By Joy Odor Reportcircle News
The Federal Ministry of Trade and Investment on Monday stepped into the Senate spotlight with a lean but strategic proposal for the 2026 fiscal year, unveiling a ₦2.72 billion capital budget aimed at driving industrial growth, trade expansion and investment under the Federal Government’s “Nigeria First” economic agenda.
Appearing before the Senate Committee on Trade and Investment, the Minister, Mrs. Jumoke Oduwole, delivered a firm defence of the Ministry’s estimates, painting a picture of ambition constrained by funding gaps but anchored on discipline, revenue performance and policy focus.
Oduwole disclosed that the Ministry’s total appropriation for 2025 stood at ₦11.8 billion, out of which ₦3.8 billion was earmarked for capital projects.
However, she told lawmakers that none of the 2025 capital allocation had been released at the time of the budget defence.
Despite the setback, she said the Ministry fully utilised its personnel and overhead votes and maintained operations within available resources.
“We worked within tight constraints, but we did not compromise fiscal discipline or accountability,” the Minister told the committee.
In a rare bright spot, Oduwole revealed that the Ministry exceeded its revenue target by about ₦100 million, with the entire amount remitted to the Consolidated Revenue Fund (CRF).
She attributed the performance to improved planning, prudent management and a renewed emphasis on efficiency, insisting that the Ministry has demonstrated it can deliver results even under financial pressure.
Looking ahead, the Minister said the proposed ₦2.72 billion capital allocation for 2026 would be channelled into implementation-focused programmes designed to unlock industrial growth and trade competitiveness.
Key priorities include:
Advancing industrial policy implementation
Strengthening local value chains
Developing industrial clusters and special economic zones
Scaling up non-oil exports
“These programmes are fully aligned with the National Development Plan and the administration’s Nigeria First agenda,” Oduwole said, stressing that domestic investors would remain the backbone of growth.
While prioritising local production, the Ministry will continue to court global investors through in-country investment forums and reverse trade missions, aimed at attracting capital directly into Nigeria’s productive sectors.
Oduwole also announced plans to deepen sub-national participation, with structured zonal and state-level engagements to ensure that trade and industrial policies translate into tangible outcomes across the federation.
A nationwide trade facilitation programme is also on the agenda, targeting export bottlenecks, simplifying procedures and boosting the competitiveness of Nigerian goods and services in regional and global markets.
In a bold continental push, the Ministry will lead the delivery of CANEX, Africa’s largest creative and cultural trade fair, positioning Nigeria as a hub for creative exports.
This will be supported by digital investor portals and trade intelligence tools to improve transparency and coordination.
Acknowledging the scale of its mandate, Oduwole admitted that the proposed ₦2.72 billion capital vote would be “a stretch,” and appealed to lawmakers for targeted enhancement to ensure effective delivery of priority programmes.
“We are asking for your continued support to strengthen industrial development, expand trade, attract investment and drive inclusive economic growth,” she told the committee.
Chairman of the Committee, Senator Sadiq Suleiman Umar (Kwara North), commended the Minister for what he described as a clear and well-articulated presentation.
Responding to questions from Lawmakers, Oduwole clarified that 30 per cent of the 2025 budget would be implemented up to March 31, 2026, while the remaining 70 per cent would roll into the 2026 fiscal year.
As the session closed, one message rang clear: with limited funds but rising expectations, the Trade and Investment Ministry is betting that strategy, discipline and legislative backing will determine whether ₦2.72 billion can unlock Nigeria’s next wave of industrial and trade growth.
