The Federal Government says Nigeria’s trade sector has recorded significant growth in recent years, while efforts are being intensified to ensure investment commitments translate into tangible economic activities.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, stated this in an interview in Abuja on Tuesday while responding to questions on trade and investment trends.
Oduwole said merchandise trade value rose substantially between 2023 and 2025, driven by stronger exports and improved economic activity.
According to her, data from the National Bureau of Statistics (NBS) showed that merchandise trade values stood at N66.8 trillion in 2023, increased to N138 trillion in 2024 and reached about N149 trillion in 2025.
“These are nominal Naira values, so part of that increase reflects exchange-rate movements and valuation effects.
“We should not present the entire increase as a corresponding rise in physical trade volumes.
“The more important structural trend is that Nigeria has maintained a positive merchandise trade balance across recent periods, with exports outperforming imports; though crude oil still accounts for a substantial share of export earnings,” she said.
The minister said total merchandise trade in the fourth quarter of 2025 stood at N36.21 trillion, comprising exports valued at N18.96 trillion and imports worth N17.25 trillion.
She explained that there was no single physical-volume figure that could accurately represent Nigeria’s total merchandise trade because the country trades in a wide range of products measured in different units.
“On volume, we need to be statistically precise. There is no economically meaningful single tonnage figure for total merchandise trade.
“This is because Nigeria trades crude oil, gas, vehicles, machinery, agricultural commodities and thousands of other products measured in different physical units.
“The NBS therefore reports aggregate trade principally by value and provides quantities at commodity level. Where we do have a clean physical-volume series is non-oil exports,” she explained.
Oduwole said the Nigerian Export Promotion Council (NEPC) reported that non-oil export volume increased from 7.29 million metric tonnes in 2024 to 8.02 million metric tonnes in 2025, representing a 10 per cent increase.
“So, the overall picture is one of significantly higher trade values, sustained trade surpluses and encouraging non-oil export growth.
“Our task now is to deepen value addition so that Nigeria exports more processed and manufactured products, rather than relying excessively on raw commodities,” she added.
The minister cautioned that increases in nominal trade values should not be interpreted entirely as growth in physical trade volumes because exchange-rate movements also contributed to the figures.
She noted that Nigeria’s trade balance remained positive, with exports consistently exceeding imports in recent reporting periods.
Oduwole added that the government was prioritising policies aimed at encouraging manufacturing, processing and higher-value exports.
She said the increase in non-oil export volume demonstrated progress in efforts to diversify Nigeria’s export base.
On investment, the minister said the government was shifting its focus from announcing investment commitments to ensuring their implementation.
According to her, more than 50 billion dollars in investment announcements have been recorded, while over six billion dollars in investment inflows have been received since 2024.
“At the ministry level, our latest reporting refers to more than 50 billion dollars in investment announcements and over 6 billion dollars in investment inflows since 2024.
“Separately, the NBS recorded 10.37 billion dollars in total capital importation in 2026 first quarter. However, that 10.37 billion dollars is overwhelmingly portfolio capital, 9.86 billion dollars was portfolio investment.
“The Foreign Direct Investment (FDI) component stood at 135.08 million dollars.
“The pipeline is strengthening, investor interest is rising, and our responsibility is to convert that pipeline into productive, long-term capital.
“That is exactly why we are focused on investment facilitation and retention. The real work begins after an investor announces an intention to invest,” she said.
Oduwole explained that investments must pass through several stages before becoming operational, including approvals, financial closure, equipment importation, construction and production.
She said the government assesses investment success based on capital deployment, industrial expansion, job creation and technology transfer.
The minister added that although Nigeria’s investment pipeline remained strong, the priority was to ensure commitments translated into productive ventures capable of driving sustainable economic growth.
She reaffirmed the administration’s commitment to strengthening investor confidence and converting opportunities into long-term economic gains.
