Nigeria has lost its bid to host the 2031 African Games after Uganda was officially awarded the hosting rights for the continent’s premier multi-sport event during the Extraordinary Session of the African Union Specialized Technical Committee on Youth, Culture and Sports (STC-YCS5).

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According to reports from the virtual meeting held on June 2, Nigeria’s proposal was rejected as the body prefer the Uganda bid.

Uganda was subsequently confirmed as host of the 15th edition of the African Games scheduled for 2031, marking a major sporting milestone for the East African nation.

The meeting also approved revised African Games Fundamental Regulations aimed at improving governance, transparency, and operational standards for future editions of the Games.

Member states further reiterated their commitment to global anti-doping standards, including timely contributions to the World Anti-Doping Agency (WADA), while emphasizing the importance of clean sport development across Africa.

Nigeria’s latest setback adds to a growing list of unsuccessful international sporting bids, while Uganda now begins preparations to welcome athletes from across the continent in 2031.

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.