The Federal Ministry of Industry, Trade and Investment has proposed a capital allocation of ₦2.72 billion for the 2026 fiscal year, as the Minister, Dt. Jumoke Oduwole, appeared before the Senate Committee on Trade and Investment for the Ministry’s budget defence.
Presenting the estimates on Monday, Oduwole disclosed that the Ministry’s total appropriation for the 2025 budget stood at ₦11.8 billion, noted that its ₦3.8 billion capital allocation for the year had not been released as at the time of the defence. She, however, confirmed that personnel and overhead costs were fully utilised.
Despite the funding constraints, the Minister said the Ministry recorded strong revenue performance, exceeding its target by about ₦100 million, which was fully remitted to the Consolidated Revenue Fund (CRF). She attributed the performance to fiscal discipline, effective planning and accountable use of public resources.
Outlining priorities for 2026, Oduwole explained that the proposed ₦2.72 billion capital allocation would support the Ministry’s renewed focus on implementation, industrial policy advancement and trade expansion, in line with the National Development Plan and existing policy frameworks.
According to her, the Ministry’s programmes are aligned with the administration’s “Nigeria First” agenda, with emphasis on boosting local production, strengthening value chains, developing industrial clusters and special economic zones, and promoting non-oil exports.
She noted that while domestic investors would remain central to economic growth, global investors would continue to be engaged through in-country investment forums and reverse trade missions. The Ministry also plans to deepen sub-national participation through structured zonal and state-level engagements aimed at strengthening ownership of trade and industrial outcomes.
Oduwole further revealed plans for a nationwide trade facilitation programme to reduce export bottlenecks, simplify processes and enhance the competitiveness of Nigerian goods and services in regional and global markets.
She added that the Ministry would lead the delivery of CANEX, Africa’s largest creative and cultural trade fair, positioning Nigeria at the centre of continental trade and creative exports, supported by digital investor portals and trade intelligence tools to improve transparency and coordination.
While acknowledging that the proposed ₦2.72 billion capital vote would be “a stretch” given the Ministry’s expanding mandate, the Minister appealed to the Senate Committee for targeted enhancement of the allocation to ensure effective delivery of priority programmes.
She also clarified that 30 per cent of the 2025 budget would be implemented up to March 31, 2026, while the remaining 70 per cent would be implemented in 2026.
In his remarks, the Committee Chairman, Senator Sadiq Suleiman Umar, representing Kwara North Senatorial District, commended the Minister for a well-presented and comprehensive budget proposal, assuring her of the committee’s continued support.
