Capital importation hits $21bn in 10 months —Minister

Nigeria recorded a significant rise in capital importation within the first 10 months of 2025, reaching a record $21 billion. This represents a 75 per cent increase compared to the approximately $12 billion recorded during the same period in 2024. The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, revealed this during the 2026 budget defence before the Joint House of Representatives Committee on Commerce in Abuja. She attributed the sharp increase to renewed investor confidence resulting from deliberate reforms and targeted initiatives implemented by the Federal Government.

According to the minister, the ministry curated over $5 billion worth of bankable projects, set up sector-specific deal rooms, and organised Nigeria’s first Domestic Investors’ Summit. These initiatives helped unlock financing pipelines and resolved about 50 long-standing investor challenges, enabling projects to move from proposal stages to actual implementation. Additionally, the ministry conducted more than 100 bilateral investment engagements across key international markets such as the United Arab Emirates, Brazil, Japan, the United States, and the United Kingdom. Engagements under the Nigeria–UK Economic and Trade Partnership, which began in mid-2024, produced notable results, with UK investors accounting for about 65 per cent of Nigeria’s foreign capital inflows in 2025.

On trade performance, Nigeria achieved 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, marking the highest export value and volume ever recorded. The ministry intensified efforts to boost non-oil exports, improve access to international markets, and enhance quality standards to meet global requirements. Special Economic Zones (SEZs) contributed significantly to industrial diversification, generating over $500 million in export revenue and creating more than 20,000 direct jobs.

Dr. Oduwole explained that the ministry’s broader strategy focuses on strengthening Nigeria’s productive capacity by linking domestic production to regional and global demand. Priority sectors include agro-processing, solid minerals beneficiation, light manufacturing, and digital services. However, despite these positive achievements, she expressed concern over the proposed ₦2.72 billion capital allocation for 2026, stating that it would be insufficient to maintain momentum and implement key programmes effectively.

She reviewed previous budget performances, noting that in 2024, the ministry received ₦14.39 billion, with full utilisation of personnel and overhead allocations and 93.2 per cent release and complete use of its ₦8.36 billion capital allocation. Revenue collection exceeded its target by about ₦154 million, which was fully remitted to the Consolidated Revenue Fund. In 2025, the ministry was appropriated ₦11.80 billion, but none of the ₦3.89 billion capital allocation had been released, despite full use of personnel and overhead funds. Nevertheless, revenue exceeded target by around ₦100 million and was fully remitted.

Overall, the minister emphasised a “Nigeria First” policy aimed at promoting local production, supporting non-oil exports, and strengthening domestic investment. She highlighted that domestic investors would remain the foundation of economic confidence, while international investors would continue to be engaged through trade missions and investment visits.