Nigeria’s capital importation rose to $23bn in 2025 from more than $12bn in 2024, while the country’s foreign exchange reserves exceeded $50bn, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said.
Oduwole disclosed the figures on Monday while delivering the keynote address at the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders’ Summit in Lagos.
She also said capital importation increased by 83 per cent year-on-year, from $5.5bn in the first quarter of 2025 to more than $10bn in the first quarter of 2026.
According to the minister, Nigeria’s economy grew by more than four per cent in 2025 and sustained growth above that level in the first half of 2026. She added that inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026.
Speaking on the theme, “Investor Confidence and ADR: Strengthening Nigeria’s Investment Climate,” Oduwole attributed the reported economic developments to reforms introduced by President Bola Tinubu’s administration, including foreign exchange unification, fuel subsidy removal, tax reforms and banking recapitalisation.
She also disclosed that Nigeria’s non-oil exports had reached a record value of more than $6bn, covering products such as cocoa derivatives, fertiliser, cashew, dairy, pulp and paper, and cassava starch.
The minister said the creative and digital sectors contributed approximately 18 per cent of the country’s gross domestic product, employed millions of people and continued to expand exports to markets within and beyond Africa.
She noted that foreign direct investment opportunities were increasingly extending across manufacturing, agribusiness, financial technology, renewable energy and infrastructure, indicating efforts to diversify the economy beyond oil.
However, Oduwole stressed that the government needed to translate the reported improvements into increased domestic production, stronger Nigerian businesses, higher exports and job creation.
She explained that a significant proportion of recent capital inflows consisted of short-term portfolio investments in money market instruments and bonds, highlighting the need to attract more long-term capital into factories, infrastructure and productive enterprises.
“The quality of capital matters as much as the volume,” she said, adding that the government was working to attract investments capable of expanding production, creating jobs and boosting exports.
ADR key to investor confidence
Oduwole identified the efficiency of Nigeria’s commercial dispute-resolution system as an important factor in attracting and retaining domestic and foreign investments.
She said investors considered institutional reliability, regulatory clarity, contract enforcement and the ability to resolve commercial disagreements fairly and efficiently before committing funds to long-term projects.
According to her, prolonged and uncertain dispute-resolution processes could discourage investment, particularly in complex commercial transactions and infrastructure projects.
She said alternative dispute resolution (ADR) mechanisms, including mediation and arbitration, could reduce the time and cost of resolving disputes, preserve business relationships and improve investor confidence.
The minister also disclosed that the Federal Ministry of Industry, Trade and Investment was advancing reforms to Nigeria’s investment regulatory framework, including provisions for an investment ombudsman to address investors’ grievances before they escalated into formal disputes.
She said the proposed mechanism aligned with the dispute-prevention provisions of the African Continental Free Trade Area Protocol on Investment.
Oduwole commended the Lagos State Judiciary and the Lagos Multi-Door Courthouse for providing accessible channels for mediation, arbitration and other forms of amicable dispute resolution.
Reflecting on her tenure as Special Adviser to the President on Ease of Doing Business, she said she worked with state judiciaries and other stakeholders under the Presidential Enabling Business Environment Council to establish small claims courts.
She explained that the courts were designed to provide simpler, faster and more affordable resolution of small commercial claims, particularly those involving micro, small and medium-sized enterprises.
According to her, 35 jurisdictions across Nigeria had established small claims courts by the time she concluded her tenure.
The minister called for stronger collaboration among the judiciary, executive, legal profession and private sector to expand the use of ADR, prevent commercial disputes and strengthen expertise in mediation and investment arbitration.
She urged participants at the summit to develop practical measures for faster dispute resolution, improved institutional coordination and increased investor confidence.
“A predictable business environment attracts investment; it’s really that simple. Credible institutions sustain it, and effective dispute resolution helps to protect it,” she said.
Fagbemi highlights arbitration reforms
Also speaking at the event, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), said arbitration and mediation were essential to building investor confidence, reducing business risks and promoting sustainable investment in Nigeria.
In his goodwill message, Fagbemi highlighted Federal Government initiatives aimed at strengthening the country’s alternative dispute-resolution framework.
He listed a review of the arbitration and ADR framework, the inauguration of the National Committee on the Review of the Arbitration and Mediation Act 2023, and the development of a National Policy on Arbitration intended to position Nigeria as a leading arbitration hub in Africa.
Fagbemi commended the Lagos State Multi-Door Courthouse, describing it as Africa’s first court-connected alternative dispute-resolution centre and an example of the growing role of ADR in modern justice delivery.
He reaffirmed the Federal Government’s commitment to supporting similar initiatives across the country, noting that integrating ADR into the justice system could strengthen investor confidence and improve Nigeria’s economic competitiveness.
The attorney-general said efficient dispute resolution was crucial to creating a business environment where investors could operate with greater certainty and settle commercial disagreements without the delays and costs associated with prolonged litigation.
Citing former United Nations Secretary-General Kofi Annan’s remarks following the International Court of Justice ruling on the Bakassi Peninsula, Fagbemi said: “Litigation may win cases, but mediation wins peace.”
He urged participants to collaborate on strengthening dispute-resolution mechanisms, promoting economic growth and positioning Nigeria as a leader in efficient and innovative dispute resolution.
