FMITI's Oduwole Reports Major Economic Gains for Nigeria

On October 6, Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment (FMITI), presented to the Economic Management Team the ministry's contributions toward Nigeria's aspiration for a $1 trillion economy by 2030. The presentation revealed that capital importation rose from $3.91 billion in 2023 to $23.22 billion in 2025, while foreign direct investment inflow increased to $9.2 billion in 2025 from $3.8 billion in 2023 and $6.8 billion in 2024.

The non-oil share of Nigeria's export earnings grew from 11.7% in 2024 to 14.5% in 2025, with N12.36 trillion in non-oil export revenue recorded across over 120 countries. Other achievements included a 40.6% increase in vehicle assembly, a 474.74% rise in cassava starch production, and a 16.67% increase in light electronics production in 2025.

The FMITI processed 96,035 documents in the National Single Window between March and July 2026. Oduwole emphasized the ministry's strategic direction to enhance non-oil exports and industrial productivity, attract quality investments, and modernize regulatory frameworks.