**Capital Importation Surge: A Mixed Blessing for Nigeria's Economy?** Nigeria's economy has just received a significant boost with a surge in capital importation in the third quarter of 2025. The National Bureau of Statistics revealed that the country attracted a whopping $6.01 billion in foreign investments, a remarkable improvement from the $1.25 billion recorded in the same period of 2024. This influx of capital has been attributed to the government's recent macroeconomic reforms, including foreign-exchange market liberalisation, tighter monetary policy, and improved liquidity conditions in the domestic financial system. However, experts at the Centre for the Promotion of Private Enterprise (CPPE) have expressed concerns that the surge in capital importation may not necessarily translate to sustainable economic growth. According to the CPPE, the increase in capital inflows is largely driven by portfolio investments, which are volatile and prone to sudden reversals. This type of investment is sensitive to global interest-rate movements, risk sentiment, and policy credibility, making it uncertain whether it will persist in the long term. The CPPE also pointed out that the current structure of capital inflows is skewed towards the banking and financial sectors, with less than five percent allocated to manufacturing, infrastructure, and other productive activities. This, the think tank argued, reflects structural weaknesses in the economy rather than a meaningful expansion of productive capacity. Without stronger capital flows into industry, agro-processing, logistics, energy, and export-oriented manufacturing, the broader economy may not see significant gains in employment, productivity, and inclusive growth. The CPPE's warning highlights the need for Nigeria to focus on structural reforms that will channel foreign investments into durable, long-term economic transformation. Sustainable economic growth, job creation, and export expansion depend on stable, long-horizon foreign direct investment (FDI) tied to production, infrastructure, manufacturing, and technology transfer. Nigeria's policymakers must take note of these concerns and work towards creating an environment that attracts FDI and promotes inclusive growth. In conclusion, while the surge in capital importation is a positive development for Nigeria's economy, it is essential to approach it with caution. The country must strive to create a structural framework that will ensure the sustainability of foreign investments and promote inclusive growth that benefits all sectors of the economy.