According to Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, Nigeria’s capital imports increased significantly to approximately $21 billion in the first 10 months of 2025, up from less than $4 billion in 2023 and about $12 billion in 2024.
Speaking before the Joint House of Representatives Committee on Commerce in Abuja during the 2026 budget defense, Oduwole credited the increase to reforms under President Bola Tinubu’s Renewed Hope Agenda, which boosted investor confidence.
In order to remove almost 50 long-standing investor barriers and expedite project implementation, she highlighted initiatives such organizing Nigeria’s first Domestic Investors’ Summit, creating sector-specific deal rooms, and curating nearly $5 billion in bankable projects.
The minister said that more than 100 bilateral investment engagements had been made in critical markets such as the US, UK, Japan, Brazil, and the United Arab Emirates. According to her, over 65% of Nigeria’s foreign capital inflows in 2025 came from UK investors as part of the Nigeria–UK Economic and Trade Partnership.
With total trade of almost 113 trillion naira in the first three quarters of 2025, Nigeria reported a surplus in trade performance. Exports reached $6.1 billion, the largest value and volume ever recorded, up 11% year over year. More than 20,000 direct employment and more than $500 million in export earnings were produced by special economic zones.
Oduwole emphasized that the ministry’s policy places a high priority on enhancing Nigeria’s capacity for production, with particular attention paid to light manufacturing, solid minerals, agro-processing, and digital services.
She cautioned that the ministry’s suggested ₦2.72 billion capital allocation for 2026 would not be enough to maintain momentum and carry out priority activities, thus she urged an upward assessment. She added that 93.2 percent of the ₦8.36 billion capital allocation was released and spent in 2024, when the ministry fully utilized a ₦14.39 billion appropriation. Even though revenue exceeded targets in 2025, none of the ₦3.89 billion capital allocation had been released.
“Nigeria First” is still the major focus, with a focus on boosting domestic investment, promoting non-oil exports, and giving priority to local industry,” Oduwole stated.
Rep. Ahmed Munir (APC–Kaduna), the committee’s chairman, emphasized that the National Assembly would give priority to quantifiable economic benefit and value for money while also promising legislative assistance. With the African Continental Free Trade Area being fully operating, he urged smart investment to turn Nigeria’s consumption-driven economy into a production powerhouse.
The committee will examine how the proposed budget for 2026 supports “Made-in-Nigeria” initiatives, local content, and the empowerment of SMEs through easier access to credit, fewer regulatory obstacles, and easier company operations.
