The Federal Ministry of Trade and Investment has proposed a capital allocation of ₦2.72 billion for the 2026 fiscal year, as the Minister, Mrs. Jumoke Oduwole, appeared before the Senate Committee on Trade and Investment for the Ministry’s budget defence.
Presenting the Ministry’s estimates on Monday, Oduwole disclosed that while the Ministry’s total appropriation for the 2025 budget stood at ₦11.8 billion, its ₦3.8 billion capital allocation for the year has not been released as at the time of the defence.
She noted, however, that personnel and overhead costs were fully utilised.
The Minister told lawmakers that despite funding constraints, the Ministry recorded strong revenue performance, exceeding its target by about ₦100 million, which was fully remitted to the Consolidated Revenue Fund (CRF).
She stressed that the Ministry maintained fiscal discipline, effective planning and accountable use of public resources within available funds.
Outlining priorities for 2026, Oduwole said 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 explained that domestic investors would remain central to economic growth, while 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 highlighted 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.
In addition, the Ministry will 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 enable effective delivery of priority programmes.
She urged lawmakers to sustain their support as the Ministry works to strengthen industrial development, expand trade, attract investment and drive economic growth across the federation.
The committee chairman, Senator Sadiq Suleiman Umar representing Kwara North Senatorial District, commended the Minister for a well presented budget proposal.
Responding to the question by the committee chairman, the Minister explained that 30% of 2025 budget will be implemented upto 31/03/2026 while 70% of the same budget will be implemented as 2026.