted for personnel costs, and N905 million is set aside for overhead. The amount allotted for capital expenditure is N8.13 billion.
The Federal Ministry of Industry will need to spend N500 million on new offices and partitioning, and N582 million will go towards the upkeep and repair of existing office buildings.
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.
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.
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
