NEWS
Oil Sector Attracts $460,000 in Three Months – NBS
Nigeria’s oil and gas sector recorded a 283.3 per cent increase in foreign capital inflows in the first quarter of 2026, but the industry continued to attract only a negligible share of total investments entering the country, official data have shown.
Figures obtained from the latest Capital Importation Report released by the National Bureau of Statistics and analysed by our correspondent on Friday showed that the oil and gas sector attracted just $0.46m in foreign capital during the review period, compared to $0.12m recorded in the corresponding period of 2025.
Although the year-on-year growth represents a significant percentage increase, the actual value of investments flowing into the industry remained extremely low when compared to the overall capital imported into the Nigerian economy.
The NBS report indicated that total capital importation into Nigeria rose to $10.37bn in the first quarter of 2026 from $5.64bn recorded in the same period of 2025, representing an increase of 83.83 per cent.
The oil and gas sector’s inflow of $460,000 accounted for virtually zero per cent of the total capital imported during the quarter, highlighting persistent investor caution towards an industry that remains the backbone of Nigeria’s economy and the country’s largest source of export earnings.
Further analysis of the data showed that the sector’s performance improved from the $120,000 recorded in the first quarter of 2025 but remained significantly below the levels required to support large-scale upstream, midstream and downstream investments.
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The industry attracted $9.50m in the second quarter of 2025 before inflows declined to $4.60m in the third quarter and $3.76m in the fourth quarter. Cumulatively, the sector received $17.98m throughout 2025.
The latest figures suggest that despite ongoing reforms aimed at reviving investor confidence, foreign capital inflows into the oil and gas industry remain weak relative to the size and strategic importance of the sector.
In contrast, the financial services industry emerged as the biggest beneficiary of foreign investments during the period.
According to the report, the banking sector attracted $7.55bn, representing 72.79 per cent of total capital imported into Nigeria in the first quarter. This was followed by the financing sector, which received $2.43bn, or 23.42 per cent of total inflows.
The production and manufacturing sector attracted $152.27m, accounting for 1.47 per cent of total capital imported into the country.
The report also revealed that portfolio investments continued to dominate foreign capital inflows, accounting for $9.86bn, or 95.09 per cent of total investments recorded during the quarter.
Other investments contributed $374.48m, representing 3.61 per cent, while foreign direct investment, often regarded as the most stable form of capital, stood at just $135.08m, accounting for 1.30 per cent of total inflows.
The report read, “In Q1 2026, total capital importation into Nigeria stood at US$10,371.90 million, higher than US$5,642.07 million recorded in Q1 2025, indicating an increase of 83.83 per cent. In comparison to the preceding quarter, capital importation increased by 60.97 per cent from US$6,443.48 million in Q4 2025.
“Portfolio Investment ranked top with US$9,862.34 million, accounting for 95.09 per cent, followed by Other Investment with US$374.48 million, accounting for 3.61 per cent. Foreign Direct Investment recorded the least with US$135.08 million, representing 1.30 per cent of total capital importation in Q1 2026.”
A breakdown by source country showed that the United Kingdom retained its position as Nigeria’s largest capital importation partner, accounting for $5.08bn, or 49.01 per cent of total inflows.
The United States followed with $3.18bn, representing 30.69 per cent, while South Africa contributed $983.83m, or 9.49 per cent of the total capital imported during the quarter.
The report further showed that Standard Chartered Bank Nigeria Limited handled the largest share of capital inflows into the country, receiving $4.41bn, or 42.56 per cent of total imported capital.
Stanbic IBTC Bank Plc followed with $2.78bn, accounting for 26.79 per cent, while Rand Merchant Bank received $930.82m, representing 8.97 per cent of the total.
The latest capital importation data come despite repeated assurances by government officials that Nigeria’s oil and gas sector is witnessing a major investment rebound driven by reforms under the Petroleum Industry Act and efforts to attract fresh investments into the petroleum sector through the award of new oil and gas assets.
Speaking at the 2026 Nigeria International Energy Summit in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that Nigeria secured 28 new Field Development Plans valued at $18.2bn in 2025, with the projects expected to unlock about 1.4 billion barrels of crude oil reserves. The minister said the approvals signalled renewed investor confidence in Nigeria’s upstream sector after years of declining investments and production.
Lokpobiri also noted that four of the seven major Final Investment Decisions announced across Africa between 2024 and 2025 were recorded in Nigeria, which he attributed to policy clarity, improved governance and reforms aimed at making the country’s petroleum industry more competitive.
According to him, the approvals represented evidence that Nigeria had once again become a preferred destination for oil and gas investments on the continent.
The minister further argued that the implementation of the Petroleum Industry Act, fiscal incentives for upstream operators and the resolution of long-delayed International Oil Company divestments had helped restore investor confidence and attract fresh capital into the sector.
Similarly, the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, recently said reforms championed by the Nigerian Upstream Petroleum Regulatory Commission had unlocked more than $24bn in investments across the upstream oil and gas industry, with an additional $10bn investment pipeline under consideration.
Ojulari stated that the investments were the result of targeted interventions to resolve legacy disputes, unlock stalled Final Investment Decisions and improve the operating environment for investors.
He expressed confidence that the inflows would support Nigeria’s ambition of raising crude oil production to three million barrels per day over the medium term.
However, the National Bureau of Statistics data paint a different picture regarding actual foreign capital imported into the sector during the first quarter of 2026.
Despite the government’s announcement of multi-billion-dollar commitments and project approvals, the oil and gas industry attracted only $460,000 in capital importation during the period, accounting for virtually zero per cent of the $10.37bn that entered the Nigerian economy.
