Nigeria’s capital importation hit $23bn, reserves surpassed $50bn—Minister

Minister of Industry, Trade and Investment, Jumoke Oduwole, says Nigeria’s capital importation reached $23 billion in 2025 from over $12 billion in 2024, while foreign exchange reserves exceeded $50 billion.

Ms Oduwole ‌disclosed this on Monday while delivering the keynote address at the Third Annual Lagos Multi-Door Courthouses (LMDC) and Alternative Dispute Resolution (ADR) Stakeholders’ Summit in Lagos.

The summit, held at the Muson Centre, had the theme “Investor Confidence and ADR: Strengthening Nigeria’s Investment Climate”.

Ms Oduwole said capital importation increased by 83 per cent year on year, rising from $5.5 billion in the first quarter of 2025 to more than $10 billion in the corresponding period of 2026. She added that foreign exchange reserves had risen from more than $40 billion to over $50 billion, strengthening the country’s capacity to absorb external economic shocks.

Ms Oduwole attributed the improvements to reforms introduced by President Bola Tinubu’s administration, including foreign exchange unification, fuel subsidy removal, tax reforms and banking recapitalisation.

She said Nigeria’s economy grew by more than four per cent in 2025 and sustained growth above that level in the first half of 2026.

The minister added that inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026. She said non-oil exports had exceeded $6 billion, covering products such as cocoa derivatives, fertiliser, cashew, dairy, pulp and paper, and cassava starch. Ms Oduwole, however, stressed the need to channel more capital inflows into productive sectors, including manufacturing, infrastructure and agribusiness, rather than short-term portfolio investments.

“Importantly, the quality of capital matters as much as the volume. Nigeria is working on moving capital into factories, infrastructure, processing capacity, and enterprises that can grow, employ, and export,” she said.

She identified effective commercial dispute resolution as critical to sustaining investor confidence and attracting long-term investments.

According to her, investors consider institutional reliability, regulatory clarity, contract enforceability and timely dispute resolution before committing capital.

She said mediation and arbitration could reduce litigation costs, preserve business relationships and strengthen Nigeria’s investment climate.

Ms Oduwole commended the LMDC for promoting accessible dispute-resolution mechanisms.

Also speaking, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), described arbitration and mediation as indispensable tools for building trust, reducing investment risks, and promoting sustainable economic growth.

In his goodwill message, Mr Fagbemi highlighted ongoing federal government reforms, including the inauguration of the National Committee on the Review of the Arbitration and Mediation Act 2023.

He said the government was also developing a national policy on arbitration to position Nigeria as a leading African dispute-resolution hub.

Mr Fagbemi reaffirmed the federal government’s commitment to supporting similar initiatives nationwide and urged stakeholders to strengthen collaboration to improve justice delivery and Nigeria’s economic competitiveness.