Nigeria’s capital story is changing.
In 2023, the country attracted less than $4 billion in capital.
In 2024, inflows rose sharply to about $12 billion.
By October 2025, capital importation reached roughly $21 billion.
On Wednesday in Abuja, Dr Jumoke Oduwole presented the figures.
She addressed the House Committee on Commerce directly.
She defended her ministry’s 2026 budget proposal before lawmakers.
Investment Surge
She said deliberate policy choices drove the increase.
First, the ministry intensified engagement with domestic and foreign investors.
Next, it curated over $5 billion in bankable projects.
It also introduced sector-specific deal rooms to speed negotiations.
In addition, it hosted Nigeria’s first domestic investors’ summit.
As a result, the ministry resolved about 50 major bottlenecks.
It then moved several projects from proposals to implementation.
Capital Imports Budget Pressures
However, funding remains a concern.
The ministry proposed a ₦2.72 billion capital budget for 2026.
Oduwole therefore urged lawmakers to approve a higher allocation.
She warned that limited releases could slow key projects.
In 2024, the ministry operated with a ₦14.39 billion budget.
It allocated ₦8.36 billion to capital projects.
The government released 93.2% of that sum.
The ministry fully deployed the released funds.
Moreover, it collected about ₦154 million above its revenue target.
It promptly remitted the surplus to the Consolidated Revenue Fund.
In 2025, lawmakers approved ₦11.80 billion for the ministry.
They set aside ₦3.89 billion for capital spending.
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However, authorities released none of those capital funds.
Even so, the ministry collected about ₦100 million above target.
It remitted the full amount without delay.
Trade Momentum
Meanwhile, trade performance strengthened the outlook.
Nigeria recorded trade worth about ₦113 trillion.
The figure covered the first three quarters of 2025.
Exports increased by around 11% year on year.
They reached roughly $6.1 billion.
Consequently, Nigeria achieved its highest export value and volume.
At the same time, the ministry expanded global engagement.
It conducted more than 100 bilateral investment meetings.
It built new ties with the UAE, Brazil and Japan.
It strengthened relations with the United States and the United Kingdom.
As a result, UK investors accounted for about 65% of inflows.
In addition, Special Economic Zones generated over $500 million in exports.
They created more than 20,000 direct jobs nationwide.
Looking ahead, the ministry aligned the 2026 proposal with national plans.
It followed the National Development Plan and expenditure framework.
It adopted a “Nigeria First” strategy.
Under this approach, it prioritised local production and non-oil exports.
It plans to expand industrial clusters nationwide.
It will also strengthen Special Economic Zones across the country.
Earlier in 2025, inflows had already accelerated.
First-quarter capital importation reached $5.6 billion.
By October, the total climbed to $21 billion.
Overall, the figures show recovery is turning into consolidation.
