Nigeria’s capital importation rose to $21 billion in the first 10 months of 2025. The figure marks a 75 per cent increase from the $12 billion recorded in the same period of 2024.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this during the 2026 budget defence before the Joint House of Representatives Committee on Commerce in Abuja. She linked the growth to targeted reforms introduced by the Federal Government.
Oduwole said the ministry curated over $5 billion in bankable projects. It also created sector-specific deal rooms and hosted Nigeria’s first Domestic Investors’ Summit.
She explained that these steps unlocked financing pipelines and cleared about 50 longstanding investor bottlenecks. According to her, the interventions helped move projects from the proposal stage to implementation faster.
The ministry also conducted more than 100 bilateral investment engagements. These meetings covered strategic markets such as the United Arab Emirates, Brazil, Japan, the United States and the United Kingdom.
Under the Nigeria–UK Economic and Trade Partnership, which began in the second quarter of 2024, UK investors accounted for about 65 per cent of foreign capital inflows in 2025. Oduwole said the partnership delivered measurable results within a short period.
Trade Surplus and Export Growth
Nigeria recorded a trade surplus in 2025, the minister said. Total trade reached about ₦113 trillion in the first three quarters of the year.
Exports grew by 11 per cent year-on-year to $6.1 billion. Oduwole described this as the highest export value and volume ever recorded.
She said the ministry intensified efforts to boost non-oil exports and expand market access. It also strengthened quality infrastructure to ensure Nigerian goods meet global standards.
Special Economic Zones supported these efforts. They generated over $500 million in export revenue and created more than 20,000 direct jobs.
The ministry now focuses on strengthening Nigeria’s productive capacity. It aims to link domestic supply with global and regional demand.
Priority sectors include agro-processing, solid mineral beneficiation, light manufacturing and digital services. Oduwole said these value chains will deepen industrialisation and reduce reliance on imports.
Budget Constraints Threaten Momentum
Despite the gains, the minister urged lawmakers to increase the ministry’s proposed ₦2.72 billion capital allocation for 2026. She warned that the amount would not sustain current reforms or fund key programmes at scale.
She recalled that in 2024, the ministry received ₦14.39 billion. Officials fully utilised personnel and overhead allocations. They released and spent 93.2 per cent of the ₦8.36 billion capital vote.
Revenue collection also exceeded its target by ₦154 million in 2024. The ministry remitted the full amount to the Consolidated Revenue Fund.
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In 2025, the total appropriation stood at ₦11.80 billion. While the ministry used its personnel and overhead funds, it had not received the ₦3.89 billion capital allocation as of the reporting date. Still, revenue surpassed its target by ₦100 million, and the ministry remitted the full sum.
Oduwole reaffirmed the government’s “Nigeria First” policy. She said the strategy prioritises local production, promotes non-oil exports and deepens domestic investment.
She stressed that domestic investors remain the strongest signal of confidence in the economy. At the same time, the government continues to attract foreign investors through trade missions and in-country visits.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
