Nigeria’s capital importation hits $23bn, reserves exceed $50bn — Oduwole

The Federal Government is seeking to attract more long-term investments into manufacturing, infrastructure and other productive sectors as Nigeria’s capital importation rose to $23bn in 2025, up from over $12bn in 2024.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this on Monday at the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders’ Summit in Lagos.
She said capital importation increased by 83 per cent year-on-year, rising from $5.5bn in the first quarter of 2025 to over $10bn in the corresponding period of 2026. She added that the country’s foreign exchange reserves had exceeded $50bn.
Oduwole, who delivered the keynote address on the theme, “Investor Confidence and ADR: Strengthening Nigeria’s Investment Climate”, said the figures reflected improvements following economic reforms introduced by President Bola Tinubu’s administration.
The reforms, she noted, included foreign exchange unification, fuel subsidy removal, tax reforms and banking recapitalisation.
According to the minister, Nigeria’s economy grew by more than four per cent in 2025 and sustained growth above that level in the first half of 2026. She added that inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026.
She also said the country’s non-oil exports reached a record value of over $6bn, driven by products including cocoa derivatives, fertiliser, cashew, dairy, pulp and paper, and cassava starch.
Oduwole identified manufacturing, agribusiness, financial technology, renewable energy and infrastructure as sectors offering growing investment opportunities, adding that the creative and digital industries contributed approximately 18 per cent of gross domestic product and were expanding their exports.
However, she warned that the volume of capital inflows alone was not enough, noting that a significant proportion of recent investments consisted of short-term portfolio funds placed in money market instruments and bonds.
“The quality of capital matters as much as the volume,” she said, stressing the need to attract investments that would expand production, create jobs and boost exports.
The minister identified an efficient commercial dispute-resolution system as a critical factor in building investor confidence, saying uncertainty surrounding contracts and prolonged legal proceedings could discourage businesses from committing funds to long-term projects.
She said alternative dispute resolution mechanisms, including mediation and arbitration, could reduce the cost and duration of commercial disputes, preserve business relationships and improve the investment climate.
Oduwole also disclosed that the ministry was advancing reforms to Nigeria’s investment regulatory framework, including provisions for an investment ombudsman to address investors’ complaints before they escalated into formal disputes.
She said the proposed mechanism aligned with the dispute-prevention provisions of the African Continental Free Trade Area Protocol on Investment.
Recalling her tenure as Special Adviser to the President on Ease of Doing Business, Oduwole said she worked with state judiciaries and other stakeholders to establish small claims courts under the Presidential Enabling Business Environment Council.
She said 35 jurisdictions across the country had established the courts by the end of her tenure. The courts were designed to provide faster and more affordable resolution of small commercial claims, particularly those involving micro, small and medium-sized enterprises.
Also speaking at the summit, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, said arbitration and mediation were essential to reducing business risks, strengthening investor confidence and promoting sustainable investment.
Fagbemi said the Federal Government was reviewing the country’s arbitration and alternative dispute resolution framework. He cited the inauguration of the National Committee on the Review of the Arbitration and Mediation Act 2023 and the development of a National Policy on Arbitration as part of efforts to position Nigeria as a leading arbitration hub in Africa.
He commended the Lagos State Multi-Door Courthouse, describing it as Africa’s first court-connected alternative dispute resolution centre, and reaffirmed the government’s commitment to supporting similar initiatives across the country.
Fagbemi said effective dispute resolution would help businesses resolve disagreements without the delays and costs associated with prolonged litigation.
He urged stakeholders to strengthen collaboration and develop more efficient mechanisms for resolving disputes, improving the business environment and boosting Nigeria’s economic competitiveness.