Nigeria recorded a surge in foreign capital inflows in 2025, receiving $20.98 billion in the first ten months of the year, according to Central Bank Governor Olayemi Cardoso.
The inflows represent a 70% increase compared to the total for 2024 and a 428% jump from the $3.9 billion recorded in 2023.
Cardoso disclosed the figures at the 60th Annual Bankers’ Dinner, noting that the renewed appetite for Nigerian assets is tied to strengthened macroeconomic management, FX market reforms, and improved transparency across the financial system.
The NBS has only released the first quarter capital importation data which reveal Nigeria attracted $5.6 billion in the first quarter of 2025.
External sector sees strongest improvement in years
The apex bank governor stated that Nigeria attracted foreign capital inflows of $20.98 billion in the first 10 months of 2025, which he said was 70% higher than total inflows in 2024
“Foreign capital inflows reached US$20.98 billion in the first ten months of 2025, a 70% increase over total inflows for 2024 and a 428% surge compared to the US$3.9 billion recorded in 2023, reflecting a clear resurgence in investor confidence.”
Data from the NBS reveal Nigeria attracted $3.9 billion and $12.3 billion in capital inflows in 2023 and 2024 respectively.
According to Cardoso, the country’s current account balance rose sharply by over 85%, climbing from $2.85 billion in Q1 to $5.28 billion in Q2, supported by higher non-oil exports and improving FX flows.
“Nigeria’s external sector strengthened decisively in 2025, with the current account balance rising over 85% to US$5.28 billion in Q2, up from US$2.85 billion in Q1.”
The Governor also revealed that foreign reserves increased to $46.7 billion by mid-November, the highest level in almost seven years.
With more than 10 months of import cover, Nigeria’s external buffers are now at their strongest point in a decade.
A key highlight, Cardoso stressed, is that the reserves are being rebuilt “organically, not by borrowing,” but through better FX market functioning, rising non-oil export earnings, and buoyant capital inflows.
Non-oil exports and remittances strengthen
While oil production averaged between 1.45 million and 1.52 million barrels per day in 2025, the non-oil sector delivered the standout performance.
According to Cardoso, Non-oil exports grew by over 18% year-on-year, driven by exchange-rate flexibility and improved competitiveness under the now market-determined FX regime.
He also stated that diaspora remittances strengthened following enhancements in transparency, settlement efficiency, and reporting across the FX ecosystem.
“As with foreign investor inflows, diaspora remittances have also strengthened with confidence returning to official channels following enhancements in transparency, settlement efficiency, and reporting.
Remittance inflows grew by approximately 12% in 2025, with further momentum expected in 2026 as adoption rises for the Non-Resident BVN, which was launched earlier this year.
Cardoso also stated that the CBN will continue its flexible exchange-rate framework—one that allows the naira to serve as a shock absorber while limiting excess volatility.
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