Nigeria attracted nearly US$14 billion in combined foreign portfolio investment (FPI) and foreign direct investment (FDI) in the first nine months of 2025, the federal government said, as renewed investor confidence and broad economic reforms fuelled capital inflows.
According to a report from the Federal Ministry of Industry, Trade and Investment, released on Tuesday, foreign portfolio investment led the recovery, reaching US$12.99 billion, while FDI rose sharply from a historically low base to US$936 million year-to-date, representing a 700 percent quarter-on-quarter increase in the third quarter.
The ministry attributed the surge to macroeconomic and structural reforms under President Bola Tinubu’s Renewed Hope Agenda, including foreign exchange liberalisation, the removal of fuel subsidies, tighter monetary policy, and enhanced investor aftercare.
“As a result, combined FPI and FDI reached nearly $14 billion in Q1–Q3 2025, surpassing total inflows in 2024,” the report said. It added that the Nigerian Exchange also ranked among the world’s top-performing stock markets during the year.
The ministry highlighted progress in converting investment commitments into live projects. Four priority projects worth $13.7 billion advanced in 2025, reflecting a conversion rate of over 25 percent from US$50.8 billion in signed Memoranda of Understanding. This shift from passive promotion to an execution-driven model was credited with improving project visibility and “de-risking” investment pipelines.
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Structured deal origination, curated deal rooms, targeted roadshows, and hands-on investor support were cited as key factors in building a de-risked pipeline exceeding US$5 billion across priority sectors. Investor confidence received a further boost in June when President Tinubu hosted West African leaders at the West Africa Economic Summit, generating over US$400 million in vetted investment deals.
Minister of Industry, Trade and Investment Dr Jumoke Oduwole also led bilateral engagements and trade missions to major economies including the United States, United Kingdom, France, UAE, Saudi Arabia, Japan, China, and Brazil, deepening investment pipelines and improving perceptions of Nigeria as a reform-driven investment destination.
The ministry also emphasised efforts to expand domestic capital, noting Nigeria hosted its first Domestic Investors Summit in 2025. Seventy-five percent of investor issues were resolved on the spot, with all resolved within five working days. Visits by Oduwole to manufacturing, agro-processing, electric vehicle, and industrial clusters further addressed operational challenges and encouraged reinvestment.
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Non-oil exports performed strongly, growing 21 percent to $12.8 billion in the first half of 2025, nearly double the $6.5 billion target. This contributed to a 12 trillion naira trade surplus and a 14 percent expansion in overall trade, aided by trade facilitation, logistics reforms, and increased value addition. Key export products included cocoa and derivatives, sesame seeds, cashew nuts, shea butter, ginger, hibiscus flower, rubber, palm oil derivatives, fertilisers, cement, and liquefied natural gas.
Special Economic Zones generated over $500 million in export revenues and created more than 20,000 direct jobs, reinforcing industrialisation and employment objectives. Nigeria also strengthened its leadership role under the African Continental Free Trade Area (AfCFTA), hosting engagements on digital trade and becoming Co-Champion of the AfCFTA Protocol on Digital Trade alongside Kenya and South Africa. Duty-free trade on 90 percent of goods across Africa was enabled through a provisional tariff concession schedule, while Nigeria became the first AfCFTA state party to publish a five-year implementation review.
Looking ahead, the ministry said it would build on the 2025 momentum by focusing on execution and measurable outcomes in sectors such as solid minerals, digital trade, the creative economy, and climate-smart industrialisation.
“These results affirm that 2025 marked a decisive inflexion point for Nigeria, restoring investor confidence, strengthening competitiveness, expanding exports, and laying the foundation for sustained and inclusive growth,” the ministry said.
