Pecohub Latest data released by the National Bureau of Statistics show Nigeria attracted a total capital importation of $11.1 billion in the second and third quarters of 2025.
Combined with the first quarter report, Nigeria reported $16.7 billion in the first 9 months of the year.
The second and third quarter reports had been delayed for almost 6 months.
As expected, foreign portfolio investment (FPI) represented over 97% of Capital Raised for the first 9 months of the year.
The structure of these inflows raises questions about sustainability and the country’s ability to convert liquidity-driven gains into durable economic expansion.
Capital importation in 2025 has remained elevated across all three quarters.
- Q1 2025: $5.64 billion
- Q2 2025: $5.12 billion (a mild dip from Q1)
- Q3 2025: $6.01 billion (up 17.5% quarter-on-quarter)
This brings year-to-date inflows to $16.78 billion, already exceeding the $12.32 billion recorded in the whole of 2024.
The structure of inflows is consistent across the year, portfolio investment dominates. In Q3 alone, portfolio flows reached $4.85 billion, accounting for over 80% of total capital importation. Bond inflows strengthened significantly, while money market instruments remained high despite easing slightly from Q2.
Foreign Direct Investment improved gradually from $126 million in Q1 to $143 million in Q2 and $296 million in Q3, but still represents a small share of total inflows.
Even cumulatively for Q1–Q3, FDI remains under $600 million, while portfolio flows exceed $14 billion.
