Nigeria recorded $10.37 billion in capital importation in the first quarter of 2026, representing an 83.83 per cent increase compared to the $5.64 billion received in the corresponding period of 2025

The development was contained in a report released by the National Bureau of Statistics (NBS) on Wednesday.

The bureau’s latest Capital Importation Report also showed that foreign capital inflows increased by 60.97 per cent from the $6.44 billion recorded in the fourth quarter of 2025.

According to the report, the increase reflects stronger investor participation in Nigeria’s financial markets during the period under review.

Portfolio investment dominates inflows

The report showed that portfolio investment remained the largest component of capital importation, accounting for $9.86 billion or 95.09 per cent of the total inflows recorded during the quarter.

Other investments amounted to $374.48 million, representing 3.61 per cent of total capital imported, while foreign direct investment (FDI) stood at $135.08 million, accounting for 1.30 per cent.

The NBS noted that portfolio investment significantly outperformed other categories of capital inflows during the period.

Within the portfolio investment category, money market instruments attracted the highest inflows at $6.50 billion.

Investments in bonds totalled $3.23 billion, while equity investments totalled $131.81 million.

The figures indicate that investors continued to favour fixed-income instruments over equity investments during the quarter.

Banking sector attracts largest share

Sectoral analysis showed that the banking sector received the highest volume of foreign capital, attracting $7.55 billion, which represents 72.79 per cent of total capital imported during the period.

The financing sector followed with inflows of $2.43 billion, or 23.42 per cent of the total.

The production and manufacturing sector received $152.27 million, accounting for 1.47 per cent of total inflows.

Other sectors that attracted foreign investments included agriculture, telecommunications, information technology services, oil and gas, healthcare, construction, education, consultancy services, transport, trading and shares.

The United Kingdom emerged as the leading source of capital inflows into Nigeria during the first quarter of 2026.

According to the report, investments originating from the UK amounted to $5.08 billion, representing 49.01 per cent of total capital importation.

The United States followed with $3.18 billion, accounting for 30.69 per cent, while South Africa contributed $983.83 million, representing 9.49 per cent of the total.

Among financial institutions, Standard Chartered Bank Nigeria Limited handled the largest share of capital importation during the quarter.

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The bank received $4.41 billion in inflows, representing 42.56 per cent of the total capital imported into the country.

Stanbic IBTC Bank Plc followed with $2.78 billion, or 26.79 per cent, while Rand Merchant Bank facilitated inflows of $930.82 million, accounting for 8.97 per cent.

Other banks that processed foreign capital inflows during the period included Access Bank, Citibank Nigeria, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank, Fidelity Bank and United Bank for Africa.

The NBS stated that the capital importation statistics were compiled using information supplied by the Central Bank of Nigeria and reports submitted by commercial banks on fresh foreign capital brought into the country.

The bureau added that the figures do not capture other components of foreign direct investment, including reinvested earnings.

The Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, says the 650,000 barrels-per-day (bpd) refinery has a substantial surplus of jet fuel and is well-positioned to supply global markets.

Mr Bird disclosed this on Tuesday during a speech at the S&P Global Energy Middle East Petroleum and Gas Conference in London.

“We’re very grateful to be seen as a reliable, high-quality and dependable supplier able to land our product competitively all over the world,” Reuters quoted Mr Bird as saying.

According to him, lower demand within Africa compared to other regions has created export opportunities for the refinery.

His comments come at a time when global energy markets remain under pressure following tensions involving the US, Israel and Iran, which heightened concerns over supply disruptions around the Strait of Hormuz and contributed to volatility in fuel markets.

Jet fuel has been among the products significantly affected by these disruptions, with prices remaining elevated in many markets.

Mr Bird’s remarks also come amid persistent concerns within Nigeria’s aviation industry over the rising cost of Jet A1 fuel.

In recent months, PREMIUM TIMES has reported extensively on the pressure facing domestic airlines as aviation fuel prices surged, prompting warnings about possible disruptions and operational challenges.

Several operators, including Air Peace, United Nigeria Airlines and Ibom Air, have repeatedly complained about soaring Jet A1 prices, saying the development has strained operations and disrupted schedules.

The situation prompted government intervention after airline operators warned that sustained increases in aviation fuel costs could threaten the survival of some carriers.

Despite those interventions, airlines continue to report operational difficulties linked to fuel costs, including delays, cancellations and reduced flight frequencies.

However, the situation has also created opportunities for refiners outside the Gulf region, including Dangote Refinery, to expand exports to international markets.

Mr Bird said the refinery is currently operating at full nameplate capacity and is planning what he described as a “ruthless replication” strategy to expand output.

“We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028,” he said, adding that long-lead equipment has already been procured while construction contracts are being awarded.

He added that the group could eventually increase refining capacity to 2.1 million bpd, supported by plans for another refinery in East Africa, positioning the company as a major player in global crude and refined product markets.

“Nigeria has gone from fuel scarcity to absolute fuel abundance since the Dangote refinery came online,” Mr Bird said.

According to Kpler data cited last month, the Dangote Petroleum Refinery exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026.

The data showed exports rose from about 20,000 barrels per day in April 2024 to around 65,000 barrels per day by the end of that year before peaking at approximately 160,000 barrels per day during the review period.

The figures highlight the growing role of refined petroleum exports in Nigeria’s energy sector, particularly aviation fuel, as the country seeks to strengthen domestic refining capacity and reduce dependence on imported products.