Nigeria’s capital importation more than doubled in the first five months of 2026, rising 101.8 per cent year-on-year to $16.41 billion from $8.13 billion recorded in the corresponding period of 2025.
An analysis of the Central Bank of Nigeria’s monthly economic reports from January to May 2026 showed that the increase was largely driven by Foreign Portfolio Investment, FPI, which accounted for the overwhelming majority of capital inflows during the period.
FPI rose 114.42 per cent year-on-year to $15.61 billion in the five months under review, compared with $7.28 billion recorded in the same period last year.
As a result, FPI’s contribution to total capital importation increased to 95.12 per cent in the five months of 2026, from 89.54 per cent in the corresponding period of 2025.
The strong growth in portfolio inflows contrasted with weaker performance in other categories. Foreign Direct Investment, FDI, declined by 9.5 per cent year-on-year to $190 million from $210 million, while Other Investments fell by 7.69 per cent to $600 million from $650 million.
Other Investments include foreign loans and trade credits.
Despite the strong year-on-year growth, capital importation remained volatile on a monthly basis throughout the five-month period.
Total inflows fell 14.8 per cent month-on-month to $3.0 billion in February from $3.52 billion in January. The figure rebounded by 28.3 per cent to $3.85 billion in March before dropping 26.8 per cent to $2.82 billion in April.
Capital importation recovered in May, increasing 14.2 per cent to $3.22 billion.
The monthly movements largely reflected changes in FPI, which contributed more than 90 per cent of total capital inflows in every month between January and May.
FPI dropped 14.8 per cent month-on-month to $2.87 billion in February from $3.37 billion in January, before climbing 26.1 per cent to $3.62 billion in March. It then fell 26.5 per cent to $2.66 billion in April and recovered 16.2 per cent to $3.09 billion in May.
FDI also recorded fluctuations, rising from $30 million in January to $40 million in February and $60 million in March. It fell back to $30 million in April and remained at that level in May.
Other Investments followed a similar pattern, declining from $120 million in January to $90 million in February before rising to $160 million in March. The inflow subsequently dropped to $140 million in April and $90 million in May.
