By David Okoh
Capital Importation Rises to $21bn as Oduwole Pushes for Higher 2026 Budget to Sustain Investment Momentum
Nigeria’s total capital importation rose to approximately $21 billion in the first 10 months of 2025, marking a sharp increase from about $12 billion in 2024 and less than $4 billion in 2023, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has said.
Presenting performance highlights during the 2026 budget defence before the Joint House of Representatives Committee on Commerce in Abuja, Oduwole described the growth as evidence of renewed investor confidence and the impact of targeted reforms under President Bola Tinubu’s Renewed Hope Agenda.
She attributed the recovery to deliberate ministry interventions, including the curation of over $5 billion in bankable projects, the establishment of sector-specific deal rooms, and the hosting of Nigeria’s inaugural Domestic Investors’ Summit. According to her, these initiatives re-engaged domestic capital, unlocked financing pipelines, and resolved about 50 long-standing investor bottlenecks, thereby accelerating the transition of projects from proposal stage to implementation.
The minister disclosed that the ministry also undertook more than 100 bilateral investment engagements across key global markets, including the United Arab Emirates, Brazil, Japan, the United States, and the United Kingdom.
She added that sustained engagement under the Nigeria–UK Economic and Trade Partnership, which commenced in the second quarter of 2024, yielded tangible results, with UK investors accounting for approximately 65 per cent of Nigeria’s foreign capital inflows in 2025.
On trade performance, Oduwole said Nigeria recorded a trade surplus in 2025, with total trade valued at about ₦113 trillion in the first three quarters of the year. Exports increased by roughly 11 per cent year-on-year to $6.1 billion — the highest ever recorded in both value and volume.
She noted that the ministry intensified efforts to promote non-oil exports, improve market access for Nigerian goods, and strengthen quality infrastructure to meet international standards. She added that Special Economic Zones contributed significantly to industrial diversification, generating over $500 million in export revenues and creating more than 20,000 direct jobs.
Oduwole explained that beyond headline investment figures, the ministry’s strategy focused on strengthening Nigeria’s productive base by connecting domestic supply capacity to global and regional demand. She said emphasis was placed on priority value chains such as agro-processing, solid minerals beneficiation, light manufacturing, and digital services.
Despite the positive trajectory, the minister appealed for an upward review of the ministry’s proposed ₦2.72 billion capital allocation for 2026, warning that the amount would be insufficient to sustain momentum and execute priority programmes at scale.
She recalled that in 2024, the ministry had a total appropriation of ₦14.39 billion, with Personnel and Overhead allocations fully utilised, while 93.2 per cent of the ₦8.36 billion capital allocation was released and fully expended. Revenue performance that year exceeded target by approximately ₦154 million, with full remittance to the Consolidated Revenue Fund.
In 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 to date. Nonetheless, revenue performance exceeded target by about ₦100 million, which was fully remitted to the Consolidated Revenue Fund.
She stressed that the 2026 budget framework prioritises implementation — advancing industrial policy through value chain development, industrial clusters, and the expansion of Special Economic Zones, as well as strengthening 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 Committee, Rep. Ahmed Munir (APC–Kaduna), assured the ministry of legislative backing but emphasised that the National Assembly would prioritise value-for-money and measurable economic impact over mere budget utilisation.
He said 2025 was a year of “surviving the storm,” adding that the focus must now shift to “commanding the sea” by transforming Nigeria from a consumption-driven economy into a production powerhouse.
Munir stressed that the committee would scrutinise how the 2026 budget strengthens local content, supports “Made-in-Nigeria” initiatives, and empowers Small and Medium Enterprises through accessible credit, reduced regulatory bottlenecks, and improved ease of doing business.
“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.
