Investing in Nigeria
The continent’s largest consumer market, where dollar-denominated statistics understate real activity because of currency movement.
The numbers
Where the market stands
| Measure | Value | Source | Year |
|---|---|---|---|
| GDP growth, 2025 | 3.4% | IMF | 2025 |
| Tech funding, 2025 | $572m | Partech Africa | 2026 |
| Naira, 2023 → 2025 | ~460 → ~1,500/USD | IMF / CBN | 2025 |
| Inflation, 2024 average | 31% | IMF | 2025 |
The case
Why capital is looking at Nigeria
- Scale that no other market on the continent matches, both in population and in domestic demand depth.
- A fintech sector that built payment rails early and exports operating talent across the region.
- Import substitution economics have shifted materially in favour of local production as the naira has moved.
The risks
What would have to go wrong
Named plainly, because an allocator who finds these out later stops trusting everything else on the page.
- Currency volatility distorts every dollar comparison. Nominal naira GDP rose while dollar GDP fell from above $500bn to roughly $200bn.
- Inflation at around 31% on a 2024 average basis compresses real returns and complicates pricing.
- Tech funding fell 3% in 2025 against regional growth, though part of that is the dollar translation rather than fewer transactions.
Execution
What entry actually involves
Every model needs a currency view before it needs a growth view. Structuring around FX access and repatriation is the first conversation, not the last.
Priority sectors in Nigeria
Other markets
Enquiries
Talk to the desk about Nigeria
Tell us the mandate, the stage and the timing. If we are not the right desk for it, we will say so and point you at who is.
