Nigeria’s capital importation surged to $23.22 billion in 2025, up from $3.91 billion in 2023, as the Federal Ministry of Industry, Trade and Investment outlined a broader strategy to turn investment, non-oil exports and domestic production into engines of a $1 trillion economy.
The ministry also reported that Nigeria recorded ₦12.36 trillion in non-oil exports in 2025, with Nigerian products reaching more than 120 countries, while manufacturing posted 3.29 per cent real growth in the first quarter of 2026.
The figures were presented by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, to the Economic Management Team on Tuesday as the ministry set out its contribution to the Federal Government’s $1 trillion economy ambition.
But the ministry’s strategy goes beyond attracting more money into the economy. It is seeking to convert investment into operating businesses, expand Nigeria’s productive capacity and position more domestic firms to compete in regional and global markets.
FMITI identified three areas where it has its strongest influence on economic growth: productive investment, non-oil exports and domestic production.
The ministry said it is working to help existing businesses expand and convert credible projects into operating capacity, while helping Nigerian firms reach international buyers, meet required standards and take advantage of market-access opportunities.
Investment rebounds, but FDI remains modest
The rise in capital importation marks a significant recovery. Total capital imported into Nigeria increased from $3.91 billion in 2023 to $12.32 billion in 2024 before reaching $23.22 billion in 2025.
However, the ministry noted that foreign direct investment remained modest despite the broader increase in capital inflows.
FDI rose from $380 million in 2023 to $680 million in 2024 and $920 million in 2025.
FMITI said it has strengthened bilateral investment frameworks, progressed a review of the national investment policy with OECD support and begun moves to centralise the coordination of investment engagements involving federal ministries and state governments.
The objective, according to the ministry, is to improve accountability around investment agreements, strengthen investor confidence and ensure that commitments translate into delivered projects.
Non-oil exports reach ₦12.36tn
The export numbers provide another major pillar of the ministry’s growth strategy.
Nigeria recorded ₦12.36 trillion in non-oil exports in 2025, while the number of distinct non-oil products exported increased from 246 to 281. The exports reached more than 120 countries.
Nigeria’s intra-African trade also increased by 21 per cent, while Certificates of Origin issued in 2025 rose by 500 per cent, according to the ministry.
FMITI said it is restructuring the Export Expansion Grant into a predictable, rules-based and performance-driven system intended to expand non-oil exports and increase industrial value addition.
It is also driving a Trade Facilitation Fund and working with the National Assembly and other government agencies to accelerate the domestication of AfCFTA instruments.
The ministry said the export phase of the National Single Window is targeted for delivery by November 2026.
Manufacturing shows stronger activity
The ministry’s presentation also pointed to improvements across several domestic industries.
Manufacturing grew by 3.29 per cent in real terms in the first quarter of 2026, while cement production grew by 11.53 per cent, pharmaceuticals by 6.15 per cent and automotive assembly by 5.44 per cent.
The ministry reported that vehicles assembled in Nigeria increased by 40.6 per cent in 2025, while cassava starch production rose by 474.74 per cent and light electronics production increased by 16.67 per cent.
FMITI said it is combining the Nigeria First Policy and Nigeria Industrial Policy with expanded financing through the Bank of Industry and NEXIM Bank, evidence-based tariff reviews and efforts to attract investment into reliable and competitively priced power and gas for industrial clusters.
Shea, commodities and the push for more value
The ministry is also seeking to shift more of Nigeria’s agricultural commodities from raw exports towards local processing.
It said it is developing a framework to replace the current raw-shea export ban when it expires on February 25, 2027. Under the proposed framework, processors would receive first access to shea through NCX-certified warehouses, with only surplus production available for export.
The Nigeria Commodity Exchange recorded 24,668 tonnes in traded volume in 2025, up from 3,942 tonnes, while traded value increased to ₦4 billion from ₦1.9 billion.
Digital trade becomes part of the growth strategy
Technology is another component of the ministry’s economic strategy.
Nigeria has been designated a co-champion for digital trade in Africa and became the first country to ratify the AfCFTA Protocol on Digital Trade, according to the presentation.
The National Single Window processed 96,035 documents between March and July 2026, while FMITI is developing a Trade Intelligence Portal that will combine trade and investment data, AfCFTA market intelligence and a virtual deal room for investors.
The ministry said the Trade Intelligence Portal and related tools will be launched in Abuja on October 8.
What it means
FMITI’s figures point to a broader shift in the government’s economic strategy: from simply attracting capital to building the productive capacity needed to turn investment into jobs, exports and locally manufactured goods.
The ministry’s stated goal is to use industry, trade and investment to contribute directly to the $1 trillion economy target while enabling other government institutions to deliver on their own areas of the economic agenda.
The challenge will be converting the improvement in capital inflows and export activity into sustained industrial growth, stronger domestic production and investment that translates into productive capacity.
For FMITI, the next phase is therefore less about announcing opportunities and more about delivering them.
