Nigeria attracted $10.37 billion in capital importation during the first quarter of 2026, representing an 83.8 per cent increase compared to the $5.64 billion recorded in the corresponding period of 2025, according to the latest data released by the National Bureau of Statistics (NBS).

The report showed that capital inflows also increased by 61 per cent from the $6.44 billion recorded in the fourth quarter of 2025, reflecting growing foreign investor confidence in Nigerian financial assets.

Portfolio investments remained the dominant source of inflows, accounting for $9.86 billion or 95.1 per cent of total capital imported during the period. This represented an 89.5 per cent increase compared to the first quarter of 2025 and a 79.8 per cent rise from the previous quarter.

Within the portfolio investment category, money market instruments attracted $6.50 billion, while bond investments accounted for $3.23 billion, jointly contributing more than 98 per cent of total portfolio inflows.

Despite the strong overall performance, Foreign Direct Investment (FDI) remained relatively weak. Nigeria recorded FDI inflows of $135.08 million, representing only 1.3 per cent of total capital importation. Although this was seven per cent higher than the figure recorded a year earlier, it declined by over 62 per cent compared to the previous quarter.

Other investments contributed $374.48 million, accounting for 3.6 per cent of total inflows. Loans represented the largest component at $364.43 million, while trade credits accounted for approximately $10 million.

Banking Sector Dominates Capital Inflows

Sectoral analysis revealed that the banking sector remained the largest recipient of foreign capital during the quarter, attracting $7.55 billion or 72.8 per cent of total inflows.

The financing sector followed with $2.43 billion, representing 23.4 per cent, meaning the two sectors accounted for more than 96 per cent of all capital imported into the country during the period.

The production and manufacturing sector received $152.27 million, while investments in shares amounted to $75.34 million.

Other sectors attracted significantly lower inflows, including trading ($65.79 million), agriculture ($37.28 million), information technology services ($11.33 million), and telecommunications ($7.24 million).

Notably, sectors critical to economic diversification recorded minimal investment. The oil and gas sector attracted only $460,000, while construction received $100,000. Education and healthcare recorded inflows of $70,000 and $120,000 respectively.

UK Leads Source Countries

The United Kingdom emerged as the largest source of capital imported into Nigeria during the quarter, contributing $5.08 billion or 49 per cent of total inflows.

The United States followed with $3.18 billion, accounting for 30.7 per cent, while South Africa contributed $983.83 million, representing 9.5 per cent of total capital importation.

Mauritius and the United Arab Emirates contributed $390.07 million and $194.51 million respectively.

Standard Chartered Tops Receiving Banks

Among financial institutions, Standard Chartered Bank Nigeria processed the highest volume of capital inflows, receiving $4.41 billion or 42.6 per cent of total importation.

Stanbic IBTC Bank followed with $2.78 billion, while Rand Merchant Bank handled $930.82 million.

Other major receiving institutions included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank Nigeria and Fidelity Bank.

Analysts say the latest figures highlight sustained foreign investor preference for short-term financial instruments, particularly bonds and money market assets, while long-term productive investments such as manufacturing, agriculture, construction and oil and gas continue to attract relatively low levels of foreign capital.

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Stanbic IBTC Bank has reaffirmed its commitment to advancing inclusive housing in Nigeria by calling for stronger integration between policy formulation, capital mobilisation, and project execution.

The lender made this position known at the 2026 Wemabod Real Estate Outlook Conference themed “Unlocking Land and Infrastructure for Inclusive Housing.”

Coordinated Frameworks Beyond Financing

Stanbic IBTC emphasised that delivering sustainable and dignified housing solutions requires more than access to funding. It noted that effective housing development depends on coordinated frameworks that unlock land availability, integrate infrastructure planning from inception, and align public- and private-sector participation.

The bank described this alignment as a “policy–capital–execution nexus” necessary for scaling housing projects that generate long-term economic value while expanding access to quality shelter.

Speaking during a fireside discussion, the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, stated that inclusive asset development is critical to sustainable economic growth.

“Sustainable growth is impossible without inclusive assets, and inclusive housing cannot be achieved without intentionally unlocking land and aligning infrastructure from the outset,” he said, adding that the institution remains committed to supporting frameworks that deliver long-term value and opportunity for Nigerians.

Collaboration as a Catalyst

Also speaking at the conference, the Head of Real Estate Finance at Stanbic IBTC Capital, Tola Akinhanmi, stressed that inclusive housing requires multi-stakeholder collaboration.

She noted that government agencies, development institutions, private-sector players, financiers, professionals, and host communities must work in concert to create viable and scalable housing models aligned with regional economic priorities.

