The Federal Ministry of Industry, Trade and Investment (FMITI) has made significant strides in Nigeria's quest to attain a $1 trillion economy by 2030. Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed the progress in a presentation to the Economic Management Team on October 6. The presentation, titled "Industry, Trade and Investment: Our Contribution to the $1 Trillion Economy," highlighted key achievements in capital importation, foreign direct investments, and non-oil export earnings.
According to the presentation, Nigeria's capital importation increased from $3.91 billion in 2023 to $23.22 billion in 2025. Foreign direct investments inflow to Nigeria also rose to $0.92 billion in 2025 from $0.38 billion and $0.68 billion in 2023 and 2024, respectively. These figures demonstrate the positive impact of FMITI's strategies on the country's economy.
The non-oil share of Nigeria's export earnings grew from 11.7 per cent in 2024 to 14.5 per cent in 2025. Nigeria recorded N12.36 trillion in non-oil export revenue in 2025, with exports spanning over 120 countries. The country also witnessed a 21 per cent increase in intra-African trade in 2025 and a 500 per cent increase in Certificates of Origin issued in 2025.
FMITI, under Oduwole's leadership, achieved several other milestones. The quantity of vehicles assembled in Nigeria increased by 40.6 per cent in 2025, while cassava starch production rose by 474.74 per cent in the same year. Additionally, the country recorded a 16.67 per cent increase in light electronics production in 2025.
The Nigeria Commodity Exchange (NCX) also saw significant growth, with a traded volume of 24,668 tonnes in 2025, up from 3,942 tonnes. The traded value on the NCX increased to N4 billion in 2025, up from N1.9 billion. These achievements demonstrate the ministry's progress in driving industrial productivity and non-oil exports.
Oduwole outlined the ministry's strategic direction, which includes unlocking global and regional demand to drive non-oil exports and industrial productivity, strengthening domestic industrial capacity, and mobilising strategic investments. The ministry aims to leverage data, AI, digital infrastructure, and strategic communication to achieve its goals.
The minister noted that productive investments in the country's economy have helped existing businesses expand and convert credible projects into operating capacity. The ministry's strategic direction has also enabled non-oil exporters to reach buyers, meet standards, and utilise market-access opportunities, ultimately improving the price, quality, and availability of Nigerian goods.
Key points
- FMITI's strategies have driven a significant increase in Nigeria's capital importation and foreign direct investments.
- The non-oil share of Nigeria's export earnings grew from 11.7 per cent in 2024 to 14.5 per cent in 2025.
- The ministry processed 96,035 documents in the National Single Window between March and July 2026.
