Business
Capital importation hits $21bn in 10 months —Minister
..seeks higher 2026 funding to sustain gains
By Gift ChapiOdekina,Abuja
Nigeria’s capital importation surged to a record $21 billion within the first 10 months of 2025, a 75% leap from roughly $12 billion recorded in the corresponding period of 2024.
Disclosing this during the 2026 budget defence before the Joint House of Representatives Committee on Commerce in Abuja, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, attributed the sharp rise to renewed investor confidence driven by targeted reforms of the Federal Government.
She said the ministry curated over $5 billion in bankable projects, established sector-specific deal rooms, and hosted Nigeria’s first Domestic Investors’ Summit initiatives.
Oduwole noted that these measures helped unlock financing pipelines and resolve about 50 longstanding investor bottlenecks.
“These interventions re-engaged domestic capital and accelerated the transition of projects from proposal to implementation,” the minister said.
According to her, the Ministry also undertook more than 100 bilateral investment engagements across strategic markets, including the United Arab Emirates, Brazil, Japan, the United States and the United Kingdom.
Oduwole revealed that engagement under the Nigeria–UK Economic and Trade Partnership, which commenced in the second quarter of 2024, delivered measurable outcomes, with UK investors accounting for about 65 per cent of Nigeria’s foreign capital inflows in 2025.
On trade performance, she said Nigeria posted a trade surplus in 2025, with total trade valued at approximately ¦ 113 trillion in the first three quarters. Exports rose by about 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 and strengthen quality infrastructure to meet international standards. Special Economic Zones (SEZs), she said, played a vital role in industrial diversification, generating over $500 million in export revenue and creating more than 20,000 direct jobs.
Beyond the headline figures, Oduwole explained that the ministry’s strategy is anchored on strengthening Nigeria’s productive capacity by linking domestic supply to global and regional demand. Priority value chains include agro-processing, solid minerals beneficiation, light manufacturing and digital services.
However, despite the positive outlook, the minister appealed for an upward review of the ministry’s proposed N2.72 billion capital allocation for 2026, warning that the amount would be insufficient to sustain the current momentum and execute priority programmes at scale.
She recalled that in 2024, the ministry received a total appropriation of ¦ 14.39 billion, with personnel and overhead allocations fully utilised. About 93.2 per cent of the ¦ 8.36 billion capital allocation was released and fully expended. Revenue performance exceeded target by approximately ¦ 154 million, which was fully remitted to the Consolidated Revenue Fund.
For 2025, she said the 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 as of date. Nonetheless, revenue performance surpassed its target by about ¦ 100 million, with full remittance to the Consolidated Revenue Fund.
“The emphasis remains ‘Nigeria First’, prioritising local production, supporting non-oil exports and deepening domestic investment,” Oduwole 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.”
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