By Nathaniel Zaccheaus, Abuja
The Minister of Industry, Trade and Investment, Jumoke Oduwole, has warned that the Federal Government’s proposed ₦2.72 billion capital allocation to her ministry in the 2026 budget could seriously undermine Nigeria’s industrialisation drive and President Bola Tinubu’s ambition of building a $1 trillion economy.
Oduwole raised the alarm while defending the ministry’s 2026 budget proposal before a joint sitting of the Senate Committees on Trade and Investment and Industry, urging lawmakers to approve a targeted increase in capital funding to enable the ministry deliver on its mandate.
She described the allocation as grossly inadequate, stressing that it falls far short of what is required to drive non-oil exports, expand domestic production, and position Nigeria as a competitive investment destination.
“The proposed capital allocation of ₦2.72 billion will be a stretch in meeting the full demands of our programmes and capital projects,” the minister told lawmakers.
“Given the scope of our responsibilities, we respectfully seek the committee’s support for a targeted enhancement of our capital allocation.”
Oduwole said the Ministry of Industry, Trade and Investment is central to the Renewed Hope Agenda, particularly in diversifying the economy away from oil and attracting long-term investments needed to grow the economy.
Chairman of the Senate Committee on Trade and Investment, Senator Umar Sadiq, acknowledged the ministry’s strategic role, noting that the $1 trillion economy target would be difficult to realise without strong performance in industry, trade, and investment.
“The Ministry of Industry, Trade and Investment is a major partner in achieving this objective outside the oil sector,” Sadiq said, adding that legislative support would, however, depend on transparency, accountability and measurable outcomes.
Similarly, Chairman of the Senate Committee on Industry, Senator Francis Fadahunsi, urged the ministry to clearly demonstrate the impact of its agencies, particularly in job creation, export growth and industrial development.
In her presentation, Oduwole highlighted what she described as significant gains recorded by the ministry over the past two years, arguing that the results justified increased capital support.
She disclosed that Nigeria attracted about $21 billion in capital importation in the first 10 months of 2025, compared with $12 billion in 2024 and less than $4 billion in 2023.
According to her, the improvement was driven by the development of over $5 billion in bankable investment projects, sector-focused deal rooms and the hosting of Nigeria’s first Domestic Investor Summit.
The minister said the ministry had also resolved more than 50 major investor bottlenecks and conducted over 100 bilateral investment engagements with countries including the United Kingdom, the United States, the United Arab Emirates, Brazil, and Japan.
She added that sustained engagement under the Nigeria–UK Economic and Trade Partnership saw UK investors account for about 65 per cent of Nigeria’s foreign capital inflows in 2025.
On trade performance, Oduwole revealed that Nigeria recorded a trade surplus in 2025, with total trade valued at about ₦113 trillion in the first three quarters of the year, while exports grew by 11 per cent year-on-year to about $6.1 billion, the highest on record.
She attributed the gains to export facilitation measures, the expansion of export warehouses, the creation of new air cargo corridors within Africa, and improved implementation of the African Continental Free Trade Area (AfCFTA), which boosted Nigeria’s intra-African trade by 14 per cent.
In the industrial sector, Oduwole said special economic zones generated over $500 million in export revenue and created more than 20,000 direct jobs in 2025.
She also cited the approval of the National Industrial Policy and Nigeria’s successful bids to host CANEX 2026 and the Intra-Africa Trade Fair 2027.
Despite these gains, the minister warned that funding constraints were already limiting the ministry’s effectiveness, noting that no capital funds had been released to the ministry in 2025 as of the time of the budget defence.
She acknowledged lawmakers’ concerns that the 2026 proposal largely represents a rollover of the 2025 budget but insisted that enhanced capital funding remains critical.
“We are a programme-led and service-oriented ministry. We facilitate investment, resolve regulatory bottlenecks and open markets for Nigerian products,” Oduwole said. “To do this effectively, we need adequate capital resources.”
She said the ministry plans, in 2026, to intensify non-oil export promotion, deepen AfCFTA implementation, roll out digital investor and trade facilitation platforms, and extend trade and investment support to sub-national levels across the six geopolitical zones, initiatives she warned would be difficult to execute within the current capital envelope.
Members of the committees assured the minister that the concerns raised would be considered as scrutiny of the 2026 budget proposals continues, amid growing pressure to ensure that key economic ministries are adequately funded to deliver growth, jobs and
