ABUJA — Nigeria’s capital importation surged to $10.37 billion in the first quarter of 2026, representing an 83.83 percent increase compared to the same period in 2025. Punch Newspapers confirmed the National Bureau of Statistics figures on Wednesday. The record jump reflects renewed foreign investor confidence in Nigeria’s economic direction.
Capital importation covers portfolio investments, foreign direct investment, and other capital inflows from abroad. The surge in Q1 2026 suggests that Nigeria’s S&P credit rating upgrade, the stabilisation of the naira, and the positive impact of the Dangote Refinery are translating into tangible foreign investment interest.
NBS said portfolio investment accounted for the largest share of the Q1 2026 capital inflows. Foreign investors increased their holdings of Nigerian government securities, equities, and money market instruments as the improved macro conditions made Nigerian assets more attractive relative to other emerging market peers.
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What Is Driving the Surge
Economists attributed the $10.37 billion capital importation figure to three key factors. First, the S&P upgrade from B-minus to B in May lowered Nigeria’s perceived credit risk and triggered automatic buying from funds that track investment-grade benchmarks. Second, the naira’s relative stability reduced the currency risk premium that had previously deterred foreign investors. Third, Nigeria’s improved external position, with reserves crossing $50 billion, provided greater confidence in the country’s ability to service external obligations.
However, analysts noted that portfolio investment inflows can reverse quickly if macro conditions deteriorate. They said what Nigeria needs is sustained growth in foreign direct investment, which is stickier and more transformative than portfolio flows.
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The strong Q1 capital importation figure provides a positive baseline for 2026 economic performance. If the trend holds through the remaining three quarters, 2026 could record Nigeria’s highest annual capital importation in history. The government said the figures validate its reform agenda and provide momentum for further economic liberalisation.
