Nigeria’s capital importation rose by 256.9 per cent year-on-year (YoY) to $2.82 billion in April 2026 from $0.79 billion in the corresponding period of 2025, indicating increased investor confidence in the economy, the Central Bank of Nigeria (CBN) has said.

However, capital importation declined by 26.7 per cent month-on-month (MoM) from $3.85 billion in March 2026 to $2.82 billion in April, largely due to declines in foreign portfolio investment (FPI), foreign direct investment (FDI) and other investments.

In its latest Economic Report, the CBN said: “Total capital inflow of $2.82 billion was recorded in April, compared with $3.85 billion in the preceding month.

“A disaggregation showed that foreign portfolio investment declined to $2.66 billion from $3.62 billion in March, due to lower purchases of money market instruments and bonds.

“Similarly, ‘Other investment’, mainly loans, decreased to $0.14 billion from $0.16 billion. Inflow of foreign direct investment also declined to $0.03 billion from $0.06 billion in the preceding period.”

The apex bank said portfolio investment continued to dominate capital inflows, accounting for 94.13 per cent of total inflows, while other investment and FDI accounted for 4.89 per cent and 0.98 per cent, respectively.

According to the CBN, the banking sector remained the largest recipient of capital inflows, accounting for 68.26 per cent of the total, followed by financing with 26.54 per cent, shares with 1.68 per cent and telecommunications with 1.05 per cent.

“Other sectors accounted for the balance,” the CBN said.

Analysis by state showed that Lagos remained the dominant destination for capital inflows, accounting for 61.92 per cent of total inflows.

The Federal Capital Territory (FCT) followed with 37.74 per cent, while Akwa Ibom attracted 0.21 per cent.

Kano and Ogun states each accounted for 0.04 per cent, while the remaining inflows went to other states.

Meanwhile, capital outflows declined significantly in April, falling to $2.21 billion from $4.33 billion in March 2026.

By By Obas Esiedesa

The Federal Government has backed the establishment of a regional petrol pricing benchmark for West Africa, saying the initiative will strengthen energy security, deepen cross-border trade and enable the region to determine the value of its refined petroleum products.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this yesterday at the 2026 West Africa Refined Fuel Market (WAFRFM) Conference in Abuja, where regulators, refiners, traders and investors discussed plans for a regional petroleum pricing and trading hub.

Lokpobiri said Nigeria’s deregulation of the downstream petroleum sector was designed to unlock investment and allow market forces to play a greater role in determining petroleum prices.

He, however, stressed that Nigeria could not achieve the objective alone, calling for stronger cooperation among West African countries and greater alignment of regulatory frameworks.

“If we are successful in Nigeria, we haven’t achieved our objective. We want Ghana to suacceed,” he said.

According to him, an integrated regional market would enable West African countries to maximise their respective advantages, attract investment and reduce the dependence of African petroleum markets on pricing structures determined outside the continent.

Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Rabiu Umar, said the conference marked a shift from developing a roadmap to implementing the regional market framework.

He said the inaugural conference in 2025 laid the foundation for a West African refined-products reference market, focusing on refining capacity, logistics, storage, infrastructure, regulatory cooperation, market data and access to capital.

Umar said progress had been recorded through the West Africa Regulators Forum and collaboration with S&P Global Commodity Insights to bring market reporting and benchmark expertise closer to regional transactions and physical product flows.

“A reference price is not by itself a trading hub. A conference is not a market,” Umar said, stressing that credible price discovery required physical infrastructure, commercial liquidity, reliable market information and operational efficiency.

He identified pipelines, storage terminals, jetties, ports, roads, rail networks, strategic reserves and digital trading platforms as critical infrastructure for the proposed market.

Also speaking, Special Adviser to the President on Oil and Gas, Olu Verheijen, said West Africa was not short of energy resources or demand but was constrained by fragmented markets and inadequate infrastructure.

She said Nigeria’s expanding refining capacity and declining dependence on imported petrol presented an opportunity for the country to anchor a more integrated regional petroleum market.

“Refining capacity alone, as big as ours is, does not create energy security,” she said, calling for investments in pipelines, ports, storage facilities, coastal vessels, trucking networks and trading platforms.

Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Oritsemeyiwa Eyesan, said rising refining capacity, improved gas supply and increased crude oil production had created an opportunity to integrate the West African petroleum market.

“The West African market must be integrated. We can no longer afford to operate in silos,” he said.

Meanwhile, Vera Blei, Head of Platts at S&P Global Energy, said the company had expanded regional refined-product price assessments and market updates in response to increased volatility.

She said S&P Global was developing additional data and reporting mechanisms for West Africa to improve transparency and support regional price discovery.

Blei disclosed that the benchmark was being developed in naira and other local currencies, adding that S&P Global had opened an office in Abuja.

She urged refiners, traders and other market participants to transact against emerging regional benchmarks to build the liquidity and credibility required for them to become established market references.

By Elizabeth Adegbesan

eTranzact International Plc has reaffirmed its commitment to supporting Micro, Small and Medium Enterprises, MSMEs, through digital payment solutions, as it deepens its partnership with the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, to promote financial inclusion.

The commitment was made at the SMEDAN/eTranzact Town Hall Engagement, themed, “Financial Literacy and Inclusion for MSMEs: Leveraging Fintech Innovation,” in Lagos.

Speaking at the event, Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, described MSMEs as the backbone of Nigeria’s economy, noting that the country has almost 40 million SMEs contributing significantly to growth and job creation.

She said many businesses still face challenges including access to finance, inefficient payment systems, poor financial reporting, cash flow constraints and limited access to digital platforms.

“At eTranzact, we build infrastructure to help businesses grow. A lot of our products are customised solutions because we look at the specific challenges businesses are facing. We innovate because we believe small businesses are accelerators of the economy,” she said.

Reis highlighted Credo by eTranzact, a digital payment gateway that enables merchants, SMEs and informal-sector operators to accept and process payments, as well as PocketMoni, the company’s CBN-licensed mobile money platform for money transfers, airtime and data purchases and utility payments.

Representing SMEDAN Director-General, Prof. Yinka Fisher said the town hall was designed to generate practical solutions for MSMEs.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.

Also speaking, Dr. Praise Adedigba, representing NACCIMA Director-General, said businesses must embrace digital capabilities and strategic partnerships.

He said stronger MSMEs would translate into higher productivity, more jobs and shared national prosperity.