Capital Importation · 4 min read · Q1 2026 | January – March 2026
Nigeria Capital Importation Report — Q1 2026
Sources: NBS Capital Importation Report Q1 2026 · CBN commercial bank submissions
Q1 2026 — Capital Importation
Total Capital Importation
$10.37bn
+83.83% YoY | +60.97% QoQ
Portfolio Investment (FPI)
$9.86bn
95.09% of total inflows
Foreign Direct Investment
$135.08mn
−62.25% QoQ
1.30% of total
Other Investments
$374.48mn
+20.35% YoY
3.61% of total
Quarterly Capital Importation Trend
3Q1 2024
3Q2 2024
1Q3 2024
5Q4 2024
6Q1 2025
5Q2 2025
6Q3 2025
6Q4 2025
10Q1 2026
Composition
- FPI95.09%
- FDI1.3%
- Other3.61%
Top Sectors by Inflow
Banking
72.79%
Financing
23.42%
Others
2.32%
Production/Mfg
1.47%
Country of Origin
| Country | Inflow ($mn) | Share |
|---|---|---|
| United Kingdom | $5,082.09 | 49.01% |
| United States | $3,183.49 | 30.69% |
| Others | $1,122.49 | 10.81% |
| South Africa | $983.83 | 9.49% |
Top Banks by Capital Received
Standard Chartered
42.56%
Stanbic IBTC Bank
26.79%
Rand Merchant Bank
8.97%
Key Insights
- Record Q1 inflow of $10.37bn — highest single quarter on record.
- FPI dominance at 95.09% signals strong carry-trade appetite at 20.02–21.5% OMO; implies a real positive return with inflation at 15.69%.
- FDI fell 62.25% QoQ to $135mn — structural barriers persist.
- UK & US together account for 79.7% of all inflows.
Overview
- Total capital importation reached $10.37bn in Q1 2026, the highest single quarter on record.
- YoY growth of 83.83% and QoQ growth of 60.97% signal accelerating foreign investor appetite for Nigerian assets.
- FPI dominated at $9.86bn (95.09% of total), reflecting strong carry-trade demand at OMO rates of 20.02–21.5% against inflation of 15.69%.
FDI Weakness
- Foreign Direct Investment fell sharply to $135.08mn — a 62.25% QoQ decline — representing only 1.30% of total inflows.
- Structural barriers including regulatory complexity, infrastructure deficits, and security concerns continue to suppress productive capital.
- The divergence between hot-money portfolio flows and productive FDI remains a key structural vulnerability.
Sectoral & Geographic Concentration
- Banking (72.79%) and Financing (23.42%) together absorbed 96.2% of all capital, reflecting the dominance of financial-sector carry plays.
- The United Kingdom ($5.08bn, 49.01%) and United States ($3.18bn, 30.69%) jointly account for 79.7% of total inflows.
- Standard Chartered Bank intermediated 42.56% of all capital received, followed by Stanbic IBTC (26.79%) and Rand Merchant Bank (8.97%).