The Federal Government has said Nigeria’s capital importation increased by 83 per cent year-on-year, while the country’s foreign exchange reserves exceeded $50bn.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this on Monday at the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders’ Summit in Lagos.
Oduwole said capital importation rose from $5.5bn in the first quarter of 2025 to more than $10bn in the first quarter of 2026.She added that capital importation reached $23bn in 2025, up from over $12bn recorded in 2024.
The minister, who delivered the keynote address at the summit themed, “Investor Confidence and ADR: Strengthening Nigeria’s Investment Climate,” attributed the economic gains to reforms introduced by President Bola Tinubu’s administration.
She listed the reforms to include foreign exchange unification, fuel subsidy removal, tax reforms and banking recapitalisation.
Oduwole said Nigeria’s economy grew by more than four per cent in 2025 and maintained growth above that level in the first half of 2026.
However, she stressed that the government’s priority was to translate the improved economic indicators into increased production, stronger local businesses, higher exports and job creation.
She said alternative dispute resolution mechanisms, including mediation and arbitration, could reduce the time and cost of resolving disputes, preserve business relationships and strengthen investor confidence.
Oduwole 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’ complaints 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.
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 participants at the summit to develop practical measures to accelerate dispute resolution, improve institutional coordination and boost 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, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), said arbitration and mediation were essential to strengthening 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 the 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 described the Lagos State Multi-Door Courthouse as Africa’s first court-connected alternative dispute resolution centre, saying its establishment demonstrated the growing importance of alternative dispute resolution in modern justice delivery.
