By Martin Ekpeke
Nigeria’s macroeconomic reform agenda is delivering tangible economic turnaround, highlighted by a strong recovery in foreign investment inflows, capital importation and broader market stability.
Presenting the federal government’s reform scorecard, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed that total capital importation into Nigeria surged from $1.13 billion in the first quarter of 2023 to $10.37 billion in the first quarter of 2026.
Concurrently, he noted that Foreign Direct Investment (FDI) recorded a sharp upward trajectory, expanding from $895 million in 2022 to $4.01 billion by 2025.
Key indicators of economic recovery
- Capital importation grew from $1.13bn (Q1 2023) to $10.37bn (Q1 2026).
- Foreign Direct Investment (FDI) climbed from $895m (2022) to $4.01bn (2025).
- Stock Market Capitalisation expanded from ₦31 trillion (May 2023) to approximately ₦150 trillion (June 2026).
- Sovereign Eurobond Yields dropped from 10%–13% band to 7%–8% by mid-2026.
According to the Minister, the substantial growth in capital inflows and equity valuation signals a restoration of institutional investor confidence following deliberate structural adjustments, including foreign exchange market realignment and tax governance reforms.
He argued that the reduction in Nigeria’s Sovereign Eurobond yields to single-digit territories (7%–8%) directly eases the federal government’s external borrowing costs, lowering sovereign debt service pressures and improving credit rating outlooks.
“For domestic businesses, particularly technology firms, manufacturing entities, and infrastructure operators, the massive rally in stock market capitalization reaching ₦150 trillion enhances balance sheet valuations, expands liquidity, and lowers equity financing barriers needed for long-term expansion,” he added.
Furthermore, the surge in capital importation provides vital foreign exchange liquidity to the Central Bank of Nigeria (CBN), helping to stabilize the Naira, ease import bottlenecks for critical technology hardware and raw materials, and create a predictable environment for foreign enterprise deployment across West Africa.