BUSINESS — THE PATH TO PROSPERITY
Let Us Investigate. Let Us Understand. Let Us Explain What Is Happening.
A Special Investigation by Alfijir Labarai
Tuesday, 22 September 2026
MINISTRY OF INDUSTRY, TRADE AND INVESTMENT:
HOW MUCH WAS ALLOCATED, WHAT WAS IMPLEMENTED, AND WHAT DID BUSINESSES ACTUALLY GAIN?
Introduction
Last week, Alfijir Labarai began examining the state of business in Nigeria by looking at national economic and trade data.
Data from the National Bureau of Statistics showed that Nigeria’s Trade sector recorded real growth of 2.08% in the first quarter of 2026, compared with 1.78% in the first quarter of 2025.
However, growth in the overall Trade sector does not, by itself, tell the full story of what small businesses are experiencing.
This week, our investigation turns to the Federal Ministry of Industry, Trade and Investment.
The central questions are:
How much was allocated to the sector in 2026?
What has been implemented?
And what can be verified about the benefits reaching businesses?
1. HOW MUCH WAS ALLOCATED TO THE MINISTRY?
Nigeria’s 2026 federal budget provides a total of approximately ₦87.44 billion for the Federal Ministry of Industry, Trade and Investment.
The budget figures show approximately:
₦55.40 billion for Capital Expenditure.
₦26.44 billion for Personnel.
₦5.60 billion for Overhead.
The Budget Office of the Federation published the 2026 Appropriation Act details as the official source for the 2026 federal budget.
The important question, therefore, is not only how much was allocated.
It is:
What has been done with the money, and what results can be verified?
2. A NEW INDUSTRIAL POLICY
On 17 February 2026, the Federal Government launched the Nigeria Industrial Policy 2025.
The State House described the policy as a framework aimed at strengthening Nigeria’s industrial base, increasing domestic production, improving competitiveness and supporting employment.
The Presidency also emphasized that implementation is critical to achieving the objectives of the policy.
This is where Alfijir Labarai’s investigation will focus:
From government policy to what manufacturers and businesses can actually see on the ground.
3. NIGERIA’S TRADE WITH OTHER COUNTRIES
According to the National Bureau of Statistics’ Q2 2026 Foreign Trade Statistics, Nigeria’s total merchandise trade stood at approximately ₦41.44 trillion during the quarter.
Exports were valued at about ₦27.02 trillion, while imports stood at approximately ₦14.42 trillion.
This resulted in a trade surplus of about ₦12.60 trillion.
The NBS released its Q2 2026 Foreign Trade Statistics Report on 7 September 2026.
These figures show the scale of Nigeria’s international trade during the period.
However, there remains a difference between the total value of national trade and what an individual trader or manufacturer actually gains from the business environment.
4. NIGERIA–UAE TRADE AGREEMENT
On 13 January 2026, Nigeria and the United Arab Emirates signed a Comprehensive Economic Partnership Agreement, CEPA.
The State House said the agreement is intended to improve market access for Nigerian goods in the UAE, including the removal of tariffs on more than 7,000 Nigerian products.
Nigeria is also expected to remove or reduce certain tariffs on specified goods imported from the UAE under the agreement.
However, signing a trade agreement is not, by itself, evidence that individual businesses have already benefited.
Our investigation will therefore follow the process from agreement to actual business opportunities.
The key issue is whether Nigerian businesses are able to convert these new market opportunities into actual exports and revenue.
5. SMALL BUSINESSES AND MANUFACTURERS
Small and medium-sized businesses remain an important part of this investigation.
Business does not operate on government policies alone.
A business also needs access to capital, markets, energy, transportation, infrastructure and a regulatory environment that allows it to operate and grow.
For this reason, Alfijir Labarai will examine some of the programmes of the Ministry of Industry, Trade and Investment and its relevant agencies.
We will look at what was planned, what was implemented and who actually benefited.
6. WHAT OUR INVESTIGATION HAS FOUND SO FAR
The information reviewed so far shows that the Federal Government allocated substantial funds to the Federal Ministry of Industry, Trade and Investment in the 2026 budget.
The government has also introduced a new industrial policy and entered into the CEPA agreement with the UAE.
Meanwhile, NBS data for Q2 2026 show a large volume of merchandise trade and a substantial trade surplus.
But these figures and policies alone do not establish that small businesses are experiencing easier trading conditions.
That is why Alfijir Labarai will continue to distinguish between:
WHAT WAS ALLOCATED
WHAT WAS IMPLEMENTED
AND
WHAT BUSINESSES ACTUALLY RECEIVED.
7. WHAT WE WILL INVESTIGATE NEXT
In the next stage, Alfijir Labarai will select specific programmes and agencies under the Federal Ministry of Industry, Trade and Investment and examine their implementation.
We will examine:
The funds allocated.
What was actually implemented.
And the identifiable beneficiaries.
From there, the investigation will move to the state level, particularly Kano, where we will compare government policies with what traders and businesses are experiencing in the marketplace.
BUSINESS — THE PATH TO PROSPERITY
Let Us Investigate. Let Us Understand. Let Us Explain What Is Happening.
ALFIJIR LABARAI
Accurate • Timely • Trusted