Nigeria’s FPIs to reach record high of $20bn despite Trump’s threat

Nigeria’s FPIs to reach record high of $20bn despite Trump’s threat

Nigeria’s Foreign Portfolio Investment (FPI) is expected to hit a record $20 billion by the end of 2025, surpassing the $16 billion recorded in 2019, despite being labeled a “Country of Particular Concern” by former U.S. President Donald Trump, according to CFG Advisory. While money market instruments and bonds remain attractive, equity investments have been declining. The consultancy noted that sustaining this growth requires Nigeria to continue its economic reforms and address security challenges.

Key reforms include removing fuel subsidies, unifying exchange rates, and harmonising tax laws, which have improved macroeconomic stability, attracted portfolio investors, and strengthened Nigeria’s credit ratings, with S&P upgrading its outlook to Positive. Inflation has slowed to 16%, and the naira has stabilized. However, CFG Advisory emphasized that these reforms have yet to significantly improve citizens’ livelihoods, and the government needs to restore fiscal discipline and implement policies promoting sustainable growth and development.

Business Day, 28 Nov 2025