Nigeria attracted a total of $16.78 billion in capital importation in the first nine months of 2025, but investors from other ECOWAS countries accounted for only $2.16 million, representing a negligible 0.01% of total inflows, according to the latest capital importation data released by the National Bureau of Statistics (NBS).
A breakdown of the NBS figures shows that the $2.16 million came from 11 ECOWAS countries that remain in the regional bloc, including Ghana, Senegal, Sierra Leone, Liberia, Benin, Côte d’Ivoire, and Guinea.
The data highlights the limited scale of intra-West African capital flows into Nigeria despite its position as the largest economy within the regional bloc.
What does the data show
Capital inflows from ECOWAS countries declined by 8.1% year-on-year, dropping from $2.35 million in the first nine months of 2024 to $2.16 million in the same period of 2025.
- This contraction occurred even as Nigeria’s total capital importation more than doubled year-on-year. Total inflows rose from $7.23 billion in 9M 2024 to $16.78 billion in 9M 2025, reflecting a 132% increase.
- In 2024, ECOWAS inflows were largely driven by Ghana, which recorded $2.35 million in the third quarter of that year. In 2025, inflows were more distributed but remained small in value.
- Ghana contributed $1.50 million in 9M 2025, down from $2.35 million a year earlier, marking a 36.2% year-on-year decline. Ghana accounted for 69.4% of total ECOWAS inflows into Nigeria during the period.
- Other contributors included Sierra Leone with $0.26 million, Guinea with $0.13 million, Senegal with $0.11 million, Benin and Liberia with $0.05 million each, and Côte d’Ivoire with $0.03 million.
- Cape Verde, The Gambia, Guinea-Bissau and Togo recorded zero capital importation into Nigeria in both 9M 2024 and 9M 2025.
Among the three Sahel countries that have announced withdrawal from ECOWAS, Burkina Faso contributed $0.05 million, Mali recorded $0.01 million, while Niger posted no inflows.
Combined, the three countries accounted for $0.05 million in 9M 2025.
When added to the $2.16 million from remaining ECOWAS countries, total regional inflows rise to $2.21 million.
This represents 0.013% of Nigeria’s total capital importation, which still rounds to 0.01%.
The overall percentage contribution remains unchanged.
Quarterly breakdown shows extreme concentration
Quarterly data for 2025 reveal that ECOWAS inflows were highly concentrated in one quarter.
In the first quarter of 2025, ECOWAS countries contributed $0.04 million, entirely from Benin. In the second quarter, there were no recorded inflows from the bloc. In the third quarter, inflows surged to approximately $2.12 million, largely driven by Ghana’s $1.50 million, alongside smaller contributions from Sierra Leone, Senegal, Guinea, Liberia, Benin and Côte d’Ivoire.
This means that roughly 98% of ECOWAS capital inflows in 9M 2025 occurred in the third quarter alone, indicating volatility and weak consistency in regional investment flows.
By comparison, Nigeria recorded total capital importation of $5.64 billion in Q1 2025, $5.12 billion in Q2, and $6.01 billion in Q3. Against these quarterly totals, ECOWAS inflows remain statistically insignificant.
Nigerian-based investors outpace regional bloc by a wide margin
The data also shows that foreign capital brought in by Nigerian-based investors amounted to $14.77 million in 9M 2025, compared to $14.54 million in 9M 2024.
- This means Nigerian investors alone accounted for nearly seven times the total inflows from all ECOWAS countries combined in 2025.
- The figures show the shallow level of financial integration within West Africa. Despite trade agreements and free movement protocols under ECOWAS, cross-border capital flows into Nigeria from the subregion remain minimal and structurally weak.
Even with political realignments involving Mali, Burkina Faso and Niger, the data suggests that regional capital engagement was already negligible before diplomatic tensions escalated.
