Nigeria has received foreign capital inflows amounting to $20.98 billion in the first ten months of the year.
The inflows represent a 70 per cent increase compared to the total for 2024 and a 428 per cent increase from the $3.9 billion recorded in 2023.
Central Bank Governor, Olayemi Cardoso, disclosed this while speaking at the 60th Annual Bankers’ Dinner.
According to him, the renewed appetite for Nigerian assets is tied to strengthened macroeconomic management, FX market reforms, and improved transparency across the financial system.
“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 per cent, growing 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.”
Cardoso 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.
The CBN governor pointed out 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.
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.
He said non-oil exports grew by over 18 per cent year-on-year, driven by exchange-rate flexibility and improved competitiveness under the now market-determined FX regime.
Cardoso 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 per cent in 2025, with further momentum expected in 2026 as adoption rises for the Non-Resident BVN, which was launched earlier this year.
Cardoso assured that the CBN will continue its flexible exchange-rate framework which allows the naira to serve as a shock absorber while limiting excess volatility.
