Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, has asked for an increase in her ministry’s N2.72 billion 2026 capital budget in order to expedite the implementation of President Bola Tinubu’s Renewed Hope Agenda.
At the Joint House of Representatives Committee on Commerce’s 2026 budget defense session in Abuja on Wednesday, Oduwole made the plea.
She remembered that ₦14.39 billion was set aside for the ministry in 2024, and that all of the funds allocated for personnel and overhead were used.
However, the minister claimed that 93.2% of the N8.36 billion capital allocation had already been issued and used in its entirety.
She claims that, with complete payment to the Consolidated Revenue Fund, the revenue performance exceeded the target by around ₦154 million.
According to the minister, the ministry’s appropriation of ₦11.80 billion in 2025 was once again fully utilized for personnel and overhead allocations.
However, Oduwole stated that the revenue performance exceeded the target by about ₦100 million, with full remittance to the Consolidated Revenue Fund, and that no portion of the N3.89 billion capital allocation had been released to yet.
According to the minister, the ministry’s 2026 budget included a targeted collection of initiatives and programs intended to boost economic expansion.
She claims that the allocation will be insufficient to fully meet the demands of the ministry’s capital projects and programs given the scope of duties and the established execution priorities.
According to the ministry, Nigeria imported over 21 billion dollars in total capital during the first 10 months of 2025, up from less than four billion dollars in 2023 and roughly 12 billion dollars in 2024.
As we link domestic supply capacity with regional and international demand and finance, we are well-positioned to bolster Nigeria’s productive base in support of national development priorities.
These initiatives are coordinated to help and expedite the implementation of President Bola Tinubu’s Renewed Hope Agenda in the trade, investment, and industry sectors.
Local production and non-oil exports are given priority, with a strong emphasis on “Nigeria First.”
“While international investors will continue to be engaged through reverse trade missions and in-country investment visits, domestic investors will continue to be the anchor and strongest signal of confidence in the economy,” she stated.
In order to better align priority programs with the goals of the National Development Plan and the Medium-Term Expenditure Framework, which the president presented to the National Assembly, the minister therefore asked the committee for support in improving its capital allocation in a targeted manner.
According to Oduwole, the ministry would concentrate on implementation, promoting industrial strategy through the establishment of specific value chains, industrial clusters, and special economic zones.
According to her, in 2025, the ministry concentrated on converting policy into actual economic activity by increasing involvement, coordination, and practical facilitation.
In the first ten months of 2025, the Nigerian minister reported total capital imports of almost 21 billion dollars, up from less than four billion dollars in 2023 and roughly 12 billion dollars in 2024.
Oduwole clarified that the recovery was aided by the ministry’s initiatives, which included the nation’s first domestic investors’ summit, sector-specific deal chambers, and the curation of more than $5 billion in bankable projects.
According to her, the initiatives have pushed projects from conception to execution by re-engaging local capital and assisting in the resolution of about fifty investor obstacles.
Along with more established strategic partnerships like the United States and the United Kingdom, the ministry also conducted over 100 bilateral investment engagements both domestically and abroad with new allies including the United Arab Emirates, Brazil, and Japan.
About 65% of Nigeria’s foreign capital inflows in 2025 came from UK investors, following years of involvement via the Nigeria–UK Economic and Trade Partnership, which started in Q2 2024.
Regarding exports and commerce, Nigeria had a trade surplus in 2025, with total trade in the first three quarters of the year totaling about 113 trillion Nigerian naira.
Exports reached their highest value and volume ever, totaling almost 6.1 billion dollars, up roughly 11% year over year.
“With regard to industrial development and diversification, Special Economic Zones produced more than 20,000 direct jobs and over $500 million in export earnings,” she stated.
Rep. Ahmed Munir (APC-Kaduna), the committee’s chairman, had already promised the committee’s assistance in helping the ministry fulfill its duty.
According to him, the 2026 budget is dedicated to “the manufacturer in Aba seeking to reach global markets, the mother in Kano trading textiles, and the young tech entrepreneur in Lagos stringing together a startup.”
2025 was a year of “surviving the storm,” the congressman stated, emphasizing that the emphasis now needs to be on “commanding the sea.”
According to Munir, the committee was considering value for money and measurable impact rather than just budget performance and fund exhaustion.
“We need to transform from a consumer-driven country to a producer-dominated one. We will closely examine the ways in which this budget promotes “Made in Nigeria” and local content.
The spine of our economy is made up of small and medium-sized businesses. This budget needs to demonstrate that it has the “oxygen” to keep that heart running by lowering business-to-business bottlenecks and making credit easily accessible.
Nigeria cannot afford to watch the African Continental Free Trade Area unfold unfold.
“We need to make investments in the infrastructure of digital trade, certification, and commerce standardization,” he stated.
