The Minister of Industry, Trade and Investment, Jumoke Oduwole, on Monday, warned that the proposed ₦2.72 billion capital allocation for 2026 is insufficient to deliver the scale of programmes needed to boost Nigeria’s industrialisation, trade expansion, and investment drive.
Speaking during the ministry’s budget defence before the Senate Committees on Trade and Investment and Industry, Oduwole appealed for increased funding, stressing that limited resources would constrain efforts to support President Bola Tinubu’s Renewed Hope Agenda and the push for a trillion-dollar economy.
“The proposed capital allocation of ₦2.72bn will be a stretch in meeting the full demands of our programmes and capital projects,” she told lawmakers.
Senators acknowledged the ministry’s strategic role but insisted that support would depend on transparency, accountability, and measurable impact. Committee leaders urged the ministry to demonstrate how its agencies directly improve job creation, exports, and industrial growth.
Oduwole highlighted achievements to justify higher funding, noting that Nigeria attracted $21 billion in capital importation in the first ten months of 2025, up from $12 billion in 2024 and under $4 billion in 2023. She credited ministry-led initiatives such as investment deal rooms, the Domestic Investor Summit, and resolving over 50 investor bottlenecks.
She added that Nigeria recorded a trade surplus in 2025, with exports rising 11% year-on-year to $6.1 billion, while intra-African trade grew 14% under the African Continental Free Trade Area. Special economic zones generated over $500 million in export revenue and created more than 20,000 jobs.
Despite these gains, Oduwole warned that inconsistent capital releases were undermining effectiveness, noting that no capital funds had been released in 2025. She explained that the ministry is service-oriented, facilitating investment and trade rather than generating revenue directly, and therefore requires adequate capital support.
Lawmakers expressed concern that the 2026 proposal largely rolled over the 2025 budget, leaving little room for new initiatives. Oduwole responded that even within those constraints, enhanced capital funding was critical to sustain momentum in non-oil exports, AfCFTA implementation, and nationwide trade facilitation.
The committees assured that her concerns would be considered as scrutiny of the 2026 budget continues, amid pressure to ensure critical economic ministries are adequately funded to deliver growth and diversification.
