Nigeria records $923 million in FDI out of $23.22 billion inflows
By the AFREEQUE newsroom, based on Business Day Nigeria
Capital inflows into Nigeria reached $23.22 billion in 2025, up 88.5% year on year, but foreign direct investment accounted for only $923 million, or 3.97%, according to the National Bureau of Statistics cited by Business Day. Portfolio investments, at $19.74 billion, accounted for most of these flows, at the expense of factories and productive jobs.
Foreign direct investment (FDI) accounted for only $923.01 million, or 3.97%, of the $23.22 billion in foreign capital that entered Nigeria in 2025, according to the National Bureau of Statistics (NBS). Portfolio investments, placed in shares, bonds and Treasury bills, accounted for $19.74 billion, or 85.03% of the total.
The gap widened further in 2026. In the first quarter, portfolio investments reached $9.86 billion, or 95.1% of inflows, compared with $135.08 million in FDI. In the first five months, portfolio investments totalled $15.61 billion, while FDI fell 9.5% year on year to $190 million, according to the NBS.
Total capital inflows had increased by 88.5% in 2025, to $23.22 billion from $12.32 billion in 2024. They reached $10.37 billion in the first quarter of 2026, up 83.8% year on year, then $16.41 billion in the first five months, more than double the $8.13 billion recorded over the same period in 2025.
For Business Day Nigeria, the high share of portfolio capital reflects, among other things, the search for returns in a context of high interest rates and economic reforms under the presidency of Bola Tinubu. The Central Bank of Nigeria kept its policy rate at 27% for much of 2025 to combat inflation and support naira stability.
