Fresh data from the National Bureau of Statistics shows a sharp year-on-year surge in foreign capital, with banking and financial services attracting over 80% of total inflows.
Nigeria recorded a dramatic rebound in foreign capital inflows in the third quarter of 2025, with total importation rising to $6.01bn, according to newly released figures from the National Bureau of Statistics.
The latest Nigeria Capital Importation report reveals that inflows soared by 380.16 per cent compared to the $1.25bn posted in the corresponding period of 2024. On a quarter-on-quarter basis, the numbers also improved, climbing 17.46 per cent from the $5.12bn recorded in the second quarter of 2025.
The data signals renewed foreign investor appetite for Nigerian assets, particularly in the financial markets.
Portfolio Investments Lead the Charge
A closer look at the breakdown shows that portfolio investment dominated total inflows, accounting for $4.85bn, or 80.70 per cent, of the capital imported during the quarter.
Within this category:
- Money market instruments attracted $2.95bn
- Bonds drew $1.58bn
- Equities accounted for $328.10m
“Other investments” followed with $864.57m, representing 14.37 per cent, while Foreign Direct Investment (FDI) lagged significantly at $296.25m, making up just 4.93 per cent of total inflows.
Of the FDI figure, $281.61m came in as equity, while $14.64m was recorded under other capital.
The figures highlight a continued reliance on relatively short-term portfolio flows rather than long-term productive investments.
Banking Sector Emerges Top Destination
Sectoral analysis showed that capital inflows were heavily concentrated in the financial services space.
The banking sector alone attracted $3.14bn, accounting for 52.25 per cent of the total. The broader financing sector followed with $1.86bn or 30.85 per cent.
Manufacturing and production received $261.35m, while other notable sectors included:
- Electrical – $244.86m
- Telecommunications – $208.51m
- Shares – $94.89m
- Trading – $80.94m
- Real estate – $61.07m
Lower inflows were recorded in agriculture ($24.67m), IT services ($11.55m), transport ($5.23m), oil and gas ($4.60m), and construction ($2.88m).
Public administration and defence, brewing, marketing, arts and recreation, and health and social work collectively accounted for marginal sums.
Standard Chartered Tops Banking List
An analysis by financial institutions showed that Standard Chartered Bank Nigeria Limited led the pack, receiving $2.12bn, equivalent to 35.17 per cent of total capital imported.
It was followed by Stanbic IBTC Bank Plc with $1.79bn, while Citibank Nigeria Limited recorded $561.40m.
Other banks with notable inflows included Access Bank, Rand Merchant Bank, Ecobank Nigeria, First Bank of Nigeria, Zenith Bank, Guaranty Trust Bank, and Fidelity Bank, among others.
United Kingdom Leads as Capital Source
On the country-of-origin front, the United Kingdom emerged as the largest contributor, accounting for $2.94bn, or 48.80 per cent, of total inflows.
The United States followed with $950.47m, while South Africa accounted for $773.95m.
Mauritius and the Netherlands also featured prominently among capital-exporting countries during the quarter.
Data Methodology
The NBS noted that the figures were compiled using data supplied by the Central Bank of Nigeria, capturing fresh capital inflows reported by commercial banks. The data excludes other components of foreign direct investment such as reinvested earnings.
The surge in capital importation comes amid broader reform efforts aimed at stabilising the economy and restoring investor confidence. The Federal Ministry of Industry, Trade and Investment has already signalled plans to consolidate trade and investment reforms in 2026 to sustain growth momentum.
While the sharp increase in inflows may ease foreign exchange pressures and strengthen liquidity in the short term, the relatively low level of FDI suggests that attracting long-term productive investment remains a key challenge for policymakers.
For now, however, the numbers point to one clear trend: global capital is once again finding its way into Africa’s largest economy and at a much faster pace than a year ago.