Rethinking Urban Development

In his opening remarks, the Managing Director and Chief Executive Officer of Wemabod Limited, Bashir Oladunni, highlighted the need for a strategic shift in housing development patterns.

He advocated gradual migration from densely populated urban centres to well-planned regional growth corridors, supported by efficient transportation networks and coordinated land-use planning. According to him, such an approach would stimulate economic activity and reduce pressure on overstretched metropolitan areas.

Industry Dialogue and Outlook

The conference served as a platform for policy dialogue, partnership building, and the exchange of actionable strategies aimed at transforming Nigeria’s real estate landscape.

Industry stakeholders examined innovative models for affordable housing delivery, infrastructure financing, and sustainable urban development.

Stanbic IBTC reiterated its intention to remain at the forefront of Nigeria’s housing transformation agenda through strategic partnerships designed to broaden access to affordable housing and foster inclusive economic growth.

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Emerging & Frontier Capital (EFC) has warned that the National Pension Commission’s (PenCom) new capital rules for Pension Fund Administrators (PFAs) could hurt profitability, even as they promote consolidation and stability in the industry.

PenCom recently raised the minimum capital requirement from ₦5 billion to ₦20 billion for PFAs with Assets Under Management (AUM) below ₦500 billion, and ₦20 billion plus 1% of AUM above ₦500 billion for larger firms. Operators must comply by December 31, 2026.

EFC described the policy as logical but cautioned that it could sharply reduce returns and dividend payouts. The firm estimated that a ₦5 billion investment with a 10-year internal rate of return (IRR) of 34.2% could now yield just 3.6%, while a ₦20 billion investment might post a negative IRR of -8.3%.

The report also projected that returns for top operators like Stanbic IBTC Pensions and Access ARM Pensions could fall by up to 20 percentage points by 2031.

EFC suggested that PenCom adopt AUM-based requirements and encourage PFAs to list on the stock exchange to improve transparency and allow contributors to benefit through dividends.

Despite profitability concerns, the firm said the reforms would likely streamline the industry and improve efficiency over time.

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A government-supported mortgage programme is drawing strong participation from Nigerians abroad eager to invest in real estate back home. The Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), though managed with private sector backing, is offering long-term loans that many in the diaspora see as their most practical entry into Nigeria’s property market.

The facility provides loans of up to ₦100 million at a 12 percent interest rate for a period of 20 years, with an equity contribution of 20 percent. It is available to both salaried and self-employed Nigerians, whether resident in the country or overseas. The aim is to bridge the gap between demand and supply in the housing sector, which continues to face severe financing challenges.

Stanbic IBTC Bank has positioned itself as a leading provider of the scheme, recently improving on the fund’s terms by offering a reduced interest rate of 9.75 percent and cutting the equity requirement to 10 percent. The bank requires a minimum monthly income of ₦500,000 for salaried applicants and an annual turnover of ₦100 million for self-employed applicants, including those in the diaspora. Other institutions offering the product include Homebase Mortgage Bank, Imperial Homes Mortgage Bank, and Infinity Trust Mortgage Bank.

Demand has been especially strong from Nigerians in the United States, United Kingdom, and Canada. Femi Johnson, former CEO of Homebase Mortgage Bank and past president of the Mortgage Banking Association of Nigeria (MBAN), described the uptake as unprecedented. He explained that for the first time, Nigerians abroad can access mortgage loans at rates and processing speeds comparable to those in their host countries. Johnson noted that interest has come not only from individuals but also from church groups, professional associations, and investment clubs.

Homebase has concentrated its marketing campaigns on these three countries through physical events, online sessions, and targeted advertising across social media platforms. Stanbic has also launched an aggressive marketing push, highlighting new features such as the option to use a portion of retirement savings as part of the equity contribution and joint applications with a spouse.

The fund has generated mixed reactions among diaspora Nigerians. Some see it as an attractive opportunity in a country where inflation is above 30 percent, arguing that the interest rate is relatively low. Others consider the loan still too expensive by international standards, with concerns over the total repayment burden over the tenor of the loan.

One Nigerian in the UK, Deji Okunbo, shared on X that accessing the loan was straightforward and encouraged others to take advantage. Yet other users questioned its affordability, pointing out that a ₦50 million loan at 12 percent could result in over ₦135 million in interest over a 30-year period. Defenders of the programme countered that the rates must be judged in the context of Nigeria’s inflation, noting that a 12 percent mortgage in such an environment is comparatively cheap.

Despite the debate, industry experts believe MREIF could mark a breakthrough for diaspora participation in Nigeria’s property market. By offering structured financing at terms closer to international norms, the programme is being seen as an important step toward unlocking long-term investment in the country’s housing sector.

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