ABUJA, October 15, 2026 — The Federal Ministry of Industry, Trade and Investment (FMITI) has recorded significant progress in Nigeria’s economic diversification drive, with non-oil exports reaching a record US$6.088 billion in 2025, investment facilitated by the Nigerian Investment Promotion Commission (NIPC) hitting ₦4.66 trillion, and 289,007 artisans, craftsmen and technicians trained by the Industrial Training Fund (ITF).
The achievements were reviewed at the quarterly meeting of the Honourable Ministers, Directors and Chief Executives of the Ministry’s agencies, held on Wednesday, October 14, 2026, at the Bank of Industry, Tower 2, Abuja. Discussions focused on agency performance, investment promotion, industrial development and reforms to advance Nigeria’s ambition of building a US$1 trillion economy.
In his opening remarks, the Permanent Secretary, Dr Chris Osa Isokpunwu, called for stronger institutional coordination, accountability and measurable results to translate President Bola Ahmed Tinubu’s Renewed Hope Agenda into tangible economic benefits.
“Our focus must remain firmly on outcomes: stronger industries, more competitive Nigerian products, expanded domestic and international markets, increased investment, improved business competitiveness and sustainable employment,” Isokpunwu said, urging agencies to strengthen collaboration, address implementation bottlenecks and take ownership of their deliverables.
Presenting the consolidated agency report, the Director of Policy, Planning, Research and Statistics, Mrs Iya Gamawa, highlighted the Bank of Industry’s deployment of ₦1.156 trillion across the 36 states and the Federal Capital Territory in 2024 and 2025. The Presidential Conditional Grant Scheme also reached 987,166 beneficiaries across all 774 local government areas, with ₦49.36 billion disbursed from its ₦50 billion allocation. Meanwhile, Special Economic Zones recorded approximately US$2.37 billion in exports in 2025, surpassing the US$1.6 billion target.
Other milestones included ₦179.79 billion in non-oil export interventions by the Nigerian Export-Import Bank, a more than 40 per cent increase in vehicle assembly in 2025, and reforms to simplify business registration, accelerate standards certification and improve trade facilitation. Nigeria also became the first African country to ratify the African Continental Free Trade Area (AfCFTA) Protocol on Digital Trade.
The Ministry is advancing reforms to boost domestic production, improve export finance, strengthen digital trade infrastructure and attract private investment. Key priorities include completing the Industrial Development Master Plan, operationalising the Nigeria–European Union Sustainable Investment Facilitation Agreement, revitalising the Bacita and Hadejia sugar estates, and certifying 50,000 artisans to international standards in 2026.
FMITI is also mobilising its agencies for CANEX Weekend 2026, scheduled for November 5–8, 2026, and the Intra-African Trade Fair (IATF) 2027, holding November 5–11, 2027, in Lagos. The events are expected to create opportunities for Nigerian businesses, exporters, creative enterprises and investors through trade exhibitions, investment-ready projects and partnerships with African and international stakeholders.
Isokpunwu commended the Honourable Ministers, Directors and Chief Executives for their contributions, urging them to translate coordination into concrete action that strengthens Nigeria’s industrial competitiveness, improves the investment climate and accelerates sustainable economic growth.
Obilor-Duru Augustina Okechi
Head Press & PR
15th October 2026
