Nigeria capital inflows surge on reform drive, non-oil exports climb
Nigeria's economic reforms have driven capital imports above $24 billion and non-oil exports to $6.1 billion, signaling a meaningful shift in investor confidence and structural diversification away from crude oil.
Nigeria has recorded $24.1 billion in capital importation and $6.1 billion in non-oil export earnings under its Renewed Hope Agenda, according to the Ministry of Industry, Trade and Investment. The data, presented by Permanent Secretary Dr Chris Isokpunwu on behalf of Minister Dr Jumoke Oduwole, highlights the initial economic impact of the government's structural reform programme.
For fixed-income and portfolio investors, the most striking metric is the sharp recovery in capital inflows. The country attracted $10.37 billion in the first quarter of 2026 alone, an 83.8% jump from the $5.64 billion recorded in the same period of 2025 and a 61% increase from the $6.44 billion seen in the fourth quarter of 2025. This resurgence, largely driven by foreign capital pouring into money market instruments and bonds, builds on a prior upswing when third-quarter 2025 inflows hit $6.01 billion—more than four times the $1.25 billion logged a year earlier.
Parallel to the financial account recovery, Nigeria is making tangible progress on its current account diversification. Full-year non-oil exports for 2025 reached N12.36 trillion, up from N9.09 trillion in 2024, and momentum carried into the first quarter of 2026 with N3.19 trillion in non-oil shipments. This export strength helped drive a merchandise trade surplus of N7.55 trillion in the first quarter, a crucial indicator for a nation historically tethered to volatile crude revenues.
Government officials attribute this trade shift to targeted facilitation measures, including the rollout of a National Single Window and broader digital public infrastructure. More than 40,000 exporters have been integrated into a new digital registration platform managed by the Nigerian Export Promotion Council. Additionally, the state is expanding Special Economic Zones and executing the African Continental Free Trade Area (AfCFTA) to lower operational barriers for manufacturers and agricultural producers.
At the domestic enterprise level, the ministry reports supporting over 115,000 micro, small and medium enterprises as part of a broader strategy to scale the economy to $1 trillion. Policymakers are advancing a planned N350 billion MSME Development Fund to further unlock local credit. Furthermore, 2026 marks the first full year of executing the Nigeria Industrial Policy spanning 2025 to 2035.
