The federal ministry of industry, trade and investment generated over $500 million in export revenue in 2025, driven by industrial development initiatives and economic diversification efforts, the minister, Jumoke Oduwole, has said.
Oduwole disclosed this on Monday while defending the ministry’s 2026 budget proposal before the Senate Committee on Trade and Investment, according to the News Agency of Nigeria (NAN).
She said the ministry’s programmes also led to the creation of more than 20,000 direct jobs during the year under review, reflecting growing momentum in Nigeria’s non-oil sectors.
The minister noted that activities on the Nigeria Commodity Exchange (NCX) recorded a major boost, with traded volumes increasing by over 500 percent within the period.
As part of efforts to strengthen structured commodity trade, Oduwole said the ministry advanced a strategic partnership to establish a national trade and distribution company, aimed at improving market access and deepening commodity value chains.
She also revealed that the Federal Executive Council (FEC) approved the National Industrial Policy in November 2025, alongside the National Intellectual Property Policy.
“We also secured the approval of the National Intellectual Property Policy as a national trade and distribution company,” the minister said.
On budget implementation, Oduwole said the ministry’s 2025 appropriation stood at N11.8 billion, with personnel and overhead costs fully utilised. However, she added that aside from the N3.8 billion capital allocation, no additional funds were released to support capital projects.
Despite funding constraints, the minister said the ministry exceeded its revenue target by about N100 million, with full remittance made to the consolidated revenue fund (CRF).
“Within available resources, the ministry maintained fiscal discipline, effective planning, and accountable use of public funds,” she said.
Looking ahead, Oduwole said the ministry’s 2026 priorities are aligned with the national development plan and existing trade, investment, and industrial policy frameworks.
She explained that focus would be placed on targeted value chains, industrial cluster development, special economic zones, and boosting local production to expand non-oil exports. Domestic investors, she added, would remain central to Nigeria’s investment strategy, while global investors would be engaged through trade missions and investment visits.
“We will take delivery and impact to the sub-national level through the National AfCFTA Tour,” she said.
On funding needs, Oduwole said the proposed N2.72 billion capital allocation for 2026 would be inadequate to meet programme demands, urging lawmakers to approve an upward review.
