Jumoke Oduwole, minister of industry, trade and investment, says the ministry generated more than $500 million in export revenue in 2025 through industrial development and economic diversification.

According to NAN, Oduwole spoke on Monday while appearing before the senate committee on trade and investment to defend the ministry’s 2026 budget proposal.

She said the ministry’s programmes also created over 20,000 direct jobs within the period.

According to the minister, activities on the Nigeria Commodity Exchange expanded significantly, with traded volumes rising by more than 500 percent.

Oduwole said the ministry also advanced a strategic partnership to establish a national trade and distribution company aimed at strengthening structured commodity trade and improving market access.

She added that the federal executive council (FEC) approved the national industrial policy in November 2025.

“We also secured the approval of the National Intellectual Property Policy as a national trade and distribution company,” the minister said.

On budget performance, Oduwole said the ministry’s 2025 appropriation stood at N11.8 billion, with personnel and overhead costs fully utilised.

She added that aside from the N3.8 billion capital allocation, no additional funds had been released to the ministry.

‘TRADE MINISTRY EXCEEDED REVENUE TARGET BY N100M’

The minister said the ministry exceeded its revenue target by about N100 million, with full remittance to the consolidated revenue fund (CRF).

“Within available resources, the ministry maintained fiscal discipline effective planning, and accountable use of public funds,” Oduwole said.

Speaking on the ministry’s 2026 priorities, the minister said the plans are aligned with the national development plan and existing policy frameworks, including Nigeria’s trade, investment, and industrial policies.

She said the ministry will focus on implementation by advancing industrial policy through targeted value chains, industrial clusters development, and special economic zones.

Oduwole said emphasis would be placed on boosting local production and expanding non-oil exports, adding that domestic investors would remain the anchor of Nigeria’s investment drive.

She said global investors would continue to be engaged through trade missions and in-country investment visits.

“We will take delivery and impact to the sub-national level through the National AFCFT Tour, and structured zonal and state engagements that anchor value chains locally and strengthen state ownership of trade and industrial outcomes,” the minister said.

Oduwole added that these efforts would be supported by the rollout of digital investor portals and trade intelligence tools to improve transparency, coordination across trade, and investment promotion.

On funding, she said the ministry’s proposed capital allocation for 2026 stands at N2.72 billion, noting that the amount would be insufficient to meet the full demands of its programmes and capital projects.

The minister appealed to the committee for an upward review of the capital allocation to enable effective alignment of priority programmes in line with the national development plan and the medium-term expenditure framework.