Why Nigeria attracts investors
Nigeria remains Africa’s demographic and economic giant. With approximately 237.5 million inhabitants in 2025 and a median age of 18, the country offers the continent’s largest consumer market. Its urban population, concentrated in Lagos, Abuja and Port Harcourt, fuels sustained demand for goods, services, housing and digital products.
Long Africa’s largest economy, Nigeria now ranks fourth on the continent in dollar terms, behind South Africa, Egypt and Algeria. This decline is less a matter of output than of naira depreciation: the currency fell from around 460 nairas per dollar in June 2023 to a peak close to 1,600 nairas in early 2024, before stabilising at around 1,448 nairas at end-2025.
The macroeconomic trajectory has nonetheless recovered. Inflation, which exceeded 34% at end-2024, fell back to 14.45% in November 2025. Real growth reached 3.8% over the first three quarters of 2025. The Lagos Stock Exchange delivered one of the world’s best performances of the year. For an investor willing to accept volatility, Nigeria combines market depth, still-reasonable valuations and ongoing structural reforms.
Key figures for 2026
Orders of magnitude vary by source, owing to the national accounts rebasing carried out in 2025 and exchange-rate volatility. The ranges below reflect this reality.
| Indicator | Value | Year / source |
|---|---|---|
| Nominal GDP | ≈ 290 to 307 billion $ | 2025 (World Bank / Quartus Economics) |
| Real GDP growth | 3.8% (Q1–Q3); 3.2 to 4.6% expected | 2025 / 2026 (IMF, government) |
| Recent FDI flows | 4.0 billion $ (vs 1.6 billion in 2024) | 2025 (UNCTAD) |
| Population | ≈ 237.5 million | 2025 (UN) |
| Currency | Naira (NGN), ≈ 1,448 NGN/$ | end-2025 |
| Stock index (NGX All-Share) | 155,613 points, +51.2% | end-2025 |
Nominal GDP rebounded by approximately 22% in one year, rising from 252 billion dollars in 2024 to 307.5 billion dollars in 2025 according to Quartus Economics, driven by higher output and naira appreciation. The World Bank puts the figure at close to 291 billion dollars.
High-potential sectors
Fintech and tech
Nigerian startups raised 464.8 million dollars in 2025, up 40.2% year on year, according to the Disrupt Africa report. Fintech alone accounted for 64.2% of those amounts. Moniepoint, a payments specialist, raised 110 million dollars at end-2024, becoming a unicorn valued at more than one billion dollars, with Google among its investors. Nigeria remains the continent’s most dynamic fintech market, driven by a still largely unbanked population.
Energy and oil
Crude output reached 1.71 million barrels per day between April 2025 and April 2026, a five-year high according to the NNPC, with a peak above 1.8 million barrels in July 2025. Oil accounts for nearly two-thirds of government revenue and more than 80% of foreign-exchange earnings. More than 10 billion dollars in final investment decisions have been unlocked since 2023, notably through Shell’s sale of its onshore assets to Renaissance Africa Energy. Nigeria’s OPEC quota is maintained at 1.5 million barrels per day through end-2026.
Agri-food
Agriculture represents 23% of GDP and approximately one-third of employment, with a peak of 28.7% of value added in the fourth quarter of 2025 according to the National Bureau of Statistics. The sector continues to be driven by the production of cassava, maize, rice and yams, as well as agro-processing. Listed stocks in the sector shone in 2025: Presco and Okomu Oil Palm rose by approximately 130%.
Entertainment and creative industries
Nigeria’s entertainment industry is projected to generate 10.8 billion dollars in revenue, according to the US International Trade Administration. Nollywood, the world’s second-largest film industry by volume of films produced, contributed approximately 239 billion nairas (660 million dollars) to GDP in 2025, equivalent to nearly 2.3%. Afrobeats music reinforces the sector’s export reach.
How to invest from France
Via the Lagos Stock Exchange (NGX)
No major international broker (such as Interactive Brokers) provides direct access to the NGX. A French investor has three options: Nigerian securities listed in London (Airtel Africa, Seplat Energy, GTCO) through a conventional broker; ETFs such as the Global X MSCI Nigeria, with limited liquidity; or opening an account directly on the NGX through a broker licensed by the Nigerian SEC.
The latter route requires a securities account with the central depository CSCS, opened through a licensed broker. Non-Nigerian individuals go through a custodian bank (Stanbic IBTC, Standard Chartered Nigeria or Citibank Nigeria), with notarised documents. The key point: obtaining a Capital Importation Certificate (CCI) at the time of the wire transfer — a document that guarantees the right to subsequently repatriate capital and dividends at the official rate.
Setting up a company
Nigerian law allows foreigners to hold 100% of a company’s capital, outside the “negative list” (which includes arms production, among others). The company must be registered with the CAC and then registered with the NIPC. Companies with foreign participation must demonstrate a minimum share capital of 100 million nairas, equivalent to approximately 60,000 to 70,000 euros depending on the exchange rate. Corporate tax is 30%, with a planned reduction to 27.5% in 2026 and 25% in 2027. “Pioneer” status offers a tax holiday of three to five years in priority sectors, and free zones provide full exemption.
Real estate
Real estate in Lagos and Abuja attracts the diaspora, but remains an illiquid, high-friction asset. Verifying the title deed (Certificate of Occupancy) is an essential prerequisite, as land disputes are common. Preference should be given to projects carried by established developers, and the chain of title should be audited by a local lawyer.
Capital repatriation and foreign exchange
The NIPC Act and the Foreign Exchange Act guarantee the free repatriation of profits, dividends and capital, after payment of taxes, provided the funds were imported through an official channel and covered by a CCI. Dividends are subject to a 10% withholding tax. Without a CCI, repatriation becomes lengthy and costly: this is the first mistake to avoid.
Risks to be aware of
Naira volatility. The currency lost approximately three-quarters of its value against the dollar between mid-2023 and early 2024. A security may rise in naira terms and lose value once converted into euros. Currency risk dominates all others.
Liquidity. NGX volumes are concentrated in the top twenty capitalisations (MTN, Dangote Cement, the banks). Small and mid-cap stocks can go days without a transaction, making exit difficult.
Regulation and compliance. Rules evolve quickly (minimum capital, rebasing, 2025–2026 tax reforms). The absence of a CCI, tax number or NIPC registration can block a withdrawal of funds. Documentary compliance is a real cost.
Security and infrastructure. Insecurity in the Niger Delta, oil theft and the limited reliability of electricity weigh on operating costs. These factors constrain physical investments in particular, less so stock market investments.
Frequently asked questions
Can a non-Nigerian French national buy shares in Lagos? Yes. There is no general prohibition. Non-Nigerians go through a licensed custodian bank, with notarised documents and a Capital Importation Certificate, rather than through the BVN reserved for Nigerians.
What is the minimum capital required to set up a company? 100 million nairas in share capital for a company with foreign participation, equivalent to approximately 60,000 to 70,000 euros, excluding fees and registrations.
Can profits be repatriated? Yes. The law guarantees the free repatriation of profits, dividends and capital after taxes, provided the funds were imported through an official channel and a CCI was obtained. Without this certificate, withdrawal becomes difficult.
To go further: discover our complete guide to investing in Africa (6 countries compared).
