Nigeria Records $21 Billion Capital Importation in First 10 Months of 2025
Minister Oduwole Attributes $21 Billion Capital Surge to Strategic Investment Facilitation
Nigeria recorded approximately $21 billion in capital importation during the first 10 months of 2025, representing a significant surge compared to previous years. The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed the figures during the 2026 budget defence session before the Joint House of Representatives Committee on Commerce in Abuja on Wednesday.
The reported figure marks a sharp recovery in capital inflows, rising from approximately $12 billion in 2024 and less than $4 billion in 2023. This upward trajectory indicates a strengthening of investor confidence in the Nigerian economy amid ongoing fiscal and trade reforms.
Drivers of Capital Inflow Growth
Addressing the lawmakers, Dr. Oduwole attributed the increase to the ministry’s deliberate investment facilitation strategies. She noted that structured engagements with both domestic and international investors have been instrumental in repositioning Nigeria as a competitive destination for capital.
According to the Minister, the curation of over $5 billion in bankable projects and the establishment of sector-specific "deal rooms" contributed significantly to the rebound. She also highlighted the impact of Nigeria’s inaugural domestic investors' summit and the resolution of approximately 50 major investor bottlenecks, which moved several projects from the proposal stage to actual implementation.
Trade Performance and Regional Partnerships
Beyond capital importation, the Minister provided a broader outlook on Nigeria’s trade performance. Total trade for the first three quarters of 2025 was valued at approximately ₦113 trillion. Exports grew by 11% year-on-year to reach roughly $6.1 billion, the highest level recorded in both volume and value terms.
Strategic bilateral engagements have also expanded. The ministry conducted over 100 engagements across various jurisdictions, including newer partners such as the United Arab Emirates, Brazil, and Japan. Notably, the Nigeria–UK Economic and Trade Partnership remains a primary driver of investment, with United Kingdom investors accounting for approximately 65% of Nigeria’s foreign capital inflows in 2025.
Budget Performance and 2026 Projections
Reviewing the ministry’s fiscal performance, Dr. Oduwole reported that the 2024 capital budget of ₦8.36 billion saw a 93.2% deployment rate, with revenue exceeding targets by ₦154 million. However, for the 2025 fiscal year, while revenue targets were surpassed by ₦100 million, the ₦3.89 billion capital allocation has yet to be released.
For the 2026 fiscal year, the ministry has proposed a capital budget of ₦2.72 billion. Dr. Oduwole is seeking an upward review of this figure, arguing that the current provision may limit the execution of priority projects aimed at industrial growth and trade expansion.
Outlook for 2026
The proposed 2026 budget is aligned with the National Development Plan and the Medium-Term Expenditure Framework (MTEF). The ministry intends to focus on a "Nigeria First" approach, prioritizing local production, non-oil exports, and the expansion of industrial clusters.
Dr. Oduwole emphasized that the Special Economic Zones (SEZs) have already demonstrated value, generating over $500 million in export revenues and creating more than 20,000 direct jobs in the past year. Looking forward, the ministry aims to connect global capital with domestic supply capacity to support national development priorities.
