Nigeria recorded a significant surge in foreign capital inflows in 2025, receiving $20.98 billion in the first ten months of the year, according to Central Bank Governor Olayemi Cardoso.
These inflows represent a 70% increase compared to the total received throughout 2024, and a substantial 428% jump from the $3.9 billion recorded in 2023. Cardoso disclosed these impressive figures at the 60th Annual Bankers’ Dinner, attributing the renewed appetite for Nigerian assets to strengthened macroeconomic management, Foreign Exchange market reforms, and improved transparency across the financial system.
The apex bank governor highlighted the massive leap in investor confidence, stating: “Foreign capital inflows reached US20.98 billion in the first ten months of 2025, a 70% increase over total inflows for 2024 and a 428% surge compared to the US3.9 billion recorded in 2023, reflecting a clear resurgence in investor confidence.” Data from the National Bureau of Statistics confirms Nigeria attracted $3.9 billion and $12.3 billion in capital inflows in 2023 and 2024, respectively.
The NBS has only released the first-quarter capital importation data, which revealed that Nigeria attracted $5.6 billion in the first quarter of 2025.
According to Cardoso, the country’s external sector also saw decisive strengthening. The current account balance rose sharply by over 85%, climbing from $2.85 billion in Q1 to $5.28 billion in Q2. This improvement was supported by higher non-oil exports and improving FX flows. Cardoso reported: “Nigeria’s external sector strengthened decisively in 2025, with the current account balance rising over 85% to US5.28 billion in Q2, up from US2.85 billion in Q1.”
The Governor also revealed that foreign reserves increased to $46.7 billion by mid-November, which is the highest level achieved in almost seven years. With more than 10 months of import cover, Nigeria’s external buffers are now at their strongest point in a decade.
A key highlight, Cardoso stressed, is that the reserves are being rebuilt “organically, not by borrowing,” but through better FX market functioning, rising non-oil export earnings, and buoyant capital inflows.
While oil production averaged between 1.45 million and 1.52 million barrels per day in 2025, the non-oil sector delivered the standout performance. According to Cardoso, non-oil exports grew by over 18% year-on-year, driven by exchange-rate flexibility and improved competitiveness under the now market-determined FX regime.
He also stated that diaspora remittances have strengthened following enhancements in transparency, settlement efficiency, and reporting across the FX ecosystem. Cardoso elaborated: “As with foreign investor inflows, diaspora remittances have also strengthened with confidence returning to official channels following enhancements in transparency, settlement efficiency, and reporting. Remittance inflows grew by approximately 12% in 2025, with further momentum expected in 2026 as adoption rises for the Non-Resident BVN, which was launched earlier this year.”
Cardoso concluded by stating that the CBN will continue its flexible exchange-rate framework—one that allows the naira to serve as a shock absorber while limiting excess volatility.
