Key points
- The Federal Government says the Renewed Hope Agenda has attracted over $24.1 billion in capital importation and generated more than $6.1 billion in non-oil export earnings.
- More than 115,000 Micro, Small and Medium Enterprises (MSMEs) have been supported under the administration’s economic reforms.
- The government is advancing initiatives including the National Single Window, AfCFTA implementation and a proposed N350 billion MSME Development Fund.
- Over 40,000 exporters have been onboarded onto the Nigerian Export Promotion Council’s digital export platform.
- The government says the reforms are aimed at building a $1 trillion economy through industrialisation, investment and export growth.
Main Story
The Federal Government has said the implementation of President Bola Tinubu’s Renewed Hope Agenda has attracted more than $24.1 billion in capital importation while generating over $6.1 billion in non-oil export earnings as part of efforts to strengthen Nigeria’s economy and reduce dependence on crude oil.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this during the technical session of the 17th National Council on Industry, Trade and Investment held in Enugu.
Represented by the ministry’s Permanent Secretary, Dr Chris Isokpunwu, the minister said the administration’s economic reforms were focused on expanding industrial production, attracting investment, creating jobs and increasing export earnings in pursuit of a $1 trillion economy.
According to Oduwole, the government has also provided support to more than 115,000 Micro, Small and Medium Enterprises (MSMEs) to improve productivity, stimulate entrepreneurship and strengthen the private sector.
She said ongoing reforms include the rollout of the National Single Window, implementation of the African Continental Free Trade Area (AfCFTA), expansion of digital public infrastructure and trade facilitation initiatives aimed at improving Nigeria’s competitiveness and ease of doing business.
Providing an update on resolutions adopted during the 16th National Council meeting, the ministry’s Director of Policy, Planning, Research and Statistics, Mrs Iya Gamawa, said significant progress had been made in implementing the 22 resolutions agreed at the previous session.
She disclosed that more than 40,000 exporters have been onboarded onto the Nigerian Export Promotion Council (NEPC) digital export registration platform, while regulatory reforms, the expansion of Special Economic Zones and improved access to finance have enhanced the country’s business environment.
Gamawa also revealed that the ministry is advancing plans to establish a N350 billion MSME Development Fund to accelerate enterprise development, noting that 2026 marks the first full year of implementing the Nigeria Industrial Policy (2025–2035).
The latest figures come as Nigeria continues efforts to diversify export earnings by strengthening non-oil exports and expanding manufacturing and agricultural value chains.
According to data from the National Bureau of Statistics (NBS), non-oil exports reached N3.19 trillion in the first quarter of 2026, compared with N3.15 trillion in the previous quarter and N3.17 trillion in the corresponding period of 2025.
The improved export performance contributed to Nigeria’s N7.55 trillion merchandise trade surplus during the quarter, supported by stronger exports and lower imports.
Capital inflows have also continued to improve, with Nigeria attracting $10.37 billion in capital importation during the first quarter of 2026, representing an 83.8% increase from the corresponding period of 2025 and a 61% rise compared with the fourth quarter of 2025.
The Issues
The government’s latest performance figures underscore its strategy of reducing Nigeria’s dependence on oil revenues by promoting industrialisation, supporting MSMEs and expanding non-oil exports.
While stronger capital inflows and export growth point to improving investor confidence, sustaining these gains will depend on continued implementation of structural reforms, improved infrastructure, policy consistency and enhanced competitiveness.
The proposed MSME Development Fund and trade facilitation reforms are also expected to play a key role in expanding access to finance and improving the operating environment for businesses.
What’s Being Said
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the Renewed Hope Agenda has attracted more than $24.1 billion in capital importation and generated over $6.1 billion in non-oil export earnings.
She added that the administration has supported more than 115,000 MSMEs and remains committed to expanding industrial production, attracting investment, creating jobs and building a $1 trillion economy.
Director of Policy, Planning, Research and Statistics, Mrs Iya Gamawa, said more than 40,000 exporters have been registered on the NEPC’s digital export platform, while reforms involving Special Economic Zones, regulatory improvements and expanded access to finance are strengthening Nigeria’s business environment.
She also disclosed that the ministry is working towards establishing a N350 billion MSME Development Fund to accelerate enterprise growth.
What’s Next
The Federal Government is expected to continue implementing key economic reforms, including the National Single Window, AfCFTA initiatives and the Nigeria Industrial Policy, while advancing the proposed MSME Development Fund.
Authorities will also seek to sustain rising capital inflows, strengthen non-oil exports and improve Nigeria’s investment climate as part of efforts to achieve long-term economic diversification and inclusive growth.
Bottom Line
The Federal Government says its economic reform agenda is yielding results through stronger capital inflows, growing non-oil exports and increased support for MSMEs. Sustaining this momentum will depend on effective implementation of reforms designed to improve competitiveness, expand exports and attract long-term investment.
