The current debate over Nigeria's capital-importation figures has generated far more heat than light. On one side stands a government eager to present the $10 billion that entered the country during the first quarter of 2026 as proof that its economic reforms are working. On the other stand critics who point to the composition of those inflows and dismiss them as little more than speculative capital chasing exceptionally high yields. Both sides have facts on their side.
Both are also missing the deeper story.
The government is correct tha
