Nigeria’s capital importation hits $23bn as foreign reserves exceed $50bn

The Federal Government has disclosed that Nigeria’s capital importation reached $23 billion in 2025 from over $12 billion in 2024, while foreign exchange reserves exceeded $50 billion.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, ​‌⁠⁠‌‍⁠⁠‍​⁠‍⁠​‍‍‍‌​disclosed this while delivering the keynote address at the Third Annual Lagos Multi-Door Courthouses (LMDC) and Alternative Dispute Resolution (ADR) Stakeholders’ Summit in Lagos on Monday, October 19, 2026.

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.

Oduwole 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.

The minister 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.

Oduwole added that inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026.

Oduwole said non-oil exports had exceeded $6 billion, covering products such as cocoa derivatives, fertiliser, cashew, dairy, pulp and paper, and cassava starch.

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The minister, 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.

Oduwole 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.