Oduwole Lists FMITI’s Contributions Toward Attaining Nigeria’s Aspiration for $1trn Economy

Dike Onwuamaeze

The Federal Ministry of Industry, Trade and Investment’s (FMITI) implementation of Nigeria’s quest to attain a $1trillion economy by 2030 has increased the country’s capital importation from $3.91 billion in 2023 to $23.22 billion in 2025 and increased foreign direct investments inflow to Nigeria to $.92 billion in 2025 from $.38 billion and $.68 billion in 2023 and 2024 respectively.

These figures were disclosed in a presentation to the Economic Management Team by the Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, on October 6.

The presentation was titled, “Industry, Trade and Investment: Our Contribution to the $1 Trillion Economy.”

According to the presentation, the non-oil share of Nigeria’s export earnings grew from 11.7 per cent in 2024 to 14.5 per cent in 2025.

It stated that Nigeria recorded N12.36 trillion non-oil export revenue in 2025 across over 120 countries as well as 21 per cent increase in Nigeria’s intra-African trade in 2025 and 500 per cent increase in Certificates of Origin issued in 2025.

Other milestones recorded by the FMITI under the leadership of Oduwole were 40.6 per cent increase in the quantity of vehicles assembled in Nigeria in 2025 and 474.74 per cent increase in cassava starch production in 2025.

The country also recorded 16.67 per cent increase in light electronics production in 2025, achieved 24,668 tonnes traded volume on the Nigeria Commodity Exchange (NCX), in 2025 up from 3,942 tonnes and N4 billion traded value on the NCX in the same period up from N1.9 billion.

In addition, 96,035 documents were processed in the National Single Window between March and July 2026.

The minister of FMITI said that the ministry’s strategic direction is to, “Unlock global and regional demand to drive non-oil exports and industrial productivity at scale; strengthen domestic industrial capacity and productivity for the supply of export-ready goods and services; mobilise strategic and inclusive investment for productive infrastructure, innovation, and industrial transformation as well as leveraging data, AI, digital infrastructure and strategic communication to enable target.”

She stated that productive investments in the country’s economy have helped existing businesses to expand and convert credible projects into operating capacity.

According to her, the ministry’s strategic direction has also helped non-oil exporters to, “reach buyers, meet standards and use market-access opportunities and improved the price, quality and availability of Nigerian goods to serve domestic demand.”

Oduwole said that progress achieved in the implementation of strategies to achieve the $1 trillion economy included modernisation of regulatory architecture through, “advanced modernisation of investment rules and institutions to attract quality investment.”

She noted that bilateral investment frameworks have strengthened government-to-government support through frameworks such as US CIP, UK ETIP and UAE CEPA.

The minister added that under the centralised coordination of investment engagements, the FMITI will engage all ministries and state governments for centralised coordination of bilateral MoUs and investment agreements that are above an agreed value threshold, with support from Ministry of Foreign Affairs and the Ministry of Justice.

She stated that the FMITI will, “maintain a central register, clear delivery responsibilities and consistent reporting to strengthen MoU discipline and government credibility. And coordinate implementation, improve investor awareness and access, and track uptake and investment outcomes.”

The minister stated that the FMITI is enhancing the industrial production base, adding that economic wins so far include the achievement of real growth by manufacturing sub-sectors Q1

2026 as cement, pharmaceuticals, automotive assembly recorded 11.53, 6.15 and 5.44 growth rate respectively while the Food, Beverage and Tobacco recorded 4.10 in Q1 of 2026.

According to Oduwole, the FMITI is fast-tracking the implementation of the Nigeria First Policy and Nigeria Industrial Policy; scaling MSME and large enterprise financing through Bank of Industry and Nigeria Export and Import Bank and is also pursuing, “coordinated evidence-based tariff review,” and balancing fiscal, trade and industrial policy.