Oduwole tells Senate over 20,000 jobs created, calls for higher capital funding to drive industrial growth and non-oil exports…..
Minister of Industry, Trade and Investment, Jumoke Oduwole, says the ministry recorded more than 500 million dollars in export revenue in 2025, driven by efforts to deepen industrial development and expand Nigeria’s economic diversification.
Oduwole disclosed this on Monday while appearing before the Senate Committee on Trade and Investment to defend the ministry’s proposed 2026 budget.
She said the ministry’s programmes also generated over 20,000 direct jobs during the period under review, reflecting progress in supporting industrial growth and employment.
The minister noted that activities on the Nigeria Commodity Exchange grew significantly, with trading volumes increasing by more than 500 per cent. She added that the ministry advanced a strategic partnership to establish a National Trade and Distribution Company aimed at strengthening structured commodity trade and improving market access across the country.
Oduwole further revealed that the Federal Executive Council approved the National Industrial Policy in November 2025, alongside the National Intellectual Property Policy, which she said would strengthen Nigeria’s innovation and trade ecosystem.
On budget implementation, the minister stated that the ministry’s total appropriation for 2025 stood at 11.8 billion naira, with personnel and overhead expenditures fully utilised. However, she explained that beyond the approved 3.8 billion naira capital allocation, no additional funds were released to the ministry during the year.
Despite funding constraints, Oduwole said the ministry surpassed its revenue target by approximately 100 million naira, with full remittance made to the Consolidated Revenue Fund.
“Within available resources, the ministry maintained fiscal discipline, effective planning, and accountable use of public funds,” she said.
Looking ahead, the minister said the ministry’s priorities for 2026 are aligned with the National Development Plan and existing policy frameworks covering trade, investment, and industrial growth.
She explained that the focus will shift toward implementation, particularly through advancing industrial policy across targeted value chains, developing industrial clusters, and strengthening special economic zones. According to her, boosting local production and expanding non-oil exports will remain central, with domestic investors serving as the foundation of Nigeria’s investment drive.
Oduwole added that international investors will continue to be engaged through trade missions and investment visits, while the ministry plans to deepen impact at the sub-national level through the National AfCFTA Tour and structured engagements with states and regions to strengthen local value chains and promote shared ownership of trade and industrial outcomes.
She noted that these initiatives will be supported by the rollout of digital investor portals and trade intelligence tools designed to improve transparency, coordination, and efficiency across trade and investment promotion.
On funding for the coming year, the minister disclosed that the proposed capital allocation for 2026 stands at 2.72 billion naira, warning that the amount would be insufficient to fully support the ministry’s programmes and ongoing capital projects.
She appealed to the Senate Committee for an upward review of the allocation, stressing that increased funding is necessary to ensure effective implementation of priority initiatives in line with the National Development Plan and the Medium-Term Expenditure Framework.
