Nigeria’s Capital Importation Reaches $21bn in 10 Months

Nigeria’s capital importation reached about $21 billion in the first 10 months of 2025. This is a big jump from around $12 billion in 2024 and just under $4 billion in 2023. 

The Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, shared this information during her budget presentation to the House of Representatives Committee on Commerce in Abuja.

Oduwole explained that the increase in capital inflows was due to greater investor confidence. This confidence was encouraged by reforms under President Bola Tinubu’s Renewed Hope Agenda. 

The minister highlighted several key actions that helped, including creating more than $5 billion in bankable projects, establishing sector-specific deal rooms, and hosting Nigeria’s first Domestic Investors’ Summit. This summit helped resolve 50 long-standing investment issues, speeding up project work.

The minister also noted that Nigeria had held more than 100 investment meetings with countries including the UAE, Brazil, Japan, the US, and the UK. UK investors alone made up about 65% of Nigeria’s foreign capital inflows in 2025, thanks to the Nigeria-UK Economic and Trade Partnership.

Nigeria’s Trade Performance in 2025

In addition to strong capital inflows, Nigeria recorded a trade surplus in 2025. Total trade in the first three quarters was valued at around ₦113 trillion. 

Exports grew by 11% compared to the previous year, reaching a record $6.1 billion, which was the highest in both value and volume. Special Economic Zones contributed over $500 million in export revenue and helped create more than 20,000 jobs.

Oduwole said the ministry’s focus is on increasing Nigeria’s ability to produce goods, with emphasis on areas like agro-processing, solid minerals, light manufacturing, and digital services.

Request for More Funding in 2026

Despite these achievements, Oduwole said the ministry’s ₦2.72 billion capital budget for 2026 would not be enough to keep up the progress and carry out important projects. She pointed out that in 2024, the ministry fully used its ₦14.39 billion budget. 

However, in 2025, none of the ₦3.89 billion allocated for capital projects had been released, even though government revenue exceeded expectations.

“The focus remains on ‘Nigeria First’, supporting local production, non-oil exports, and increasing domestic investment,” Oduwole said.

Legislative Support for Economic Growth

Rep. Ahmed Munir, the Chairman of the Committee, assured Oduwole that the National Assembly would support the ministry. However, he emphasised that they would focus on getting value for money and ensuring that any investments would have a real economic impact. 

He also stressed the importance of shifting Nigeria to a production-driven economy rather than one that relies solely on consumption, especially now that the African Continental Free Trade Area (AfCFTA) is fully operational.

The committee will carefully review how the 2026 budget proposal promotes local content, supports the “Made-in-Nigeria” initiative, and encourages small and medium-sized enterprises (SMEs) by providing easier access to credit, fewer regulations, and better business conditions.