By Paul Effiong, Abuja
Joint House of Representatives Panel on Commerce yesterday took a firm stance on fiscal and financial discipline rather than advocating budgetary increment.
Speaking during the budget defence session held at the National Assembly Complex Abuja, the Chairman of the, Ahmed Munir assured the minister of the committee`s readiness to ensure legislative support, but warned that such increment must be strictly scrutinised.
The chairman informed that his panel would prioritise projects with strong value for money, while reiterating the importance of transparency and measurable outcomes.
Some lawmakers emphasized the need for capital inflows, adding that all measures must be taken to strengthen domestic production capacity and reduce Nigeria’s import dependence.
He, however, declared that while 2025 may have been a year of “surviving the storm,” the focus for 2026 must be shifted to “commanding the sea” by transforming Nigeria into a production driven economy.
He emphasised that his committee would closely examine and oversight how the 2026 budget proposal advances local content, as well as boost “Made-in-Nigeria” initiatives including the empowerment of small and medium enterprises.
During his presentation, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole told lawmakers that Nigeria’s total capital importation rose to about $21 billion in the first 10 months of last year.
The figure, according to the minister, represents a sharp increase from $12 billion in 2024 and less than $4 billion in 2023.
The committee, while acknowledging the active role of the minister, stressed that impressive headline numbers must be made to translate into measurable economic impact before any upward review of the ministry’s 2026 budget proposal is considered.
The minister, who commended the panel for their support, also highlighted her 2026 budget defence, describing the surge in inflows as proof of renewed investors confidence driven by reforms under President Bola Tinubu’s Renewed Hope Agenda.
She also attributed the growth to deliberate interventions by the ministry, including the curation of over $5 billion in bankable projects, creation of sector-specific deal rooms and the hosting of Nigeria’s first Domestic Investors Summit aimed at unlocking local capital and accelerating project implementation.
The minister equally disclosed that more than 100 bilateral investment engagements were undertaken across strategic markets such as the United Arab Emirates, Brazil, Japan, United States of America and the United Kingdom.
Meanwhile, she also attributed the success story of her ministry to a sustained collaboration under the Nigeria UK Economic and Trade Partnership, which she disclosed began in the second quarter of 2024.
Oduwole informed the panel that UK investors accounted for about 65% of foreign capital inflows into Nigeria in 2025.
On trade performance, she explained that Nigeria recorded a trade surplus in 2025, with total trade valued at approximately ₦113 trillion in the first three quarters of the year, while exports rose by 11% year-on-year to $6.1 billion, the highest ever recorded in both value and volume.
