The Federal Ministry of Industry, Trade and Investment generated over $500 million in export revenue in 2025 and created more than 20,000 direct jobs through its industrial development and economic diversification programmes, the Minister, Dr. Jumoke Oduwole, has disclosed.

Speaking before the Senate Committee on Trade and Investment while defending the ministry’s 2026 budget proposal, Oduwole said the achievements were driven by targeted reforms, structured commodity trade expansion, and strengthened value-chain development across key sectors of the economy.

She noted that trading activities on the Nigeria Commodity Exchange recorded significant growth within the period, with transaction volumes rising by over 500 per cent, reflecting renewed confidence and participation in the commodities market.

The minister also revealed that government advanced a strategic partnership toward establishing a National Trade and Distribution Company aimed at deepening structured commodity trade and improving market access for producers and exporters nationwide.

According to her, the Federal Executive Council, FEC, approved the National Industrial Policy in November 2025 to provide a comprehensive framework for industrial growth and competitiveness. She added that approval was also secured for the National Intellectual Property Policy to strengthen innovation protection and commercialisation.

On budget performance, Oduwole said the ministry’s 2025 appropriation stood at N11.8 billion, covering personnel and overhead costs which were fully utilised. However, she explained that apart from the N3.8 billion capital allocation, no additional capital releases were made during the fiscal year.

She further disclosed that the ministry surpassed its internally generated revenue target by about N100 million and remitted the full amount to the Consolidated Revenue Fund, CRF.

“Despite funding constraints, the ministry maintained fiscal discipline through effective planning and accountable use of public funds,” she said.

Outlining the ministry’s 2026 priorities, Oduwole said planned programmes are aligned with the National Development Plan and existing trade, investment and industrial policy frameworks. She said focus would be placed on targeted value chains, industrial cluster development, and expansion of special economic zones.

She stressed that boosting local production and scaling up non-oil exports would remain central objectives, with domestic investors positioned as anchors of Nigeria’s investment drive, while engagement with foreign investors would continue through trade missions and in-country investment visits.

The minister added that the ministry would extend implementation to sub-national levels through the National AfCFTA Tour and structured zonal and state engagements designed to strengthen local value chains and deepen state participation in trade and industrial outcomes.

She said digital investor portals and trade intelligence tools would be deployed to improve transparency, coordination, and efficiency in trade and investment promotion.

On funding projections, Oduwole said the proposed 2026 capital allocation of N2.72 billion is inadequate to meet the ministry’s programme and project demands, appealing to lawmakers for an upward review to ensure effective delivery of priority initiatives.