February 19, 2026/CSL Update
The National Bureau of Statistics has released its Capital Importation Report for the second and third quarters of 2025, showing a strong rebound in foreign capital inflows into Nigeria. Total capital importation for Q2 and Q3 2025 combined stood at US$11,135.27 million. In Q3 2025 alone, inflows reached US$6,014.77 million, a significant increase from US$1,252.66 million recorded in Q3 2024. On a quarter-on-quarter basis, capital importation rose by 17.5%, up from US$5,120.50 million in Q2 2025.
When combined with the Q1 2025 figure of US$5,642.07 million, total capital importation for the first nine months (9M) of 2025 amounted to US$16,777.25 million, representing a 132.0% year-on-year increase compared to US$7,233.17 million recorded in 9M 2024.
Expectedly, Portfolio Investment remained the dominant component of capital inflows, accounting for US$4,853.96 million (80.7%) of total inflows in Q3 2025. This marks a sharp 439.7% year-on-year increase from US$899.31 million in Q3 2024. For the first nine months of 2025, portfolio investments totalled US$14,258.60 million compared to US$4,379.59 million in 9M 2024. Within this category, Money Market Instruments attracted the largest share, with US$2,950.38 million in Q3 2025 (9M 2025: US$10,745.38 million). In contrast, Foreign Direct Investment (FDI), typically associated with longer-term, development-
oriented capital, recorded the lowest inflow at US$296.25 million (4.9%) in Q3 2025 (9M 2025: US$565.21 million). This was an improvement from US$142.67 million in Q2 2025 but remains modest relative to portfolio flows. Other Investment accounted for US$864.57 million (14.4%) in Q3 2025 (9M 2025: S$1,953.53 million), up from US$774.81 million in Q2 2025.
By sector, the Banking sector attracted the highest inflow in Q3 2025, receiving US$3,142.69 million, which represented 52.3% of total capital importation. This was followed by the Financing sector with US$1,855.66 million (30.9%), and the Production/Manufacturing sector with US$261.35 million (4.4%). In terms of country of origin, the United Kingdom led with US$2,935.41 million, accounting for 48.8% of total inflows. The United States followed with US$950.47 million (15.8%), while the Republic of South Africa contributed US$773.95 million (12.9%).
At US$16,777.25 million, Nigeria’s capital importation for 9M 2025 has already surpassed the full-year 2024 total of US$12,322.32 million. However, portfolio investments continue to dominate foreign capital inflows, significantly outweighing Foreign Direct Investments.
While portfolio flows support foreign reserves and exchange rate stability, they are typically short-term and more volatile. In contrast, FDI provides longer-term capital, supports job creation, and drives sustainable economic development. To achieve its ambition of building a US$1 trillion economy by 2030, the Federal Government may need to intensify efforts to attract greater levels of direct investment into key real sectors of the economy, ensuring that capital inflows translate into durable and inclusive economic growth.
Click here to download full report: CSL Nigeria Daily – 19 February 2026 – Economy.pdf
