Nigeria seeks global partnerships to unlock multi-trillions dollars in services trade

By Victor Ahiuma-Young

Geneva, Switzerland: Nigeria has announced a bold push to deepen global partnerships and reposition the country as a major player in the rapidly expanding global services economy, estimated to be worth trillions of dollars annually.

The declaration came as the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, delivered a keynote address at the ongoing Trade in Services for Development Conference in Geneva, Switzerland.

Addressing policymakers, development institutions and global trade experts, Oduwole said Nigeria was committed to unlocking its full potential in digital trade and services-led growth through targeted reforms, strategic investments and strengthened international cooperation.

She stressed that the services sector — already Nigeria’s largest contributor to GDP — will be central to the country’s economic future.

Quoting the minister, she noted, “I stand before you today to reflect on one of the most important – but often underappreciated – drivers of Nigeria’s and indeed Africa’s economic future: the services economy. This sector already shapes our daily lives, our jobs, our businesses, and our global reputation.”

She noted that the Nigerian government, under President Bola Tinubu’s Renewed Hope Agenda, is committed to comprehensive reforms aimed at reinforcing the foundations of service-based industries.
“These initiatives aim to promote sustainable economic growth by reinforcing the structural foundations that underpin service-based industries,” she said.

Highlighting achievements in telecommunications, fintech and the creative industries, Oduwole pointed out that Nigeria now boasts more than 23,000 startups and a vibrant digital ecosystem attracting global venture capital.

She said, “Nigeria’s telecommunications industry is among Africa’s most dynamic… With over 80% 4G coverage, millions now have access to digital services and marketplaces.”

The minister also emphasised Nigeria’s global leadership in fintech innovation, stating, “Advances in financial inclusion have been largely driven by mobile money, digital wallets, and online micro-finance solutions. As a result, access to financial services has expanded significantly, with 74 percent of adults able to use these services in 2024.”

Despite these successes, the Minister acknowledged lingering structural obstacles.

“Reliable and widespread electricity is fundamental for the functioning of service-based industries… Many rural communities continue to be underserved, limiting their ability to participate in and benefit from the digital economy,” she said.

Issues such as internet penetration gaps, transport bottlenecks and skill shortages were also identified.
To address these challenges and unlock new opportunities, Oduwole outlined five strategic pillars driving Nigeria’s services transformation: infrastructure investment, human capital development, regulatory reform, export orientation and inclusive growth.

“Infrastructure investment is not just an economic necessity – it is a competitiveness requirement,” she stressed.

On regulatory reform, she affirmed Nigeria’s commitment to creating a predictable and investor-friendly environment for digital services.

“A coherent, open and predictable regulatory environment is essential for investor confidence,” she noted, highlighting plans to modernise frameworks around data governance and emerging technologies.

Oduwole emphasised the importance of international partnerships, praising the WTO and World Bank for initiatives such as the Trade in Services for Development (TS4D) programme.
“These initiatives help us make the right assessments, guide our priorities, inform our policy and regulatory decisions, and ultimately strengthen the interaction between domestic policies and international negotiation and integration initiatives,” she said.
Oduwole added that Nigeria had already benefited from tools like the Services Trade Competitiveness Dashboard, calling the insights “invaluable” and expressing hope for continued collaboration.
The minister reaffirmed that Nigeria’s future prosperity is tied to a strong, globally competitive services economy. “The services economy is not just one sector among many – it is the sector shaping developing countries’ future… With deliberate action and sustained commitment, the services sector can become the driving force of developing countries’ economic transformation,” she added.

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