Nigeria's oil and gas industry received $460,000 in foreign capital between January and March 2026, according to newly released figures from the National Bureau of Statistics (NBS), placing the sector among the smallest recipients of imported capital despite a broader increase in investment flows into the country's economy.
Analysis of the NBS Capital Importation Report shows that the industry's inflow rose from $120,000 recorded in the corresponding period of 2025, representing a year-on-year increase of 283.3 per cent.
Although the growth rate was substantial, the total value of capital imported into the sector remained relatively small compared with overall foreign investments received by the Nigerian economy during the period.
The NBS reported that total capital importation into Nigeria rose to $10.37 billion in the first quarter of 2026, up from $5.64 billion recorded in the same period of 2025. Compared with the preceding quarter, total inflows increased from $6.44 billion in the fourth quarter of 2025.
Based on the figures, the oil and gas sector accounted for a marginal share of total capital imported into the country during the quarter.
Historical data contained in the report show that the sector attracted higher inflows during some quarters of 2025. Capital importation into the industry stood at $9.5 million in the second quarter of last year before declining to $4.6 million in the third quarter and $3.76 million in the fourth quarter. Overall, the sector received $17.98 million in foreign capital throughout 2025.
The latest figures come as Nigeria continues efforts to attract investment into its petroleum industry through regulatory reforms, licensing rounds and the implementation of provisions under the Petroleum Industry Act.
Across the broader economy, the financial services sector remained the largest recipient of foreign capital during the first quarter.
According to the NBS, the banking sector attracted $7.55 billion, representing 72.79 per cent of total capital importation, while the financing sector received $2.43 billion, accounting for 23.42 per cent.
The production and manufacturing sector recorded inflows of $152.27 million, representing 1.47 per cent of total capital imported into the country during the period.
A breakdown by investment type showed that portfolio investment remained the dominant source of capital inflows, accounting for $9.86 billion, or 95.09 per cent of total importation.
Other investments contributed $374.48 million, representing 3.61 per cent, while Foreign Direct Investment stood at $135.08 million, equivalent to 1.30 per cent of total inflows.
The United Kingdom emerged as the largest source of capital imported into Nigeria during the quarter, accounting for $5.08 billion, or 49.01 per cent of total inflows.
The United States followed with $3.18 billion, representing 30.69 per cent, while South Africa contributed $983.83 million, equivalent to 9.49 per cent of total capital imported during the period.
The report also showed that Standard Chartered Bank Nigeria processed the largest share of imported capital, handling $4.41 billion, or 42.56 per cent of total inflows. Stanbic IBTC Bank followed with $2.78 billion, while Rand Merchant Bank processed $930.82 million.
Recent statements by government officials have pointed to increased investment commitments within the petroleum industry. Earlier this year, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Nigeria approved 28 Field Development Plans valued at $18.2 billion in 2025, with the projects expected to unlock additional crude oil reserves.
Similarly, Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, recently stated that regulatory initiatives had supported the emergence of multi-billion-dollar upstream investment commitments.
However, the NBS figures reflect recorded capital importation into the economy during the first quarter of 2026 and indicate that the oil and gas sector attracted $460,000 during the period under review.
The data provide a snapshot of actual foreign capital inflows into various sectors of the economy and show that the petroleum industry accounted for a relatively small proportion of total capital imported into Nigeria in the first three months of the year.