Abuja: The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced that the ministry generated over $500 million in export revenue in 2025 through industrial development and the diversification of Nigeria’s economy. This announcement was made during her appearance before the Senate Committee on Trade and Investment to defend the ministry’s 2026 budget.
According to News Agency of Nigeria, Dr. Oduwole highlighted that the ministry’s initiatives created more than 20,000 direct jobs. She noted a significant expansion in the Nigeria Commodity Exchange, with traded volumes increasing by over 500 percent. The ministry has also advanced a strategic partnership aimed at establishing a national trade and distribution company to enhance structured commodity trade and market access.
Dr. Oduwole mentioned that the Federal Executive Council approved the National Industrial Policy in November 2025. Furthermore, she disclosed the launch of Nigeria’s first-ever National Intellectual Property Policy, which aligns with the ministry’s trade and distribution objectives.
In 2005, the ministry’s appropriation was N11.8 billion, with personnel and overhead allocations fully utilized. However, Dr. Oduwole pointed out that apart from the N3.8 billion capital allocation, no additional funds had been released to date. Revenue performance surpassed targets by approximately N100 million, with full remittance to the consolidated revenue fund.
Looking ahead to 2026, Dr. Oduwole emphasized the ministry’s commitment to the Renewed Hope Agenda of President Bola Tinubu’s administration. The priorities for 2026 are grounded in the national development plan and existing policy frameworks, including the Trade Policy for Nigeria, the Nigerian Investment Policy, and the Nigerian Industrial Policy. The ministry aims to focus on advancing industrial policy through targeted value chains, industrial cluster development, and special economic zones, prioritizing local production and non-oil exports.
Domestic investors are expected to remain the anchor and strongest signal of confidence in the economy, with the ministry continuing to engage global investors through trade missions and in-country investment visits. Efforts will include the National AFCFT Tour and structured zonal and state engagements to strengthen local value chains and state ownership of trade and industrial outcomes.
Dr. Oduwole stated that the proposed 2026 capital allocation is N2.72 billion. She expressed concerns that this allocation might not suffice to meet the demands of the ministry’s programs and capital projects. She sought the committee’s support to enhance capital allocation for effective alignment with the national development plan and medium-term expenditure framework objectives.