Minister of Trade and Investment, Dr Jumoke Oduwole, said yesterday that the N3.844 billion capital allocation to the ministry will not be sufficient to drive its programme and plans in helping to advance the ‘Renewed Hope Agenda’ of President Bola Tinubu.
The minister stated that the amount is grossly inadequate to fund its capital projects and programmes, while soliciting the support of lawmakers for additional funding to enable the ministry align its commendable projects with the objectives outlined in the National Development Plan and the Medium Term Expenditure Framework.
Oduwole, who spoke at a joint budget defence of the Senate Committees on Industry, Trade and Investment, and the House of Representatives Committees on Commerce, Industry and Small and Medium Enterprises, noted that the support will enhance the development and growth of the economy.
She reiterated that the ministry remains committed to achieving its vision of promoting economic growth, creating jobs, generating wealth and formulating and implementing policies and programmes that would attract foreign direct investment, boost industrialisation, increase trade and exports and encourage the development of enterprises.
According to her, the ministry is currently implementing strategic policies, plans and programmes aimed at economic recovery and growth for employment generation and wealth creation for the generality of Nigerians.
She identified some of the programmes and policies as the Nigeria Industrial Revolution Plan, National Enterprise Development Programme, Trade Policy of Nigeria (2023-2027), and Nigeria Investment Policy (2023-2027).
In addition, she disclosed that it has continued to play a vital role in facilitating the ease of doing business, which had led to substantial increase in investments in the local economy and enhanced the industrialisation of the country.
The minister emphasized that under the National Development Plan, NDP, the ministry has remained committed to creating an enabling environment for Nigeria’s industry, trade and investment sectors.
This includes improving the ease of doing business, implementing Nigeria’s Industrial Revolution Plan, NIRP, to boost industrial capacity and competitiveness, supporting the development of Micro, Small, and Medium Enterprises, MSMEs, for industrial growth, attracting domestic and foreign investments, and facilitating better trade and market access to stimulate investments and promote Made-in-Nigeria products and services.
She informed lawmakers that in 2023, the ninistry’s capital budget was N2.86 billion, with 97 percent of the funds released and utilised. For 2024, the capital allocation increased to N8.364 billion, but only 40 percent of the amount has been released so far.
She said while it projected a budget of about N2.3 trillion for the 2025 financial year, it was allocated N11.752 billion, with the capital budget pegged at N3.844 billion and revenue projection of N2.4 trillion for the financial year.
