This study examined the effect of foreign capital inflow on economic growth in Nigeria within the period 1981-2020. Secondary data were collected from the world development indicators (WDI) and Central Bank of Nigeria (CBN) statistical bulletin, 2020. The study employed unit, co-integration and error correction model as well as stability test on the time series data. Ordinary Least Square regression technique was used to analyze the data. The result revealed that there is a long-run relationship between foreign capital inflow and economic growth, as evidenced by the co-integration test. The result of the regression analysis revealed that foreign direct investment (FDI) inflow and foreign portfolio investment each has a positive and significant effect on economic growth in Nigeria, while external debt has a negative and significant effect on economic growth in Nigeria. The study concluded that foreign capital inflow drives economic growth in Nigeria. Hence, this study recommends among others that Government authorities should strive to create an enabling environment that will keeping enhancing foreign direct investment and foreign portfolio investment which will improve economic growth in Nigeria the more.