Dr. Jumoke Oduwole, Nigeria’s Minister of Trade and Investment, has stated that the N3.844 billion capital allocation to the Ministry in the 2025 budget will not be sufficient to drive the programme and plans of the Ministry in helping to advance the renewed hope agenda of President Bola Ahmed Tinubu.
According to The Nation, she stated this on Friday while soliciting the support of the 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.
The Minister was speaking at a joint budget defence of the Senate Committees on Industry, the Senate Committee on Trade and Investment, and the House of Representatives Committees on Commerce, Industry, and Small and Medium Enterprises.
Dr. Oduwole noted that the support of the lawmakers will enhance the development and growth of the Nigerian economy. and 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 attract foreign direct investment, boost industrialization, increase trade and exports, and encourage the development of enterprises as well as facilitating better trade and market access to stimulate investments and promote Made-in-Nigeria products and services. .
Ongoing Programmes in The Ministry of Trade and Investment
Speaking further, she identified some of the programmes and policies of the ministry, including the Nigeria Industrial Revolution Plan, the National Enterprise Development Programme, the Trade Policy of Nigeria (2023-2027), and the Nigeria Investment Policy (2023-2027).
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.
She further noted some plans of the ministry including 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 both domestic and foreign investments.
Ministry of Trade and Investment Budget Over The Years
In 2023, the Ministry’s capital budget was N2.86 billion, with 97 percent of the funds released and utilized. For 2024, the capital allocation increased to N8.364 billion, but only 40 percent of the amount has been released so far.
Dr. Oduwole said that while the Ministry 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 a revenue projection of N2.4 trillion for the financial year.
The Minister said further that the Ministry intends to generate revenue through the weights and measures department, the commercial law department (trademark, patent, and designs), export fumigation, sales of government assets, rent, the backward integration programme certificate, late notification, tender fees, and application fees for the certificate of acceptance and certificate of acceptance fees.
She maintained that within the available resources, the Ministry is committed to ensuring the speedy attainment of the “Renewed Hope Agenda” of the Tinubu administration, adding that without the continuous support and guidance of the National Assembly, the Ministry will not be able to achieve much.
