ABUJA — Nigeria attracted $10.37 billion in foreign capital during the first quarter of 2026, according to data released by the National Bureau of Statistics. The figure is 83.83 percent higher than the $5.64 billion recorded in the same period in 2025.
On a quarter-on-quarter basis, the inflow also grew by 60.97 percent from $6.44 billion in the last quarter of 2025. Economists say the numbers reflect growing foreign investor confidence in Nigeria’s financial markets following years of reform.
Who Is Investing?
Portfolio investment dominated the inflows, accounting for $9.86 billion or 95.09 percent of the total. Money market instruments attracted $6.50 billion of that amount, while bonds drew $3.23 billion.
The United Kingdom was the single largest source of capital, contributing $5.08 billion or 49 percent of total inflows. The United States followed with $3.18 billion, representing 30.69 percent. South Africa placed third with $983.83 million.
Within Nigeria, the banking sector pulled in the most capital, attracting $7.55 billion. The financing sector came second with $2.43 billion.
The FDI Problem
Despite the headline surge, foreign direct investment, the kind that builds factories and creates jobs, remained weak. FDI stood at just $135.08 million, representing 1.3 percent of total inflows. This figure also dropped by 62 percent from the previous quarter.
Economists warn that a capital surge driven mostly by portfolio flows is fragile. Such money can leave as quickly as it arrives if sentiment shifts.
What It Means
“The numbers show that investors are betting on Nigeria’s financial instruments,” said a Lagos-based economist. “But for ordinary Nigerians to feel the impact, we need real foreign direct investment in production, manufacturing, and agriculture.”
The NBS says the report signals the strongest start to a year for capital importation since Nigeria began tracking the data.
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