By Valentine Alexander 
Nigeria has reaffirmed its dominance as the leading destination for private capital in West Africa, securing an impressive $3 billion in investment deals between 2020 and 2024. This figure, released by the African Private Capital Association (AVCA), represents 66% of the total deal volume and 52% of deal value in the subregion, an emphatic signal of investor confidence in Nigeria’s investment landscape.
This achievement is the result of a dynamic interplay of factors, positioning Nigeria as a magnet for global and regional investors. A young, tech-savvy population, a growing digital economy, and immense potential in high-impact sectors like fintech, infrastructure, renewable energy, healthcare, and agribusiness continue to make Nigeria an attractive destination for capital inflows. Government-led reforms aimed at improving the ease of doing business, strengthening institutional frameworks, and promoting macroeconomic stability have further increased Nigeria’s appeal.
Lagos, the commercial nerve center of the country, often described as the ‘Silicon Valley of Africa,’ remains the epicenter of innovation. Nigerian startups have become regional success stories, scaling beyond borders and delivering returns that reinforce global investor appetite. The city’s entrepreneurial energy, coupled with rising government-private sector collaboration and evolving capital market structures, has created an environment conducive to long-term private equity and venture capital investments. This growing sophistication in Nigeria’s investment ecosystem is reflected in the increasing ability of businesses to attract not only funding but also value-driven partnerships. Structured exits and deepening capital markets are helping to unlock private capital value, setting Nigeria apart as a model of resilience and innovation in the region.
The country’s emergence as the private capital leader in West Africa sets the stage for the 21st AVCA Annual Conference and Venture Capital Summit, which kicked off this week in Lagos. Running from April 28 to May 2, 2025, the summit marks the first time in over a decade that Africa’s largest private capital event is being hosted in Nigeria. Themed “Bold Moves: Powering 10x in Africa,” the summit brings together over 130 high-level participants, including international investors, policymakers, development finance experts, and prominent African entrepreneurs.
According to Abi Mustapha-Maduakor, CEO of AVCA, the conference’s return to Nigeria signifies a moment of renewed economic opportunity. This year’s event also coincides with AVCA’s strategic merger with the Private Equity and Venture Capital Association of Nigeria (PEVCA), a move aimed at consolidating efforts to strengthen the private investment environment. With the appointment of Anna Evi-Parker as AVCA’s regional head for West Africa, the association is poised to deepen investor engagement across the subregion.
Temi Popoola, group CEO of the Nigerian Exchange Group, emphasized the critical role of Nigeria’s capital markets in this evolving investment narrative. He noted that as Nigeria strives to broaden investment participation, public markets can act as effective exit routes, thereby enhancing the private equity ecosystem. With strong fundamentals and a bold outlook, Nigeria is not only leading in deal volume but also shaping the continent’s investment future.
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