Nigeria’s oil and gas industry attracted the smallest portion of foreign capital inflows in the first quarter of 2026, despite a significant increase in overall investment entering the country, according to data released by the National Bureau of Statistics (NBS).
The NBS Capital Importation Report showed that total capital inflows into Nigeria rose to $10.37 billion during the quarter, representing an 83.83 per cent increase from the $5.64 billion recorded in the corresponding period of 2025. The figure also marked a 60.97 per cent increase compared to the $6.44 billion received in the final quarter of 2025.
Despite the strong growth in overall capital importation, the oil and gas sector attracted only $460,000 in foreign investment during the period, making it the least-funded sector among those tracked by the statistics agency. Although this represented an increase from the $120,000 recorded in the first quarter of 2025, the sector’s share of total inflows remained negligible.
According to the NBS, portfolio investments continued to dominate capital inflows into the economy, accounting for $9.86 billion or 95.09 per cent of the total amount imported during the quarter. Other investments contributed $374.48 million, while foreign direct investment (FDI) amounted to $135.08 million, representing just 1.30 per cent of total inflows.
Sectoral analysis showed that the banking industry remained the leading destination for foreign capital, attracting $7.55 billion, equivalent to 72.79 per cent of total inflows. The financing sector followed with $2.43 billion, while the production and manufacturing sector received $152.27 million.
The United Kingdom emerged as Nigeria’s largest source of foreign capital during the quarter, contributing $5.08 billion or 49.01 per cent of total inflows. Investments from the United States amounted to $3.18 billion, while South Africa accounted for $983.83 million.
In its report, the NBS stated: “In Q1 2026, total capital importation into Nigeria stood at $10.37bn, higher than $5.64bn recorded in Q1 2025, indicating an increase of 83.83 per cent.”
While the overall figures point to renewed investor interest in Nigeria’s financial markets, the modest inflow into the oil and gas sector shows the need for deeper reforms and stronger investor confidence if the industry is to attract a larger share of international capital. EFA.
