Nigeria is intensifying efforts to diversify its economy, expand trade and attract investment in 2026 as the government seeks to translate industrial policies into measurable economic growth, Industry, Trade and Investment Minister Dr Jumoke Oduwole has said.
Speaking at a management retreat for directors-general, directors and chief executives of agencies under the Ministry of Industry, Trade and Investment in Abuja, Oduwole said the government’s focus would be on improving implementation, strengthening accountability and ensuring that policy decisions deliver tangible results.
The retreat was organised to review progress on the Nigeria Industrial Policy (NIP), a framework introduced by President Bola Tinubu’s administration to transform the country’s manufacturing sector and support industrial development.
Oduwole said the NIP represents Nigeria’s first comprehensive industrial strategy aimed at rebuilding the manufacturing base, increasing productivity and positioning the country for stronger participation in global markets.
She said previous economic initiatives had often faced challenges during implementation, making stronger coordination and performance monitoring a priority for the ministry.
“The immediate responsibility of the ministry is to translate policy direction into tangible results through stronger implementation, collaboration and performance monitoring,” she said.
The minister highlighted economic achievements recorded in 2025, saying improved coordination between trade, investment and industrial policies contributed to stronger economic activity.
According to Oduwole, Nigeria attracted about $21 billion in capital inflows during the first 10 months of 2025, while non-oil exports exceeded $6.1 billion during the same period.
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She added that intra-African trade reached approximately 4.82 trillion naira in the first half of 2025, reflecting efforts to expand Nigeria’s role in regional commerce.
The minister also pointed to government support programmes targeting Micro, Small and Medium Enterprises (MSMEs), saying more than 115,000 businesses accessed grants, loans and trade finance through interventions delivered by institutions including the Bank of Industry, NEXIM Bank and the Nigerian Export Promotion Council.
She said these measures were designed to improve access to finance, support business expansion and strengthen the competitiveness of Nigerian companies.
Oduwole also noted Nigeria’s progress in implementing the African Continental Free Trade Area (AfCFTA), saying the country had produced Africa’s first comprehensive five-year review of AfCFTA implementation.
She said progress had continued in 2026 through improved export connectivity, stronger trade facilitation and reforms aimed at supporting exporters and manufacturers.
“Investment facilitation has improved, while intellectual property reforms and support for exporters and manufacturers have been strengthened,” she said.
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The minister added that ongoing trade and investment agreements would help Nigeria access new markets, attract foreign capital and strengthen its position within global value chains.
Nigeria has long sought to reduce its dependence on crude oil revenues by expanding manufacturing, agriculture, technology and other non-oil sectors.
Oduwole said the ministry’s priorities for 2026 would centre on industrial growth, increased non-oil exports, trade expansion and investment mobilisation.
She stressed that government programmes and partnerships must deliver practical outcomes, including job creation, business growth and broader economic opportunities for Nigerians.
The retreat, themed “From Policy to Performance: Driving Industrial Growth, Trade Expansion and Investment Outcomes,” brought together senior officials and agency leaders to assess progress and improve implementation of the Nigeria Industrial Policy.
The government hopes that stronger execution of the policy will accelerate diversification, boost exports and create a more resilient economy capable of reducing reliance on oil.
