The Minister of Industry, Trade and Investment, Jumoke Oduwole, has disclosed that Nigeria recorded about $21 billion in total capital importation between January and October 2025, a significant rise compared to roughly $12 billion in 2024 and less than $4 billion in 2023.
Ms Oduwole disclosed this on Wednesday while presenting her ministry’s performance report and 2026 budget proposal before the Joint House of Representatives Committee on Commerce in Abuja.
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She described the increase as a reflection of growing investor confidence and the outcome of policy reforms introduced under President Bola Tinubu’s Renewed Hope Agenda.
According to the minister, the surge in inflows followed targeted interventions by the ministry, including the development of more than $5 billion in bankable, investment-ready projects, the creation of sector-focused deal rooms, and the organisation of Nigeria’s first Domestic Investors’ Summit.
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She explained that these initiatives helped reactivate domestic capital flows, clear approximately 50 long-standing investment bottlenecks, and fast-track project execution.
“Nigeria recorded total capital importation of approximately $21 billion in the first ten months of 2025. This is the outcome of coordinated investor engagements, sector-specific deal rooms, and the resolution of over 50 investor bottlenecks,” she said.
In addition, the ministry embarked on over 100 bilateral investment engagements across major global markets, including the United Arab Emirates, Brazil, Japan, the United States, and the United Kingdom.
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Ms Oduwole noted that sustained engagement under the Nigeria–UK Economic and Trade Partnership, which began in the second quarter of 2024, produced measurable gains, with UK investors accounting for about 65 per cent of foreign capital inflows into Nigeria in 2025.
On trade, the minister said Nigeria posted a surplus in 2025, with total trade valued at approximately ₦113 trillion in the first three quarters of the year. Exports rose by about 11 per cent year-on-year to $6.1 billion, the highest level recorded in both value and volume.
“What we are seeing is the beginning of sustained structural transformation,” the minister said.
According to her, the ministry intensified efforts to expand non-oil exports, improve market access for Nigerian goods and upgrade quality infrastructure to meet international standards.
Special Economic Zones, she added, played a major role in industrial diversification, generating over $500 million in export revenue and creating more than 20,000 direct jobs.
Beyond capital inflow figures, Ms Oduwole said the ministry’s broader strategy is centred on strengthening Nigeria’s productive base by linking domestic supply capacity to regional and global demand. Priority sectors include agro-processing, solid minerals beneficiation, light manufacturing and digital services.
Budget constraints and 2026 priorities
Despite the positive performance indicators, the minister urged lawmakers to reconsider the ministry’s proposed ₦2.72 billion capital allocation for 2026, warning that the amount would be inadequate to sustain reforms and scale priority programmes.
“Given the scope of responsibilities before us, this allocation will be a stretch. We respectfully seek the Committee’s support for targeted enhancement of our capital budget,” she appealed.
She recalled that in 2024, the ministry received a total appropriation of ₦14.39 billion, with personnel and overhead allocations fully utilised and 93.2 per cent of the ₦8.36 billion capital allocation released and expended.
Revenue collections that year exceeded projections by about ₦154 million, which was fully remitted to the Consolidated Revenue Fund.
In contrast, while the ministry’s 2025 budget stood at ₦11.80 billion and personnel and overhead components were fully utilised, none of the ₦3.89 billion capital allocation had been released as of the time of presentation. Nevertheless, revenue outperformed the target by roughly ₦100 million and was fully remitted.
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For 2026, Ms Oduwole said the ministry’s framework focuses on implementation, particularly advancing industrial policy through value chain development, strengthening industrial clusters, expanding Special Economic Zones, and deepening trade facilitation and investment promotion.
“The emphasis remains Nigeria First, prioritising local production, supporting non-oil exports and deepening domestic investment,” she said, adding that domestic investors remain the strongest signal of economic confidence while international investors will continue to be engaged through structured trade missions and in-country visits.
Earlier, the Chairman of the House Committee on Commerce, Ahmed Munir (APC, Kaduna), assured the ministry of legislative support but stressed that future allocations would be judged by measurable economic outcomes rather than mere expenditure levels.
He described 2025 as a year of economic adjustment and resilience, noting that Nigeria must now transition from “surviving the storm” to positioning itself as a competitive production-driven economy.
Mr Munir said the committee would closely examine how the 2026 budget strengthens local content, promotes Made-in-Nigeria goods and empowers Small and Medium Enterprises through improved access to credit, reduced regulatory barriers and enhanced ease of doing business.
“With the African Continental Free Trade Area fully operational, Nigeria cannot afford to be a spectator. Strategic investment in standardisation, certification, digital trade infrastructure and export readiness is imperative,” he said.
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