The National Bureau of Statistics (NBS) has stated that total capital importation into Nigeria stood at $10.37bn in the first quarter of 2026.

The bureau in a report said the figure is higher than the $5.64bn recorded in Q1 2025, indicating an increase of 83.83 per cent.

In comparison to the preceding quarter of Q4 2025, it said capital importation increased by 60.97% from $6.44bn.

It disclosed that Portfolio Investment ranked top with $9.86bn, accounting for 95.09 percent, followed by Other Investment with $374.48m, accounting for 3.61 percent.

It added that Foreign Direct Investment recorded the least with $135.08m, representing 1.30 percent of total capital importation in Q1 2026.

The NBS reported that FDI inflows fell to $135.08 million in Q1 2026 from $357.80 million in Q4 2025, representing a drop of 62.25%.

“The banking sector recorded the highest inflow with $7.55bn, representing 72.79 percent of total capital imported in Q1 2026, followed by the financing sector, valued at $2.42bn (23.42 percent), and production/ manufacturing sector with $152.27m (1.47 percent).”

“Capital Importation during the reference period originated largely from the United Kingdom with $5.08bn, representing 49.01 percent of the total capital imported. This was followed by the United States with $3.18bn (30.69 percent) and the Republic of South Africa with $983.83m (9.49 percent).

“Standard Chartered Bank Nigeria Limited received the highest capital importation into Nigeria in Q1 2026 with $4.41bn (42.56 percent), followed by Stanbic IBTC Bank Plc with $2.77bn (26.79 percent), and Rand Merchant Bank with $930.82m (8.97 percent).”

Daily Trust reports that while the overall capital inflows strengthened significantly, the decline in FDI suggests that long-term investment appetite remains weak relative to short-term capital movements.

Daily Trust reports that while FDI is described as the real deal in foreign capital importation as it involves investors injecting money into the economy and investing directly into a foreign country’s businesses, the FPI implies investors buying in foreign financial assets rather than physical businesses.

They do this by buying stocks, bonds, or mutual funds traded on foreign exchanges without taking an active role in management. This is described as highly volatile as they can easily pull out their funds if they sense any danger in the economy.

An economist, Dr. Marcel Okeke said the decline in FDI reflects the state of the economy and the tight monetary policy Nigeria is running.

“It’s a reflection of the unconducive investment climate in the country on one hand and the tight monetary policy we have been running. Because of that we are operating in a very high interest rate environment which informs the monetary authorities paying so much high interest on these financial assets which are what is selling under the foreign portfolio investment.

“And so that has been attracting foreign portfolio investors because the returns they are going to get by investing in those instruments are very attractive.

“So instead of coming here to put down anything as a real investment, they will trade those papers and get huge returns based on the high yield the government is offering them. That is what has been going on over the years. And because of that they are not coming here once they can make their money staying wherever they are staying.

“And if they try to come here, the climate is so terrible in terms of poor infrastructure. You want to set up anything, where is the power? You have to get your own power. Where is the security? You have to get your own security. Where is your water supply? You have to get your water supply. What of transportation? The cost is so prohibitive. In the environment here, the inflation is so high that even the people who would consume what you are producing, their purchasing power is depleted.”