The Federal Government has announced plans to place stronger emphasis on non-oil exports in 2026 as part of its broader push to diversify Nigeria’s economy.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this on Wednesday in Abuja during the presentation and defence of the ministry’s 2026 budget proposal before the National Assembly. The session also included a review of the ministry’s performance in the 2025 fiscal year.
According to Oduwole, the government recorded notable progress in trade and investment in 2025 and intends to build on those gains by intensifying export promotion and investment mobilisation next year.
She explained that the ministry would embark on a nationwide engagement across the six geopolitical zones to strengthen trade facilitation and encourage greater participation at the state and local government levels.
The minister noted that Nigeria’s non-oil export performance has improved significantly, with exports growing by 14 per cent compared to the continental average. She added that non-oil exports reached their highest level in 2025, generating over $6bn in value and volume.
Oduwole said the country’s agricultural products remain a major driver of export growth, stressing that improved packaging, value addition and market access would help Nigerian goods compete better globally.
On investment, she said the ministry would continue to support local investors while attracting foreign capital under the “Nigeria First” policy. This, she explained, involves close collaboration with state governments and local councils to unlock trade and industrial opportunities nationwide.
Providing an update on capital inflows, the minister revealed that Nigeria attracted about $21bn in capital importation within the first ten months of 2025, a sharp increase from $12bn in 2024 and less than $4bn in 2023.
She attributed the improvement to initiatives such as the development of bankable projects, sector-focused deal rooms and the country’s first Domestic Investors’ Summit.
She also disclosed that special economic zones contributed over $500m in export earnings and created more than 20,000 direct jobs, while the Federal Executive Council approved the National Industrial Policy in November 2025.
On trade outcomes, Oduwole said Nigeria recorded a trade surplus in 2025, with total trade estimated at N113tn in the first three quarters of the year.
Looking ahead to 2026, she said the ministry’s focus would shift towards implementation, with priority given to industrial clusters, value chain development and the expansion of special economic zones. She added that the proposed capital allocation for the ministry in the 2026 budget is N2.72bn.
Earlier, the Chairman of the House Committee on Commerce, Ahmed Munir, said the National Assembly would intensify oversight of the ministry’s activities in 2026, stressing the need for tangible impact rather than mere budget utilisation.
He said legislative oversight would focus on boosting domestic production, supporting small and medium-sized enterprises and expanding trade opportunities across the country.
