Nigeria’s total capital importation rose to approximately $21 billion in the first ten months of 2025, a sharp increase from about $12 billion recorded in 2024 and less than $4 billion in 2023.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this while presenting the ministry’s 2025 budget performance during the 2026 budget defence session before a Joint House of Representatives Committee on Commerce on Wednesday.
She described the surge as clear evidence of renewed investor confidence and the positive impact of targeted reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Strategic Reforms Driving Capital Inflows
According to the minister, the rebound followed deliberate interventions by the ministry, 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.
She said these initiatives helped re-engage domestic capital, unlock financing pipelines, and resolve nearly 50 long-standing investor bottlenecks, accelerating the movement of projects from proposal stage to implementation.
The ministry also conducted more than 100 bilateral investment engagements across key global markets, including the United Arab Emirates, Brazil, Japan, the United States, and the United Kingdom.
Oduwole noted that sustained engagement under the Nigeria–UK Economic and Trade Partnership, which commenced in the second quarter of 2024, delivered tangible outcomes, with UK investors accounting for approximately 65 per cent of Nigeria’s foreign capital inflows in 2025.
Trade Surplus and Export Expansion
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On trade performance, the minister 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 added that the ministry intensified efforts to promote non-oil exports, improve market access for Nigerian goods, and strengthen quality infrastructure to meet international standards.
Special Economic Zones, she said, played a significant role in industrial diversification—generating over $500 million in export revenue and creating more than 20,000 direct jobs.
Beyond headline figures, Oduwole explained that the ministry’s broader strategy focuses on strengthening Nigeria’s productive base by linking domestic supply capacity to global and regional demand. Priority sectors include agro-processing, solid minerals beneficiation, light manufacturing, and digital services.
Call for Increased 2026 Capital Allocation
To sustain the current momentum, 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 maintain progress and execute priority programmes at scale.
Providing a breakdown of past performance, she said the ministry had a total appropriation of ₦14.39 billion in 2024, with Personnel and Overhead allocations fully utilised. About 93.2 per cent of the ₦8.36 billion capital allocation was released and fully expended, while revenue performance exceeded its target by approximately ₦154 million, fully remitted to the Consolidated Revenue Fund.
In 2025, total appropriation stood at ₦11.80 billion. While Personnel and Overhead allocations were fully utilised, the ₦3.89 billion capital allocation had yet to be released. She noted, however, that revenue performance still surpassed target by about ₦100 million.
Lawmakers Demand Value-for-Money
Chairman of the Committee, Ahmed Munir, assured the ministry of legislative backing but stressed that the National Assembly would prioritise measurable economic impact and value-for-money over mere budget utilisation.
Describing 2025 as a year of “surviving the storm,” Munir expressed optimism that Nigeria is gradually transitioning from a consumption-driven economy to a production-led growth model.
He pledged that the committee would closely examine 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.
(Editor: Ada Ononye)
