Capital importation into Nigeria more than doubled in the first five months of 2026, rising by 101.8 per cent year-on-year to $16.41 billion from $8.13 billion in the corresponding period of 2025.

Vanguard reported that the Central Bank of Nigeria report covering January to May 2026 attributed the growth to Foreign Portfolio Investment which grew by 114.42 per cent YoY to $15.61 billion in 5M’26 from $7.28 billion in 5M’25.

As a result, FPI’s share of total capital importation widened to 95.12 per cent in 5M’26, up from 89.54 per cent in 5M’25.

Foreign Direct Investment, FDI, and Other Investments, however, recorded marginal declines of 9.5 per cent and 7.69 per cent YoY respectively in 5M’26.

FDI slipped to $0.19 billion in 5M’26 from $0.21 billion in 5M’25. Likewise, Other Investments, which comprise foreign loans and trade credits, dropped to $0.60 billion in 5M’26 from $0.65 billion in 5M’25.

On a month-on-month, MoM, basis, total capital importation fell by 14.8 per cent to $3.0 billion in February from $3.52 billion in January. It rebounded strongly by 28.3 per cent to $3.85 billion in March, then declined by 26.8 per cent to $2.82 billion in April. It recovered again in May, rising by 14.2 per cent to $3.22 billion.

The monthly trend showed that the volatility in total capital importation was largely driven by movements in FPI, which accounted for more than 90 per cent of total inflows in each of the five months.

FPI declined by 14.8 per cent MoM to $2.87 billion in February from $3.37 billion in January. It then surged by 26.1 per cent to $3.62 billion in March, before falling by 26.5 per cent to $2.66 billion in April. In May, FPI rebounded by 16.2 per cent to $3.09 billion.

FDI increased by 33.3 per cent MoM to $0.04 billion in February from $0.03 billion in January, and rose further by 50 per cent to $0.06 billion in March. It subsequently fell by 50 per cent to $0.03 billion in April and remained unchanged at $0.03 billion in May.

Other Investments also fluctuated during the period. Inflows dropped by 25 per cent MoM to $0.09 billion in February from $0.12 billion in January, before rising sharply by 77.8 per cent to $0.16 billion in March. They then fell by 12.5 per cent to $0.14 billion in April and declined further by 35.7 per cent to $0.09 billion in May.