Nigeria’s Capital Inflow Surges 102% To $16.4bn In 5 Months

Capital importation into Nigeria rose by 101.8 per cent year-on-year to $16.41 billion in the five months to May 2026, from $8.13 billion recorded in the corresponding period of 2025.

An analysis of monthly economic reports of the Central Bank of Nigeria (CBN) from January to May 2026 showed that the increase was driven largely by Foreign Portfolio Investment (FPI), which surged by 114.42 per cent year-on-year to $15.61 billion from $7.28 billion.

Consequently, FPI accounted for 95.12 per cent of total capital importation during the five-month period, up from 89.54 per cent in the corresponding period of 2025.

In contrast, Foreign Direct Investment (FDI) and Other Investments recorded declines of 9.5 per cent and 7.69 per cent respectively during the period.

FDI fell to $190 million in the five months to May 2026 from $210 million in the same period of 2025, while Other Investments, comprising foreign loans and trade credits, declined to $600 million from $650 million.

On a month-on-month basis, total capital importation declined by 14.8 per cent to $3.0 billion in February from $3.52 billion in January. It rebounded by 28.3 per cent to $3.85 billion in March before falling by 26.8 per cent to $2.82 billion in April.

Capital inflows recovered in May, rising by 14.2 per cent to $3.22 billion, with movements in FPI accounting for most of the volatility in total monthly inflows.

FPI fell by 14.8 per cent month-on-month to $2.87 billion in February from $3.37 billion in January, before rising by 26.1 per cent to $3.62 billion in March. It subsequently declined by 26.5 per cent to $2.66 billion in April and rebounded by 16.2 per cent to $3.09 billion in May.

FDI rose by 33.3 per cent month-on-month to $40 million in February from $30 million in January and increased further by 50 per cent to $60 million in March. It subsequently fell by 50 per cent to $30 million in April and remained unchanged in May.

Other Investments declined by 25 per cent month-on-month to $90 million in February from $120 million in January, before rising by 77.8 per cent to $160 million in March. The inflow fell by 12.5 per cent to $140 million in April and declined further by 35.7 per cent to $90 million in May.