nigeria’s oil and gas sector recorded a 283.3 per cent increase in foreign capital inflows in the first quarter of 2026, but the industry continued to attract only a negligible share of total investments entering the country, official data have shown. Figures obtained from the latest Capital Importation Report released by the National Bureau of Statistics and analysed by our correspondent on Friday showed that the oil and gas sector attracted just $0.46m in foreign capital during the review period, compared to $0.12m recorded in the corresponding period of 2025.
Although the year-on-year growth represents a significant percentage increase, the actual value of investments flowing into the industry remained extremely low when compared to the overall capital imported into the Nigerian economy. The NBS report indicated that total capital importation into Nigeria rose to $10.37bn in the first quarter of 2026 from $5.64bn recorded in the same period of 2025, representing an increase of 83.83 per cent.
The oil and gas sector’s inflow of $460,000 accounted for virtually zero per cent of the total capital imported during the quarter, highlighting persistent investor caution towards an industry that remains the backbone of Nigeria’s economy and the country’s largest source of export earnings.
Further analysis of the data showed that the sector’s performance improved from the $120,000 recorded in the first quarter of 2025 but remained significantly below the levels required to support large-scale upstream, midstream and downstream investments. The industry attracted $9.50m in the second quarter of 2025 before inflows declined to $4.60m in the third quarter and $3.76m in the fourth quarter.
Cumulatively, the sector received $17.98m throughout 2025. The latest figures suggest that despite ongoing reforms aimed at reviving investor confidence, foreign capital inflows into the oil and gas industry remain weak relative to the size and strategic importance of the sector.
In contrast, the financial services industry emerged as the biggest beneficiary of foreign investments during the period. According to the report, the banking sector attracted $7.55bn, representing 72.79 per cent of total capital imported into Nigeria in the first quarter.
This was followed by the financing sector, which received $2.43bn, or 23.42 per cent of total inflows. The production and manufacturing sector attracted $152.27m, accounting for 1.47 per cent of total capital imported into the country. The report also revealed that portfolio investments continued to dominate foreign capital inflows, accounting for $9.86bn, or 95.09 per cent of total investments recorded during the quarter.
Other investments contributed $374.48m, representing 3.61 per cent, while foreign direct investment, often regarded as the most stable form of capital, stood at just $135.08m, accounting for 1.30 per cent of total inflows. The report read, “In Q1 2026, total capital importation into Nigeria stood at US$10,371.90 million, higher than US$5,642.07 million recorded in Q1 2025, indicating an increase of 83.83 per cent.
In comparison to the preceding quarter, capital importation increased by 60.97 per cent from US$6,443.48 million in Q4 2025. “Portfolio Investment ranked top with US$9,862.34 million, accounting for 95.09 per cent, followed by Other Investment with US$374.48 million, accounting for 3.61 per cent.
Foreign Direct Investment recorded the least with US$135.08 million, representing 1.30 per cent of total capital importation in Q1 2026.” A breakdown by source country showed that the United Kingdom retained its position as Nigeria’s largest capital importation partner, accounting for $5.08bn, or 49.01 per cent of total inflows.