The Nigerian Minister of Industry, Trade and Investment, Mrs. Jumoke Oduwole, has expressed significant concern about the Federal Ministry’s proposed ₦2.72 billion capital allocation for the year 2026. During a defense of the budget proposal before joint Senate Committees on Trade and Investment and Industry, Oduwole highlighted that this amount is inadequate for the extensive programs required to bolster Nigeria’s industrialization, enhance trade, and attract necessary investment. She warned that this funding shortfall would hinder the ministry’s capacity to effectively implement initiatives aligned with President Bola Tinubu’s Renewed Hope Agenda and the ambitious goal of achieving a trillion-dollar economy.

Oduwole articulated that the proposed capital allocation falls short of what is needed for the full spectrum of the ministry's programs and capital projects. Emphasizing the importance of sufficient funding, she urged the Senate committees to consider a targeted increase in the capital allocation. Without this support, the potential to realize Nigeria’s economic growth and development objectives would be significantly impeded, leaving the ministry struggling to meet its obligations.

This situation raises critical questions about the government’s commitment to economic development, especially as Nigeria seeks to navigate its way towards larger economic aspirations. The plea from the Minister underscores the need for strategic financial planning and allocation to ensure that the country is equipped to handle its industrial and investment needs, vital for long-term growth in the face of global economic challenges.