On first inspection, the number looks like a vindication. Nigeria’s capital importation surged 84 per cent year-on-year to U$10.37 billion in the first quarter of 2026 (Q12026), according to the National Bureau of Statistics (NBS). For an administration that staked its reputation on liberalising the foreign exchange window, this appears to be the ultimate market endorsement. But the configuration tells a different story as foreign portfolio investment (FPI) dominated with US$9.86 billion, more than 95 percent of the total. Meanwhile foreign
On first inspection, the number looks like a vindication. Nigeria’s capital importation surged 84 per cent year-on-year to U$10.37 billion in the first quarter of 2026 (Q12026), according to the National Bureau of Statistics (NBS). For an administration that staked its reputation on liberalising the foreign exchange window, this appears to be the ultimate market endorsement. But the configuration tells a different story as foreign portfolio investment (FPI)
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