68% of Nigeria's capital imports in Q1 went to three sectors — banking, production, and IT services

Most of Nigeria's capital imports in the first quarter of 2023 were directed toward three sectors. The banking sector got the most investments with $304 million, accounting for 27%, and the production and IT services sectors followed, with 22% and 19%, respectively.

Source:

National Bureau of Statistics

Period:

Q1 2023
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Number of road accidents by geopolitical zone in Nigeria (Cumulative, Q3 2020-Q3 2024)
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The CBN raised rates six times in 2024 but has held steady at 27.5% in 2025
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Administrative services surged by 21%, recording the most significant growth in Nigeria's 2024 rebased economy
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Nigeria’s foreign trade
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  • Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
  • Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
  • On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
  • While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
  • Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.
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