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
Key risks
- Currency movements can materially affect dollar-denominated comparisons. 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 involves
Currency exposure is an important consideration alongside the underlying growth outlook. 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, its stage and the timing. We will come back with the relevant market, sector and next steps.
