In 2025, Nigeria experienced a notable increase in foreign capital inflows, totaling $20.98 billion during the first ten months of the year, as reported by Central Bank Governor Olayemi Cardoso.

This influx signifies a 70% rise compared to the amount received throughout 2024 and an impressive 428% increase from the $3.9 billion recorded in 2023. Cardoso shared these remarkable figures at the 60th Annual Bankers’ Dinner, crediting the increased interest in Nigerian assets to improved macroeconomic management, Foreign Exchange market reforms, and enhanced transparency within the financial system.

The governor of the central bank emphasized the significant boost in investor confidence, stating: “Foreign capital inflows reached US20.98 billion in the first ten months of 2025, a 70% rise over total inflows for 2024 and a 428% surge compared to the US3.9 billion recorded in 2023, indicating a clear revival in investor sentiment.” Data from the National Bureau of Statistics (NBS) shows that Nigeria garnered $3.9 billion and $12.3 billion in capital inflows during 2023 and 2024, respectively.

The NBS has only released capital importation data for the first quarter, which indicated that Nigeria drew in $5.6 billion during that period in 2025.

According to Cardoso, there was also a significant enhancement in the country’s external sector. The current account balance saw an impressive rise of over 85%, increasing from $2.85 billion in Q1 to $5.28 billion in Q2. This positive trend was bolstered by elevated non-oil exports and better FX flows. Cardoso remarked: “Nigeria’s external sector decisively strengthened in 2025, with the current account balance jumping over 85% to US5.28 billion in Q2, up from US2.85 billion in Q1.”

The Governor further disclosed that by mid-November, foreign reserves climbed to $46.7 billion, marking the highest level achieved in nearly seven years. With more than ten months of import coverage, Nigeria’s external buffers are at their strongest position in a decade. 

A notable point, as emphasized by Cardoso, is that the reserves are being rebuilt “organically, not by borrowing,” but rather through improved FX market operations, increasing non-oil export revenues, and robust capital inflows.

While oil production averaged between 1.45 million and 1.52 million barrels per day in 2025, the non-oil sector showcased exceptional performance. As Cardoso noted, non-oil exports rose by over 18% year-on-year, driven by exchange-rate flexibility and enhanced competitiveness within the newly market-driven FX regime.

He also mentioned that diaspora remittances have strengthened due to improvements in transparency, efficiency in settlement, and reporting throughout the FX ecosystem. Cardoso explained: “In line with foreign investor inflows, diaspora remittances have also been bolstered as confidence returns to official channels, aided by enhancements in transparency, settlement efficiency, and reporting. Remittance inflows increased by approximately 12% in 2025, with further growth anticipated in 2026 as the uptake of the Non-Resident BVN, launched earlier this year, continues to rise.”

Cardoso concluded by stating that the Central Bank of Nigeria will maintain its flexible exchange-rate framework—one that allows the naira to act as a shock absorber while minimizing excessive volatility.