Q1 2026: Oil & gas attracts the smallest share of Nigeria’s capital inflows, says NBS

Nigeria's oil and gas sector is struggling to attract foreign investment, securing a mere $460,000 in the first quarter of 2026. This figure represents a minuscule fraction of the country's overall capital inflows, which surged by 83.8% to $10.4 billion during the same period, according to data from the National Bureau of Statistics (NBS).

Despite oil being Nigeria's primary export, the sector accounted for less than 1% of total capital inflow. This highlights its ongoing challenges in positioning itself as a strong destination for foreign capital. In stark contrast, the financial services sector was the primary recipient, attracting $7.6 billion, or 72.8% of the total inflows. The financing sector followed with $2.4 billion (23.4%), and the production and manufacturing sector secured $152.27 million (1.5%).

The overall increase in capital importation, up 61% from the previous quarter, was largely driven by portfolio investment, which contributed $9.9 billion (95.1%). This indicates a continued preference among international investors for Nigerian securities. Other investments accounted for $374.5 million (3.6%), while foreign direct investment (FDI) remained notably low at $135.1 million (1.3%).

This data emerges as government officials have been highlighting significant investment commitments in the petroleum industry. Earlier in 2026, the minister of state for petroleum resources (oil) reported that Nigeria secured 28 new Field Development Plans valued at $18.2 billion in 2025. Additionally, the CEO of NNPC Limited stated that recent regulatory reforms have facilitated over $24 billion in upstream investments, with more projects under consideration. The UK, US, and South Africa were the leading sources of foreign capital during the quarter.