Nigeria’s oil and gas industry recorded only $460,000 in foreign capital inflows in the first quarter of 2026, according to the National Bureau of Statistics (NBS), highlighting continued weak investor interest in the sector despite overall growth in national investments.
The figure shows a sharp increase compared to the $120,000 recorded in the same period of 2025, but it remains extremely low when measured against Nigeria’s total capital importation for the quarter.
Latest NBS data indicate that the country attracted $10.37 billion in foreign capital between January and March 2026, more than double the $5.64 billion recorded in the corresponding period of the previous year.
However, the oil and gas sector contributed a negligible share of this inflow, reflecting ongoing caution from foreign investors in the industry that remains central to Nigeria’s revenue and exports.
Most of the investment went into the financial services sector, which dominated inflows with $7.55 billion, accounting for over 70 percent of the total. The financing segment followed with $2.43 billion, while manufacturing received $152.27 million.
Portfolio investments continued to lead overall inflows, making up $9.86 billion, or about 95 percent of total capital imported during the quarter. Other investment categories contributed $374.48 million, while foreign direct investment stood at $135.08 million.
By source, the United Kingdom was the largest contributor with $5.08 billion, followed by the United States with $3.18 billion and South Africa with $983.83 million.
On the receiving end, Standard Chartered Bank Nigeria processed the largest share of inflows at $4.41 billion. Stanbic IBTC Bank handled $2.78 billion, while Rand Merchant Bank accounted for $930.82 million.
Although government officials have repeatedly pointed to reforms in the petroleum sector and multi-billion-dollar project approvals as signs of renewed investor confidence, the latest NBS figures suggest that these commitments have not yet translated into significant recorded capital inflows.
The data paints a picture of an economy attracting strong foreign interest overall, but with the oil and gas industry still lagging behind other sectors in actual investment inflows.
