By Abiodun Folarin
WorldStage– Nigeria recorded a total capital importation of $10.37 billion in the first quarter of 2026, representing a 60.97 per cent increase quarter-on-quarter and an 83.83 per cent rise year-on-year, driven largely by strong inflows into portfolio investments, according to data released by the National Bureau of Statistics (NBS).
The NBS Capital Importation Report for the first quarter of 2026 showed that portfolio investments accounted for the largest share of total inflows, contributing $9.86 billion, up by 79.77 per cent compared to the previous quarter and 89.49 per cent higher than the corresponding period of 2025.
A breakdown of portfolio investments indicated that money market instruments attracted the highest inflows at $6.50 billion, representing a quarter-on-quarter increase of 110.98 per cent and a year-on-year growth of 54.51 per cent.
Investment in bonds also rose significantly to $3.23 billion, reflecting a 63.76 per cent increase from the preceding quarter and a 267.67 per cent surge compared to the same period last year.
However, investments in portfolio equities declined sharply on a quarterly basis by 69.56 per cent to $131.81 million, although they remained 12.34 per cent higher than the level recorded in the first quarter of 2025.
Foreign Direct Investment (FDI) inflows stood at $135.08 million during the review period. While the figure represented a 6.96 per cent year-on-year increase, it was 62.25 per cent lower than the amount recorded in the preceding quarter.
Within the FDI category, equity investments amounted to $120.34 million, declining by 62.62 per cent quarter-on-quarter and 3.20 per cent year-on-year. Other capital under FDI dropped by 58.87 per cent to $14.74 million, although it recorded a substantial 645.36 per cent increase compared to the corresponding period of 2025.
Meanwhile, other investments totaled $374.48 million, representing a 37.55 per cent decline from the previous quarter but a 20.35 per cent increase on a year-on-year basis.
The report showed that loans accounted for the bulk of other investments at $364.43 million, down by 32.03 per cent quarter-on-quarter but up by 17.12 per cent year-on-year. Trade credits stood at $10 million, while currency deposits and other claims contributed only marginal amounts during the period.
The strong performance in portfolio investments underscores growing investor appetite for Nigeria’s fixed-income securities and money market instruments amid ongoing economic reforms and efforts to stabilize the macroeconomic environment.
Analysts say sustaining the momentum in foreign capital inflows will depend on continued policy consistency, exchange-rate stability, improved investor confidence, and reforms aimed at attracting more long-term foreign direct investments into productive sectors of the economy.
