Investment is very vital to the economy of every country. It is essentially the building blocks that determine, to a great extent, the direction of the economy. Due to its importance, they developed the Ministry of Trade and Investment in Nigeria to regulate and drive the growth of the Nigerian economy. It does this through several means and channels and has a primary aim of growing the economy.
Here is everything you need to know about the Federal Ministry of Industry, Trade and Investment in Nigeria (FMITI).
About the Ministry of Industry, Trade and Investment in Nigeria
The Ministry of Trade and Investment in Nigeria is a body that was developed for one purpose only, which is to grow the Nigerian economy. In 2011, the government restructured it to adopt models implemented in emerging and developed economies like Malaysia and U.K. This restructuring expanded its portfolio to incorporate investments that were not originally part of its mandate.
Vision
According to the official website of the Federal Ministry of Trade and Investment in Nigeria, its vision is âTo promote economic growth, create jobs, and generate wealthâ.
Mission
According to the official website of the Federal Ministry of Trade and Investment in Nigeria, its mission is âto formulate and implement policies and programs to attract investment, boost industrialization, increase trade and exports, and develop enterprisesâ
What services does the Ministry of Trade and Investment in Nigeria offer?
According to information from the official website of the Ministry of Trade and Investment in Nigeria, they offer the following services:
Industrial inspectorate department: this department is to handle the following in the country:
- Issuance of acceptance certificates
- Issue production day certificates
- Issuance of certificate of value
- Issuance of customs clearance certificates
- Fixed asset valuation
- Post landing charges certification
- Weights and measures department
- Weighing scale verification certification
- Issuance of certificate of competency
- Pattern approval certificate
- Waver not to comply with provisions of weights and measures
- Exemption from regulation approval
- Commodities and products inspectorate department
- Export expansion grant processing (EEG)
- Issuance of export clearance permit certificates
- Product warehouse registration
- Produce certification
- Ship hold fumigation
- Establishment of national commodity association
- Commercial law department
- Registration of trademarks
- Trademark recordal/ user documents
- Registration of industrial design
- Design recordal/ user documents
- Investment promotion department
- Investment promotion and protection agreement (IPPA) processing
- Trade department
- Hosting of trade fairs/exhibition approval
- Industrial development department
- Bona-fide manufacturerâs status
- Processing of industrial incentives/concession
- Creating market access for MSMEs
For more information on each department and their functions, you can visit their official website at www.fmiti.gov.ng.
How do I contact the Ministry of Trade and Investment I Nigeria?
You can contact the Ministry of Trade and Investment in Nigeria through any of the following ways:
Physical office at Old Federal Secretariat, Area 1, Garki, FTC Nigeria.
Email: info@fmiti.gov.ng
Phone Number: +234 9062 485 444
+234 9062 485 454
Conclusion
The Ministry of Trade and Investment In Nigeria is the body in charge of driving the economy of the nation forward. They contain several departments that handle several matters ranging from investment promotion to industrial development. All local and foreign investors are primarily regulated by this body, as well as trademarks patents and other designs.
You can further read our articles on how to get Federal grants in Nigeria