Nigeria's capital importation rose to $23 billion in 2025 from over $12 billion in 2024, representing an 83 per cent year-on-year increase, according to the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole. The minister also said foreign exchange reserves exceeded $50 billion. Speaking at the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders' Summit in Lagos on Monday, Oduwole disclosed that capital importation grew from $5.5 billion in the first quarter of 2025 to over $10 billion in the first quarter of 2026.
The minister attributed these improvements to government reforms including foreign exchange unification, fuel subsidy removal, tax reforms and banking recapitalisation. Economic growth exceeded four per cent in 2025 and maintained that level in the first half of 2026, while inflation declined sharply from 33.2 per cent in 2024 to 14.63 per cent in September 2026. Non-oil exports reached a record value of over $6 billion, covering cocoa derivatives, fertiliser, cashew, dairy, pulp and paper, and cassava starch. The creative and digital sectors account for approximately 18 per cent of gross domestic product, employ millions of people and are expanding exports across Africa.
However, Oduwole cautioned that the composition of recent capital inflows matters significantly. A substantial portion comprised short-term portfolio investments in money market instruments and bonds, she noted, emphasising that the government needed to attract more long-term investments into factories, infrastructure and productive enterprises. "The quality of capital matters as much as the volume," she said, stressing the need for investments that could expand production, generate employment and boost exports.
The minister identified the efficiency of Nigeria's commercial dispute-resolution system as critical to attracting and retaining investments. She highlighted that investors consider the reliability of institutions, clarity of regulations, enforceability of contracts and fair dispute resolution before committing capital for the long term. The Federal Ministry is advancing reforms to Nigeria's investment regulatory framework, including provisions for an investment ombudsman to address investors' grievances before they escalate into formal disputes. The Attorney General of the Federation, Lateef Fagbemi, said reforms included a review of the arbitration framework, inauguration of a national committee to review the Arbitration and Mediation Act 2023, and development of a National Policy on Arbitration to position Nigeria as a leading arbitration hub in Africa.
For savers, borrowers, businesses and investors in Nigeria, improved foreign exchange reserves and sustained economic growth above four per cent offer greater macroeconomic stability, while the shift towards attracting long-term productive investments could support job creation and business expansion over time. Oduwole called for stronger collaboration among the judiciary, executive, legal profession and private sector to expand alternative dispute resolution mechanisms and strengthen investor confidence, noting that "a predictable business environment attracts investment." By the time she concluded her tenure as Special Adviser on Ease of Doing Business, 35 jurisdictions across Nigeria had established small claims courts designed to provide faster and more affordable resolution of commercial claims involving micro, small and medium enterprises.