Abuja: The Federal Government says Nigeria’s trade sector has recorded remarkable expansion, while efforts are ongoing to ensure investments translate into real economic activities. The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this in an interview with the News Agency of Nigeria (NAN) Abuja on Tuesday, while responding to questions on trade and investment trends.
According to News Agency of Nigeria, Oduwole said that merchandise trade value increased significantly between 2023 and 2025, supported by stronger exports and improved economic activities. She noted that the National Bureau of Statistics (NBS) recorded merchandise trade values of N66.8 trillion in 2023, N138 trillion in 2024, and about N149 trillion in 2025. Oduwole emphasized that these are nominal Naira values, indicating that part of the increase reflects exchange-rate movements and valuation effects, rather than a substantial rise in physical trade volumes.
The minister highlighted that Nigeria has maintained a positive merchandise trade balance, with exports outperforming imports. Despite crude oil accounting for a substantial share of export earnings, Oduwole pointed out that in the 2025 fourth quarter, total merchandise trade stood at N36.21 trillion, with exports of N18.96 trillion and imports of N17.25 trillion. She stressed the importance of statistical precision in measuring trade volumes, noting that Nigeria trades a variety of products measured in different physical units.
Oduwole further noted that the Nigerian Export Promotion Council (NEPC) reported a 10 percent increase in non-oil export volume, rising from 7.29 million metric tons in 2024 to 8.02 million metric tons in 2025. This signifies progress in efforts to diversify Nigeria’s export base. She emphasized the need to deepen value addition, aiming to export more processed and manufactured products rather than relying on raw commodities.
On investments, Oduwole noted that the government is transitioning from merely celebrating investment announcements to actively monitoring their implementation. She stated that since 2024, about 50 billion dollars in investment announcements have been recorded, with over six billion dollars in inflows. The NBS reported 10.37 billion dollars in total capital importation in the first quarter of 2026, with the majority being portfolio investment.
Oduwole explained that investments undergo several stages before becoming operational, including approval processes, financial closure, and equipment importation. The government’s assessment of investment success focuses on capital deployment, industrial expansion, job creation, and technology transfer. The minister reiterated the administration’s commitment to improving investor confidence and converting opportunities into sustainable economic growth.