Nigeria posted a combined $11.13 billion in capital inflows across the second and third quarters of 2025, as foreign investors ramped up exposure to the country’s financial markets, according to fresh figures released by the National Bureau of Statistics (NBS).
Data contained in the Nigeria Capital Importation reports show that $5.12 billion was recorded in the second quarter (Q2), while $6.01 billion came in during the third quarter (Q3), representing a substantial increase compared to the corresponding period in 2024.
The statistics office attributed the surge largely to portfolio investments, which accounted for more than four-fifths of total inflows in both quarters. The banking and financing industries emerged as the biggest beneficiaries of foreign capital, with most funds originating from the United Kingdom, the United States and South Africa.
The report also underscored that Foreign Direct Investment (FDI) remained the smallest share of capital inflows, indicating that Nigeria continues to rely more heavily on portfolio and other investment channels to attract foreign funds.
Q2 2025: Capital Nearly Doubles Year-on-Year
In the second quarter of 2025, total capital importation stood at $5,120.50 million, almost doubling the $2,604.50 million recorded in Q2 2024 — a year-on-year increase of 96.60 percent. However, on a quarter-on-quarter basis, inflows dipped by 9.24 percent from the $5,642.07 million posted in Q1 2025.
Detailing the composition of inflows, the NBS said, “Portfolio Investment ranked top with US$4,200.03 million, accounting for 82.02 percent, followed by Other Investment with $777.80 million, accounting for 15.19 percent. Foreign Direct Investment recorded the least with $142.67 million (2.79 percent) of total capital importation in Q2 2025.”
Sectoral analysis showed that financial institutions attracted the bulk of funds. “The Banking sector recorded the highest inflow with US$3,407.97 million, representing 66.56% of total capital imported in Q2 2025, followed by the Financing sector, valued at US$873.32 million (17.06%), and Electrical sector with US$456.37 million (8.91%),” the Bureau further stated, disclosing that capital largely originated from key global economies supporting Nigeria’s financial markets.
On the sources of investment, the agency noted: “Capital Importation during the reference period originated largely from the United Kingdom with US$1,860.03 million, representing 36.33 percent of the total capital imported. This was followed by the Republic of South Africa with US$1,013.71 million (19.80 percent) and the United States with US$909.84 million (17.77 percent),” the NBS added.
Q3 2025: Inflows Climb Further
Momentum strengthened in the third quarter, with total capital importation rising to $6,014.77 million — a sharp increase from $1,252.66 million in Q3 2024 and 17.46 percent higher than Q2 2025.
Portfolio investments continued to lead the inflow pattern, while banks and financing firms retained their positions as top destinations for foreign funds.
Providing a breakdown, the statistics agency stated: “Portfolio Investment ranked top with US$4,853.96 million, accounting for 80.70 percent, followed by Other Investment with US$864.57 million, accounting for 14.37 percent. Foreign Direct Investment recorded the least with US$296.25 million (4.93 percent) of total capital importation in Q3 2025.”
The United Kingdom remained the single largest source of capital in the third quarter. “Capital Importation during the reference period originated largely from the United Kingdom with US$2,935.41 million, representing 48.80 per cent of the total capital imported. This was followed by the United States with US$950.47 million (15.80 percent) and the Republic of South Africa with US$773.95 million (12.87 percent),” the report added.
Overall, the figures point to renewed foreign investor confidence in Nigeria’s financial markets, even as long-term direct investments remain comparatively subdued.
