The Centre for the Promotion of Private Enterprise, CPPE, has identified major concerns as the country’s capital importation rebounded by 380 percent on a year-on-year basis, rising to $6,014.77 billion in the third quarter of 2025 from $1,252.66 billion in the same period the previous year.
The development had triggered excitement within President Bola Ahmed Tinubu’s government when the National Bureau of Statistics released the data barely six days ago.
Reacting to the country’s capital importation reports for Q2 and Q3 2025, CPPE, in a statement by its Chief Executive Director, Muda Yusuf, said the data is encouraging; however, structural risks persist.
CPPE explained that deeper analysis of the situation shows the bulk of inflows went into the banking and financial sectors, with only marginal allocation to manufacturing, infrastructure, and other productive activities.
The economic think tank said Nigeria’s rising capital importation during the period under review is not yet translating into meaningful expansion of productive capacity. Without stronger capital flows into industry, agro-processing, logistics, energy, and export-oriented manufacturing, the broader economy will see limited gains in employment, productivity, and inclusive growth.
“Financial deepening without real-sector expansion risks creating a liquidity-driven recovery that does not fundamentally alter Nigeria’s productive base.
“The central task before policymakers is clear: move from a liquidity-driven recovery to investment-led transformation.
“Only by converting short-term capital inflows into long-term productive investment can Nigeria achieve sustainable growth, employment expansion, export diversification, and macroeconomic resilience,” CPPE urged the Nigerian government.
