Nigeria recorded 6.1 billion non-oil exports in 2025, says Oduwole
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said on Tuesday that the nation’s non-oil export grew to about 6.1 billion dollars in 2025, the highest growth ever.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said on Tuesday that the nation's non-oil export grew to about 6.1 billion dollars in 2025, the highest growth ever.
The Minister, who spoke while defending the Ministry's 2026 budget estimate before the House Committee on Commerce, said Nigeria recorded total capital importation of approximately $21 billion in the first 10 months of 2025, up from about $12 billion in 2024 and under $4 billion in 2023.
She explained that the ministry focused on translating policy into real economic activity through greater coordination, engagement, and practical facilitation.
She said Nigeria recorded a trade surplus in 2025, with total trade valued at approximately ₦113 trillion in the first three quarters of the year.
She, however, requested an upward review of the ministry’s 2026 capital budget estimate of N2.72 billion to accelerate the delivery of the Renewed Hope Agenda of President Bola Tinubu.
The minister said that in 2025, the ministry’s appropriation was ₦11.80 billion for Personnel and Overhead, which were again fully utilised, while nothing was released to the Ministry from the N3.89 billion capital allocation, with the revenue performance exceeded target by approximately ₦100 million, with full remittance to the Consolidated Revenue Fund
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She said further that the ministry’s 2026 budget comprised a focused set of programmes and projects designed to stimulate economic growth, adding that given the scope of responsibilities and the execution priorities outlined, this allocation will be a stretch in meeting the full demands of the ministry’s programmes and capital projects.
She requested continued support in delivering the ministry’s mandate to strengthen industrial development, expand trade, attract investment, and support economic growth across the federation.
“We are poised to strengthen Nigeria’s productive base, as we connect global and regional demand and capital with domestic supply capacity, in support of national development priorities. These interventions are aligned to support and accelerate the delivery of the Renewed Hope Agenda of President Bola Tinubu, across the industry, trade, and investment sectors.
“The emphasis is firmly ‘Nigeria First’, prioritising local production and non-oil exports. Domestic investors will remain the anchor and strongest signal of confidence in the economy, while global investors will continue to be engaged through reverse trade missions and in-country investment visits.
“The ministry, therefore, respectfully seeks the committee’s support for targeted enhancement of its capital allocation, to enable effective alignment of priority programmes with the objectives of the National Development Plan and the Medium-Term Expenditure Framework, as presented to the National Assembly by Mr. President,” she said.
Oduwole said that the ministry will focus on implementation, advancing industrial policy through targeted value chain and industrial cluster development, and Special Economic Zones.
She explained that the activities helped re-engage domestic capital and facilitated the resolution of about 50 investor bottlenecks, driving projects from intention to implementation.
“The Ministry also undertook more than 100 bilateral investment engagements domestically and internationally with new friends such as the UAE, Brazil, and Japan, as well as older strategic relationships, including the United States and the United Kingdom.
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“Following sustained engagement under the Nigeria–UK Economic and Trade Partnership, which commenced in Q2 2024, UK investors accounted for approximately 65 percent of Nigeria’s foreign capital inflows in 2025.
“On trade and exports, Nigeria recorded a trade surplus in 2025, with total trade valued at approximately ₦113 trillion in the first three quarters of the year.
“Exports grew by about 11 per cent year-on-year to approximately $6.1 billion, the highest ever in both value and volume.
“On industrial development and diversification, Special Economic Zones generated over $500 million in export revenues and created more than 20,000 direct jobs,” she said.
Chairman of the House Committee on Commerce, Ahmed Munir Lere (APC-Kaduna) pledged the committee’s support to enable the ministry achieve its mandate.
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He described the 2026 budget as a commitment to the mother in Kano trading textiles, the youth tech entrepreneur in Lagos stringing together a startup, and the manufacturer in Aba seeking to reach global markets.
The lawmaker said that 2025 was a year of "surviving the storm,” saying the focus must now shift to "commanding the sea."
Munir said that the committee is looking beyond budget performance in terms of mere fund exhaustion to value-for-money and tangible impact.
“We must move from being a nation of consumers to a powerhouse of producers. We will scrutinize how this budget supports local content and "Made in Nigeria" initiatives.
“Small and Medium Enterprises are the heartbeat of our economy. This budget must prove it has the "oxygen" to keep that heart beating through accessible credit and reduced ease-of-doing-business bottlenecks.
“With the African Continental Free Trade Area in full swing, Nigeria cannot afford to be a spectator. We must invest in the infrastructure of commerce standardisation, certification, and digital trade."
