Nigeria's Capital Importation Surges to $10.37 Billion in Q1 2026

The National Bureau of Statistics, Nigeria reported that total capital importation reached $10.37 billion in the first quarter of 2026, an 83.83% increase from the $5.64 billion recorded in Q1 2025 and a 61% increase from $6.44 billion in Q4 2025. Portfolio investments dominated the inflows, accounting for $9.86 billion, or 95.09% of the total, while foreign direct investment remained low at $135.08 million.

The banking sector was the primary destination for these funds, attracting $7.55 billion. At the institutional level, Standard Chartered Bank Nigeria Limited facilitated the highest volume of inflows at $4.41 billion, followed by Stanbic IBTC Bank Limited with $2.78 billion and RMB Ventures Limited with $930.82 million. Geographically, the United Kingdom was the leading source of capital with $5.08 billion, followed by the United States at $3.18 billion and South Africa with $983.83 million.

Fitch Ratings attributed the growth to foreign exchange reforms and naira liberalization by the Central Bank of Nigeria, which improved liquidity and market turnover. However, the agency noted that the withdrawal of regulatory forbearance has exposed asset-quality stress and increased non-performing loan ratios in the banking sector. Despite this, Fitch forecasts a 20% recovery in loan growth for 2026. Other analysts warned that the heavy reliance on volatile portfolio capital over long-term direct investment could hinder sustainable economic growth and job creation.