Capital Importation Hits $21bn in 10 Months –Trade Minister

Capital Importation Hits $21bn in 10 Months -Trade Minister

Linda Ike

Nigeria’s capital importation surged to about $21 billion in the first 10 months of 2025, up from $12 billion in 2024 and under $4 billion in 2023.

Industry, Trade and Investment Minister,. Jumoke Oduwole shared the figures during 2026 budget defence before the Joint House Committee on Commerce in Abuja, crediting President Bola Tinubu’s Renewed Hope Agenda and ministry reforms.

Key drivers included curating over $5 billion in bankable projects, sector deal rooms, and Nigeria’s first Domestic Investors’ Summit, resolving 50 investor bottlenecks.

The ministry held 100+ bilateral engagements in UAE, Brazil, Japan, US, and UK; UK investors drove 65% of 2025 inflows via the Nigeria-UK trade pact.

Trade hit ₦113 trillion surplus in Q1-Q3, with exports up 11% to $6.1 billion, the highest ever—boosted by non-oil pushes, Special Economic Zones ($500M exports, 20,000 jobs), and value chains like agro-processing and minerals.

Oduwole seeks upward review of the ministry’s N2.72 billion 2026 capital allocation to sustain gains, noting full use of 2024/2025 funds and revenue overperformance.

Priorities include: industrial clusters, trade facilitation, “Nigeria First” local production, and non-oil exports.

Committee Chairman , Ahmed Munir pledged support but stressed value-for-money, shifting to production through AfCFTA, SMEs, and local content.