Nigeria attracted around $21 billion in capital inflows in the first ten months of 2025, up sharply from about $12 billion in 2024 and less than $4 billion in 2023.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this on Wednesday while defending the ministry’s 2026 budget proposal before the Joint House Committee on Commerce in Abuja.

She noted that the increase reflects a strong recovery in investor confidence and requested an upward adjustment of the ministry’s proposed N2.72 billion capital budget for 2026.

The minister told lawmakers that the ministry’s 2026 programmes focus on industrial growth, trade expansion, and investment promotion, but cautioned that the current capital allocation could constrain the full implementation of key projects.

Oduwole credited the rise in capital inflows to targeted investment facilitation efforts by the ministry, emphasizing that structured engagement with both domestic and foreign investors has been pivotal in repositioning Nigeria as a competitive investment destination.

“On investment, Nigeria recorded total capital importation of approximately $21 billion in the first ten months of 2025, up from about $12 billion in 2024 and under $4 billion in 2023.

“The curation of over $5 billion in bankable projects, sector-specific deal rooms, and Nigeria’s inaugural domestic investors’ summit” contributed to the rebound.

“We are poised to strengthen Nigeria’s productive base by connecting global and regional demand and capital with domestic supply capacity in support of national development priorities,” she said.

She stated that these efforts have successfully reconnected with domestic investors, cleared roughly 50 major investment obstacles, and pushed numerous projects from planning into execution.

The minister also updated lawmakers on the ministry’s budget performance and key trade indicators, noting improvements in revenue remittances, capital deployment efficiency, and Nigeria’s growing trade presence.

In 2024, the ministry’s budget was N14.39 billion, with N8.36 billion earmarked for capital projects.

Of this, 93.2 percent was released and fully utilized, while revenue exceeded the target by about N154 million and was remitted to the Consolidated Revenue Fund.

For 2025, the total budget stood at N11.80 billion, but none of the N3.89 billion allocated for capital projects had been released, even though revenue surpassed targets by roughly N100 million and was fully remitted.