Nigeria’s Capital importation hits $21bn in 10 months, Minister seeks higher 2026 funding

2026-02-11 - 15:08

By Gift ChapiOdekina, Abuja Nigeria’s capital importation surged to about $21 billion in the first 10 months of 2025, a sharp increase from roughly $12 billion in 2024 and under $4 billion in 2023, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has disclosed. Speaking during the 2026 budget defence before the Joint House of Representatives Committee on Commerce in Abuja, Oduwole attributed the rise to renewed investor confidence driven by reforms under President Bola Tinubu’s Renewed Hope Agenda. She highlighted initiatives such as curating over $5 billion in bankable projects, establishing sector-specific deal rooms, and hosting Nigeria’s first Domestic Investors’ Summit, which resolved around 50 long-standing investor bottlenecks and accelerated project implementation. According to the minister, over 100 bilateral investment engagements were undertaken in strategic markets, including the UAE, Brazil, Japan, the US, and the UK. She noted that UK investors accounted for about 65 percent of Nigeria’s foreign capital inflows in 2025 under the Nigeria–UK Economic and Trade Partnership. On trade performance, Nigeria posted a surplus in 2025, with total trade valued at approximately ₦113 trillion in the first three quarters. Exports rose 11 percent year-on-year to $6.1 billion, the highest ever recorded in both value and volume. Special Economic Zones contributed over $500 million in export revenue and created more than 20,000 direct jobs. Oduwole stressed that the ministry’s strategy prioritises strengthening Nigeria’s productive capacity, with focus on agro-processing, solid minerals, light manufacturing, and digital services. However, she appealed for an upward review of the ministry’s proposed ₦2.72 billion capital allocation for 2026, warning that it would be insufficient to sustain momentum and execute priority programs. She recalled that in 2024, the ministry fully utilised a ₦14.39 billion appropriation, with 93.2 percent of the ₦8.36 billion capital allocation released and expended. In 2025, none of the ₦3.89 billion capital allocation had been released, despite revenue exceeding targets. “The emphasis remains ‘Nigeria First’, prioritising local production, supporting non-oil exports, and deepening domestic investment,” Oduwole said. Chairman of the Committee, Rep. Ahmed Munir (APC–Kaduna), assured legislative support but stressed that the National Assembly would prioritise value for money and measurable economic impact. He called for strategic investment to transform Nigeria from a consumption-driven economy into a production powerhouse, especially with the African Continental Free Trade Area fully operational. The committee will scrutinise how the 2026 budget proposal promotes local content, “Made-in-Nigeria” initiatives, and SME empowerment through accessible credit, reduced regulatory bottlenecks, and improved ease of doing business.