Nigeria’s Capital Importation Rises 256.9% to $2.82bn
Capital inflows rise in Nigeria
Nigeria recorded $2.82 billion in capital inflows in April 2026, representing a 256.9% year-on-year increase from the $790 million recorded in April 2025, according to the Central Bank of Nigeria (CBN).
Despite the strong annual increase, capital importation fell 26.7% month-on-month from $3.85 billion in March 2026, reflecting lower foreign portfolio investment, foreign direct investment and other investment inflows.
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Portfolio investment dominates capital inflows
Foreign portfolio investment (FPI) accounted for the overwhelming majority of capital imported during the month.
The CBN reported that FPI fell to $2.66 billion in April from $3.62 billion in March, largely because investors reduced purchases of money-market instruments and bonds. FPI nevertheless represented 94.13% of total capital inflows during the month.
Other investment, mainly loans, declined to $140 million from $160 million, while foreign direct investment (FDI) fell to $30 million from $60 million in March. FDI accounted for only 0.98% of total April inflows.
The composition of the inflows therefore shows that the strong year-on-year growth was driven primarily by portfolio capital rather than direct investment in productive assets.
Banking sector attracts largest share
The banking sector remained the largest recipient of foreign capital during the period, receiving 68.26% of total inflows.
The financing sector followed with 26.54%, while shares and telecommunications attracted 1.68% and 1.05%, respectively. Other sectors accounted for the remaining inflows.
The concentration of capital in financial services highlights the continued importance of Nigeria's banking and financial markets in attracting foreign investment.
For the wider economy, however, a sustained increase in FDI would be more significant for expanding productive capacity, infrastructure and long-term investment.
Lagos and FCT remain dominant destinations
Capital inflows remained heavily concentrated geographically.
Lagos attracted 61.92% of total capital imported in April, while the Federal Capital Territory received 37.74%.
Akwa Ibom accounted for 0.21%, while Kano and Ogun each attracted 0.04%. The remaining inflows were distributed among other states.
The concentration in Lagos and Abuja continues to reflect their roles as Nigeria's principal financial, commercial and administrative centres.
Capital outflows fall sharply
While inflows declined from March, capital outflows recorded a much sharper reduction.
The CBN reported that capital outflows fell from $4.33 billion in March to $2.21 billion in April.
The reduction in outflows could provide some support to Nigeria's external position, although the sustainability of this trend will depend on future investor activity, foreign exchange conditions and broader economic developments.
Implications for real estate investment
The increase in capital importation has implications for Nigeria's property and infrastructure markets, particularly because Lagos and Abuja accounted for almost all recorded inflows.
Higher investment activity can support demand for commercial offices, residential accommodation, hospitality, logistics facilities and other real estate assets serving businesses and workers.
However, the structure of the April inflows is important. Since 94.13% came from portfolio investment, the increase does not necessarily represent equivalent growth in long-term physical investment in property or infrastructure.
For the real estate market, a sustained increase in FDI and investment into productive sectors would provide a stronger foundation for new construction, industrial expansion and employment-driven housing demand.
Investment concentration remains a concern
The geographical concentration of capital flows also highlights the uneven distribution of investment across Nigeria.
Lagos and the FCT together accounted for 99.66% of April's capital inflows, leaving relatively little capital flowing directly into other states.
This concentration can reinforce existing differences in infrastructure, employment and property-market activity between Nigeria's major economic centres and other regions.
Expanding investment beyond Lagos and Abuja could therefore become important for developing regional property markets and supporting more balanced economic growth.
Outlook
Nigeria's $2.82 billion capital importation in April represents a substantial year-on-year improvement, but the month-on-month decline and heavy reliance on portfolio investment provide a more nuanced picture of investor activity.
For the housing and real estate sectors, the key indicator will be whether stronger capital inflows translate into sustained FDI, productive investment and business expansion. Increased investment in these areas could generate demand for housing, commercial property and infrastructure beyond Nigeria's traditional investment centres.
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