Capital Inflows to Nigeria Reach $21 Billion in Ten Months, Says Trade Minister

The Minister of Industry, Trade and Investment,

Jumoke Oduwole, revealed that Nigeria's total capital importation amounted to nearly $21 billion during the first ten months of 2025. This marks a substantial increase from around $12 billion in 2024 and under $4 billion in 2023.

Ms. Oduwole made this statement on Wednesday while presenting her ministry's performance report alongside the budget proposal for 2026 to the Joint House of Representatives Committee on Commerce in Abuja.

She characterized the increase as indicative of heightened investor confidence and the positive impact of policy reforms initiated under President Bola Tinubu's Renewed Hope Agenda.

The minister noted that the increase in foreign investment was driven by targeted efforts from her ministry, which included the development of over $5 billion worth of viable investment-ready projects, the establishment of sector-focused deal rooms, and hosting Nigeria's inaugural Domestic Investors’ Summit.

These efforts have revitalized local capital flows, effectively resolving around 50 long-standing investment issues and accelerating project execution.

"Nigeria's total capital importation in the first ten months of 2025 reached approximately $21 billion, thanks to coordinated investor engagements, sector- specific deal rooms, and clearing over 50 investor challenges," she stated.

Additionally, the ministry has pursued over 100 bilateral investment discussions across key global markets, including the United Arab Emirates, Brazil, Japan, the United States, and the United Kingdom.

Ms. Oduwole highlighted that ongoing collaboration under the Nigeria–UK Economic and Trade Partnership, launched in the second quarter of 2024, has borne significant fruits, with UK investors contributing to roughly 65 percent of total foreign capital inflows to Nigeria in 2025.

On the trade front, she stated that Nigeria recorded a trade surplus in 2025, with total trade estimated at approximately ₦113 trillion during the first three quarters of the year. Exports saw an increase of almost 11 percent compared to the previous year, reaching $6.1 billion — the highest in both value and volume.

“The current trend signals the onset of enduring structural transformation,” she remarked.

The ministry has also intensified its initiatives aimed at boosting non-oil exports, enhancing market access for Nigerian products, and upgrading quality infrastructure to align with international standards.

The establishment of Special Economic Zones has significantly contributed to industrial diversification, generating over $500 million from exports and creating more than 20,000 direct jobs.

Beyond focusing on capital inflow statistics, Ms. Oduwole emphasized a broader strategy aimed at strengthening Nigeria's productive capacity by aligning domestic supply capabilities with regional and global demand. Key sectors include agro-processing, solid minerals beneficiation, light manufacturing, and digital services.

Budget Constraints and 2026 Priorities

Amid these encouraging benchmarks, the minister urged lawmakers to reassess the ministry's proposed capital allocation of ₦2.72 billion for 2026, cautioning that this amount may prove insufficient to sustain ongoing reforms and expand priority initiatives.

"Considering the breadth of responsibilities we face, this allocation would be a challenge. We kindly request the Committee's support for targeted enhancements to our capital budget," she advocated.

In 2024, the ministry received total appropriations amounting to ₦14.39 billion, with personnel and overhead costs fully utilized and 93.2 percent of the ₦8.36 billion capital allocation being released and spent.

For that year, revenue collections surpassed expectations by approximately ₦154 million, all of which was duly remitted to the Consolidated Revenue Fund.

Conversely, while the ministry's budget for 2025 was set at ₦11.80 billion, with all allocations for personnel and overhead fully utilized, no part of the ₦3.89 billion capital allocation had been disbursed by the time of the report. Nevertheless, revenue once again exceeded projections by around ₦100 million and was fully remitted.

For 2026, Ms. Oduwole mentioned that the ministry's agenda focuses on implementation, particularly on advancing industrial policies through value chain enhancement, boosting industrial clusters, expanding Special Economic Zones, and enhancing trade facilitation and investment promotion.

“The focus is on prioritizing local production under the 'Nigeria First' initiative, supporting non-oil exports, and driving domestic investments,” she observed, noting that domestic investors signal the strongest indications of economic confidence. International investors will still be engaged through structured trade missions and in-country visits.

Earlier, Ahmed Munir, Chairman of the House Committee on Commerce, assured the ministry of legislative support but underscored that future allocations would be evaluated based on tangible economic outcomes rather than mere spending metrics.

He described 2025 as a year of economic adjustment and resilience, emphasizing the need for Nigeria to evolve from merely 'surviving the storm' to establishing itself as a competitive production-driven economy.

Mr. Munir asserted that the committee would closely analyze how the 2026 budget can bolster local content, promote Made-in-Nigeria products, and empower Small and Medium Enterprises through improved access to credit, a reduction in regulatory hurdles, and a more conducive business environment.

"With the African Continental Free Trade Area now fully operational, Nigeria cannot afford to be a bystander. Strategic investments in standardization, certification, digital trade infrastructure, and export readiness are essential," he concluded.