The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said that Nigeria’s capital importation rose to $23bn in 2025 from over $12bn in 2024, while foreign exchange reserves exceeded $50bn.
Oduwole also disclosed that capital importation increased by 83 per cent year-on-year, from $5.5bn in the first quarter of 2025 to over $10bn in the first quarter of 2026.
She said the economy grew by over four per cent in 2025 and maintained growth above that level in the first half of 2026, while inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026.
The minister disclosed these figures on Monday while delivering the keynote address at the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders’ Summit in Lagos.
Speaking on the theme, “Investor Confidence and ADR: Strengthening Nigeria’s Investment Climate,” Oduwole attributed the economic improvements to reforms introduced by the administration of President Bola Tinubu, including foreign exchange unification, fuel subsidy removal, tax reforms and banking recapitalisation.
She said Nigeria’s non-oil exports had also reached a record value of over $6bn, covering products such as cocoa derivatives, fertiliser, cashew, dairy, pulp and paper, and cassava starch.
According to her, the creative and digital sectors account for approximately 18 per cent of the country’s gross domestic product, employ millions of people and are expanding exports to markets within and beyond Africa.
She added that foreign direct investment opportunities were increasingly spanning manufacturing, agribusiness, financial technology, renewable energy and infrastructure, indicating a gradual diversification away from oil.
However, Oduwole said the government’s priority was to translate the improved economic indicators into increased production, stronger Nigerian businesses, higher exports and job creation.
She noted that a significant proportion of recent capital inflows comprised short-term portfolio investments in money market instruments and bonds, stressing the need to attract more long-term investments into factories, infrastructure and productive enterprises.
“The quality of capital matters as much as the volume,” she said, adding that the government wasà working to attract investments that could expand production, generate employment and boost exports.
The minister identified the efficiency of Nigeria’s commercial dispute-resolution system as a critical factor in attracting and retaining domestic and foreign investments.
She said investors considered the reliability of institutions, clarity of regulations, enforceability of contracts and the ability to resolve commercial disputes fairly and efficiently before committing capital for the long term.a
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According to her, lengthy and uncertain dispute-resolution processes could discourage investors, particularly those considering complex commercial arrangements and long-term projects.
Oduwole said alternative dispute resolution mechanisms, including mediation and arbitration, could reduce the time and cost of commercial disputes, preserve business relationships and improve investor confidence.
She 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.
The minister 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.
Recalling her tenure as Special Adviser to the President on Ease of Doing Business, Oduwole said she worked with state judiciaries and other stakeholders under the Presidential Enabling Business Environment Council to establish small claims courts.
She said the courts were designed to provide simpler, faster and more affordable resolution of small commercial claims, particularly those involving micro, small and medium enterprises.
According to her, 35 jurisdictions across Nigeria had established small claims courts by the time she concluded her tenure.
Oduwole called for stronger collaboration among the judiciary, executive, legal profession and private sector to expand the use of alternative dispute resolution, prevent commercial disputes and strengthen expertise in mediation and investment arbitration.
She urged stakeholders at the summit to develop practical measures for faster dispute resolution, improved institutional coordination and greater 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.
Also speaking at the event, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), said arbitration and mediation are essential to building investor confidence, reducing business risks and promoting sustainable investment in Nigeria.
Fagbemi stated this in his goodwill message, where he highlighted Federal Government reforms aimed at strengthening the country’s alternative dispute resolution framework.
He said the reforms included a review of the arbitration and alternative dispute resolution 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 to position Nigeria as a leading arbitration hub in Africa.
The AGF commended the Lagos State Multi-Door Courthouse as Africa’s first court-connected alternative dispute resolution centre, describing its establishment as evidence of the growing importance 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 would strengthen investor confidence and improve Nigeria’s economic competitiveness.
Fagbemi said efficient dispute resolution was crucial to creating a business environment where investors could operate with greater certainty and resolve commercial disagreements without the delays and costs associated with prolonged litigation.
Reflecting on the importance of peaceful dispute resolution, he cited former United Nations Secretary-General Kofi Annan’s remarks following the International Court of Justice ruling on the Bakassi Peninsula.
“Litigation may win cases, but mediation wins peace,” he said.
The minister urged participants at the summit to collaborate and make meaningful contributions towards strengthening dispute resolution mechanisms, promoting economic growth and positioning Nigeria as a leader in efficient and innovative dispute resolution.