Nigeria Investment Pipeline Update

Summary

Nigeria’s investment environment is improving in transaction volume and reform activity, but long-term project execution remains uneven. The macro backdrop is more market-oriented, supported by foreign-exchange liberalisation, fuel-subsidy removal, a new Investment and Securities Act (2025), and an ongoing banking recapitalisation cycle intended to deepen domestic financing capacity. However, the quality of inflows matters: Reuters reports that total capital inflows rose to $23.22 billion in 2025, but about 85% was portfolio money, while FDI reached only $923 million evidence that real-asset commitments remain selective and risk-priced.
Tracking the investment pipeline is therefore important for distinguishing headline announcements from bankable, executable projects. In Nigeria, this is particularly relevant because large projects rely on mixed structures state-led capex, PPPs, multilateral programmes, and corporate JV spending each with different delivery risks and timelines.