Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, on Wednesday announced that Nigeria’s total capital importation climbed to about $21 billion within the first 10 months of 2025, a significant rise from roughly $12 billion recorded in 2024 and less than $4 billion in 2023.
Dr. Oduwole disclosed this during the presentation of the ministry’s 2025 budget performance and 2026 budget proposal before the House Committee on Commerce, chaired by Hon. Ahmed Munir.
She described the increase as a reflection of renewed investor confidence and the outcome of reforms implemented under President Bola Tinubu’s Renewed Hope Agenda.
The minister credited the progress to targeted actions by the ministry, including packaging over $5 billion worth of bankable projects, creating sector-focused deal rooms, and convening Nigeria’s first Domestic Investors’ Summit.
According to her, the measures helped mobilise local capital, unlock financing channels, and resolve about 50 longstanding investor challenges, accelerating the movement of projects from planning to execution.
On trade, Oduwole said Nigeria posted a trade surplus in 2025, with total trade estimated at approximately ₦113 trillion in the first three quarters. She stated that exports grew by about 11 per cent year-on-year to $6.1 billion, representing the highest level ever achieved in both value and volume.
She noted that the ministry had stepped up efforts to boost non-oil exports, expand market access for Nigerian products, and enhance quality infrastructure to meet global standards.
The minister added that Special Economic Zones played a vital role in advancing industrial diversification, generating more than $500 million in export earnings and creating over 20,000 direct jobs.
Oduwole explained that beyond the headline investment figures, the ministry’s strategy centres on reinforcing Nigeria’s productive capacity by linking domestic supply chains with global and regional markets.
She said focus areas include agro-processing, solid minerals beneficiation, light manufacturing, and digital services.
Despite the positive outlook, she appealed for an upward review of the ministry’s proposed ₦2.72 billion capital allocation for 2026, warning that the amount would be inadequate to maintain momentum and implement priority programmes effectively.
She recalled that in 2024, the ministry received a total appropriation of ₦14.39 billion. Personnel and Overhead allocations were fully utilised, while 93.2 per cent of the ₦8.36 billion capital allocation was released and fully expended.
Revenue performance surpassed the target by about ₦154 million, which was fully remitted to the Consolidated Revenue Fund.
For 2025, she said the ministry’s total appropriation stood at ₦11.80 billion. While Personnel and Overhead allocations were fully utilised, none of the ₦3.89 billion capital allocation had been released so far.
However, revenue exceeded its target by approximately ₦100 million and was fully remitted to the Consolidated Revenue Fund.
She stated that the 2026 budget framework is focused on implementation, with priorities including value chain development, industrial clusters, expansion of Special Economic Zones, and enhanced trade facilitation and investment promotion.
“The emphasis remains ‘Nigeria First’, prioritising local production, supporting non-oil exports, and deepening domestic investment,” she said.
“Domestic investors will remain the anchor and strongest signal of confidence in the economy, while global investors will continue to be engaged through reverse trade missions and in-country investment visits.”
Earlier, Chairman of the House Committee on Commerce, Hon. Ahmed Munir, assured the ministry of legislative support but stressed that the National Assembly would emphasise value for money and measurable economic outcomes rather than mere budget spending.
He described 2025 as a period of “surviving the storm,” adding that the country must now focus on “commanding the sea” by shifting from a consumption-driven economy to a production-led model.
Munir said the committee would carefully examine how the 2026 budget proposal strengthens local content, promotes “Made-in-Nigeria” products, and empowers Small and Medium Enterprises through improved access to credit, reduced regulatory constraints, and a better business environment.
“With the African Continental Free Trade Area fully operational, Nigeria cannot afford to be a spectator. We must invest strategically in standardisation, certification, digital trade infrastructure, and export readiness,” he said.
