United Kingdom-based investors provided the bulk of Nigeria’s foreign capital in the first quarter of 2025, accounting for more than 65 per cent of total inflows, the latest Capital Importation report from the National Bureau of Statistics has shown.

The data revealed that capital from the UK rose to $3.68bn (N5.52tn at N1,500/$) in Q1 2025, representing 65.26 per cent of the $5.64bn total for the quarter. This marked a 29.2 per cent increase from the $2.85bn recorded in Q4 2024 and a 103.9 per cent jump from the $1.81bn in Q1 2024.

The figures underline Britain’s dominance in Nigeria’s external financing profile and its enduring role as the primary gateway for capital flows into the country. Overall, capital importation into Nigeria stood at $5.64bn in Q1 2025, up 10.9 per cent from $5.09bn in the previous quarter and 67.1 per cent higher than the $3.38bn recorded in the same period of 2024.

The NBS report read, “Capital Importation during the reference period originated largely from the United Kingdom with $3,681.96m, showing 65.26 per cent of the total capital imported.”

The PUNCH further observed that South Africa emerged as the second-largest source of capital in Q1 2025, with $501.29m, or 8.88 per cent of the total. This was up 10.2 per cent from $454.94m in Q4 2024 but down 14 per cent compared to the $582.34m recorded a year earlier.

Mauritius supplied $394.51m in the quarter, accounting for 6.99 per cent of inflows — more than double the $182.40m it recorded in Q4 2024 and up 119.5 per cent from $179.62m in the same period last year.

The United States followed closely, contributing $368.92m, or 6.54 per cent of the total. While this was 38.2 per cent lower than the $596.77m recorded in Q4 2024, it still represented a more than threefold increase from the $89.27m inflow in Q1 2024.

The United Arab Emirates contributed $301.72m, representing 5.35 per cent of total inflows. This was a sharp increase of 178.1 per cent from $108.46m in Q4 2024 and almost triple the $101.76m seen in Q1 2024.

Other significant sources included the Cayman Islands ($114.76m, up from $0.64m in Q4 2024), Belgium ($70.54m, up from $86.98m a quarter earlier but down from $59.15m a year ago), France ($47.33m, up from $16.68m in Q4 2024), the Netherlands ($42.68m, down sharply from $425.61m in the previous quarter), and Singapore ($36.79m, lower than $142.01m in Q4 2024).

The report highlights that capital inflows remain highly concentrated. The top five countries — the UK, South Africa, the US, Mauritius, and the UAE — jointly accounted for more than 92 per cent of all recorded inflows in the quarter. Such concentration, while showing strong bilateral and financial links with these nations, also exposes Nigeria to the risk of volatility if investor sentiment in these jurisdictions shifts.

The PUNCH earlier reported that research by the United Kingdom-based Strategy Management Partners revealed that a growing number of British businesses are identifying Africa as a key strategic growth region, drawn by structural reforms, demographic momentum, and rapid digital transformation across the continent.

Fresh insights from a Q1 2025 survey of 250 UK business executives in strategic roles, including CEOs and Heads of Strategy, reveal that 50 per cent of companies with an annual turnover of over £20m are already operating in African markets and planning expansion after years of economic uncertainty. An additional 28 per cent say they are interested in venturing into the continent but remain uncertain about how best to enter.

These interests are propelled by the fact that the continent is home to 30 per cent of the world’s mineral reserves, eight per cent of natural gas, and over 12 per cent of oil reserves. It also boasts 65 per cent of the world’s arable land and is projected to house one-quarter of the global workforce by 2035.

Seven sectors stand out as magnets for international capital: technology, oil and gas, power (including renewables), agriculture, manufacturing, infrastructure, and strategic minerals.

The research document noted, “At the heart of this pivot is Africa’s evolving economic identity. No longer seen merely as a source of raw materials, the continent is now being recognised for its transformational potential. From Lagos to Nairobi and Cairo, Africa is rewriting its own story, and UK investors are taking note.”