Nigeria recorded a total capital importation of $6.44 billion in the fourth quarter of 2025, representing a 26.61% year-on-year increase compared to $5.09 billion recorded in the corresponding period of 2024.
This is according to the latest Capital Importation report released by the National Bureau of Statistics (NBS) on Wednesday, which also showed a quarter-on-quarter increase of 7.13% from $6.01 billion in Q3 2025.
The data highlights a sustained recovery in foreign capital inflows into Nigeria, largely driven by strong portfolio investments and increased activity in the banking sector.
What the report is saying
- The report read, “In Q4 2025, total capital importation into Nigeria stood at $6,443.48 million, higher than $5,089.16 million recorded in Q4 2024, indicating an increase of 26.61% on a year-on-year basis. In comparison to the preceding quarter, capital importation increased by 7.13% from $6,014.77 million in Q3 2025.”
A breakdown of the data shows that portfolio investment remained the dominant driver of capital inflows, accounting for $5.49 billion or 85.14% of total capital imported during the quarter.
Foreign Direct Investment (FDI) contributed $357.80 million, representing just 5.55%, while other investments stood at $599.65 million or 9.31% of total inflows.
Further insights from the chart on page 5 show that money market instruments accounted for a significant share of portfolio inflows at $3.08 billion, while bonds contributed $1.97 billion, reflecting continued investor preference for short-term and fixed-income instruments.
The relatively low share of FDI suggests that long-term investments remain weak despite improving macroeconomic signals.
Banking sector attracts bulk of inflows
Sectoral analysis indicates that the banking sector remained the largest recipient of foreign capital, attracting $3.85 billion, which represents 59.75% of total inflows.
The financing sector followed with $1.94 billion or 30.15%, while the production/manufacturing sector attracted $308.93 million, accounting for 4.79%.
Other sectors, including telecommunications, agriculture, and oil and gas, recorded significantly lower inflows, showing the concentration of foreign capital in financial services.
This pattern suggests that investors continue to favour liquid and financial assets over real sector investments.
UK leads capital inflows into Nigeria
In terms of origin, the United Kingdom emerged as the largest source of capital inflow, contributing $3.73 billion or 57.94% of total capital imported.
The United States followed with $837.91 million (13.00%), while South Africa accounted for $516.96 million (8.02%).
Additional data shows that Belgium and Mauritius also featured among the top contributors, reflecting Nigeria’s continued reliance on traditional financial hubs for foreign capital.
Stanbic IBTC, Standard Chartered lead inflows
On a bank-by-bank basis, Stanbic IBTC Bank Plc recorded the highest capital importation with $2.23 billion, accounting for 34.58% of total inflows.
It was followed by Standard Chartered Bank Nigeria Ltd with $1.85 billion (28.75%) and CitiBank Nigeria Ltd with $840.72 million (13.05%).
Other banks, including Access Bank, Rand Merchant Bank, and First City Monument Bank, recorded moderate inflows.
What this means
The latest data signals improving investor confidence in Nigeria’s financial markets, particularly in short-term instruments, amid ongoing monetary and fiscal reforms.
- However, the dominance of portfolio investments and the low level of FDI highlight structural concerns, including weak long-term investment appetite and persistent risks in the real sector.
- For policymakers, the challenge remains converting rising capital inflows into productive investments that can drive sustainable growth, job creation, and industrial expansion.