This suggests that while investment commitments and project approvals may be rising, many of the anticipated inflows have yet to fully translate into recorded foreign capital entering the sector.
The sharp contrast between the sector’s strategic importance and its share of foreign capital inflows is likely to intensify concerns about the pace of investment recovery in an industry that generates the bulk of Nigeria’s foreign exchange earnings and government revenues.
The Punch
A 56-year-old shoemaker identified simply as Anthony has reportedly died by suicide inside the Obudu Main Market in Obudu Local Government Area of Cross River State.
The incident occurred in the early hours of Sunday, August 23, 2026.
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Anthony, who was said to be from Bekwarra Local Government Area, was found dead inside the market, prompting community leaders to shut down the facility.
The leaders reportedly demanded N300,000 from the deceased’s family for cleansing rites, insisting that the circumstances surrounding his death were considered sacrilegious.
Confirming the incident, the Cross River State Police Public Relations Officer, ASP Sunday Eitokpah, said the deceased was a 56-year-old man simply identified as Anthony.
Eitokpah said the police had commenced an investigation to establish the circumstances surrounding the death and determine whether foul play was involved.
He said, “Police operatives visited the scene, documented the area, and recovered the body to the mortuary. The circumstances surrounding the death are yet to be established.
“Further updates will be provided as the investigation progresses.”
The police spokesman’s statement indicates that the exact circumstances of Anthony’s death remain under investigation.
The Olubadan of Ibadan, Oba Rasheed Ladoja, has said President Bola Tinubu deserves to remain in office for a long time, citing the performance of his administration.
Ladoja made the declaration on Monday at the flag-off ceremony for the dualisation of the Ibadan-Ijebu Road in Ogun State, where Tinubu was represented by Ogun State Governor, Dapo Abiodun.
The monarch said the event should not be interpreted as an All Progressives Congress, APC, rally, despite repeated references to the ruling party during the ceremony.
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“I’ve been hearing everybody talking APC, APC. Bola Tinubu is not an APC man, no. Bola Tinubu is working and deserves to be president for a long, long time,” Ladoja said.
According to him, the gathering was primarily organised to appreciate Tinubu for approving the road project, which he described as important to the safety and economic wellbeing of residents of Ibadan and surrounding areas.
“This is not an APC rally. It is a rally that we are here to thank Mr President for making this road project possible,” he said.
Ladoja said the road had been associated with security concerns, particularly kidnapping incidents, adding that its reconstruction would improve safety and connectivity.
“Those of us in Ibadan know that the only area in Ibadan, where terrorists have been kidnapping people is this road,” the monarch said.
He maintained that Tinubu’s decision to approve the project demonstrated his concern for the people and argued that the President’s performance should not be viewed solely through the lens of party politics.
“He deserves more than being an APC president. He’s not an APC president. He’s president of Nigeria,” Ladoja said.
The Olubadan, however, acknowledged that the President’s performance could strengthen the APC’s chances in future elections.
“The only thing I can look at is that his performance is likely to help the APC win elections. So, we are not discounting the performance of Mr President at all,” he said.
Ladoja added that opposition parties seeking to challenge the ruling party would have to convince voters that they could provide a credible alternative.
“We believe he deserves a long tenure, even though other parties are scrambling to say they are there when they are not visible,” he said.
He expressed confidence that voters in Ibadan would ultimately determine their political choice when the time comes.
“We believe that by the time election comes, the people of Ibadan land will talk,” the monarch said.
The event was attended by Minister of Works, Dave Umahi; Ogun State Deputy Governor, Noimat Salako; APC governorship candidate in Oyo State, Sharafadeen Abiodun Ali; and other dignitaries.
An early Monday morning fire has destroyed several shops at the popular Oranya Market in Ibadan North-East Local Government Area of Oyo State.
The fire, which reportedly started around midnight, affected traders dealing in gold, furniture, second-hand clothes and other goods.
A trader identified as Iya Alia said nearly 300 shops were affected by the inferno.
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“The fire started around midnight. I cannot be specific about that time. And those affected were gold sellers, furniture sellers, second-hand clothes sellers and many others. The shops affected were almost 300.”
Another eyewitness described the incident as devastating, saying close to 300 shops were destroyed.
Confirming the incident, the Special Adviser to Governor Seyi Makinde on Fire Reforms and State Chairman of Fire Services, Morof Akinwande, said the fire started in the middle of the market following an explosion.
He, however, said the exact number of shops destroyed could not yet be established.
“Yes, it occurred. That number we cannot ascertain, but what is known is that some shops were destroyed and the fire incident started in the middle of the market with an explosion.”
Akinwande said it was too early to determine whether the explosion was caused by gas or another source, adding that the situation had been brought under control since about 1am.
“Whether it’s a gas explosion or other things. And when you have a gas explosion, it would spread, but as I am talking to you, the situation has been under control since 1 am.”
He explained that determining the number of affected shops and the value of goods lost would require a post-fire investigation.
“On the number of shops and inventory, that is too early because that’s post-fire outbreak investigation. So, I cannot be accurate about the number of shops that were destroyed. But shops were actually gone.”
The incident comes barely two days after another fire outbreak destroyed nine locked-up shops at the Nigerian Railway shopping complex along the popular Aleshinloye Market in Ibadan South-West Local Government Area.
The August 22 fire reportedly destroyed goods, household items and other properties worth millions of naira.
One of the affected traders, Busari Olayemi, said products worth about ₦21 million were destroyed, including window blinds, curtain fabrics, industrial sewing machines and other equipment.
Oranya Market also witnessed a major fire outbreak in 2024, when more than 200 shops in the herbal section were reportedly completely destroyed.
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