NIGERIA ATTRACTED $10.37BN IN FOREIGN CAPITAL IN Q1 2026 — BUT ONLY $135M WAS FDI

NBS capital importation data: 83.8% surge driven by portfolio money; factory-building investment barely registers

 Foreign capital flowing into Nigeria nearly doubled in the first quarter of 2026, reaching $10.37 billion, but an analysis of the data reveals that almost all of it was short-term portfolio money, while the direct investment that builds factories, creates jobs, and expands industrial capacity accounted for less than 2 per cent of total inflows.

Total capital importation rose 83.83 per cent from $5.64 billion in Q1 2025 and 60.97 per cent from $6.44 billion in Q4 2025, according to the NBS Capital Importation Report. Portfolio investment, comprising money market instruments and bond investments, accounted for $9.86 billion, or 95.09 per cent of all capital imported during the quarter.

Within the portfolio category, money market instruments attracted $6.50 billion, while bond investments accounted for $3.23 billion, together representing more than 98 per cent of all portfolio inflows. Foreign Direct Investment, by contrast, stood at $135.08 million, only 1.30 per cent of the total, a decline from $296.25 million in Q3 2025 and $357.80 million in Q4 2025.

The banking sector absorbed the largest share of inflows at $7.55 billion, representing 72.79 per cent of total capital. The United Kingdom was the leading source of capital at $5.08 billion, or 49.01 per cent, followed by the United States at $3.18 billion. Standard Chartered Bank Nigeria handled $4.41 billion, 42.56 per cent of total capital imported, during the quarter.

Among sectors critical to economic diversification, the data shows severely limited investment. Oil and gas attracted only $460,000. Construction received $100,000. Agriculture attracted $37.28 million, information technology $11.33 million, and telecommunications $7.24 million.