Private capital inflows eye rebound as Nigeria attracts $3.6bn VC funding in 2024
BY TEMITOPE ADEBAYO
Nigeria’s investment landscape is regaining momentum, with the African continent attracting $3.6 billion in venture capital funding in 2024 — including $1 billion in venture debt — signalling growing confidence in scalable, high-impact sectors across the region.
At the 21st Annual African Private Capital Association (AVCA) Conference in Lagos, investors and fund managers highlighted Nigeria’s improving macroeconomic signals and renewed appetite for capital deployment. AVCA’s Chief Executive Officer, Abi Mustapha-Maduakor, noted that after three years of depressed deal flow, Nigeria is now seeing a revival in exit activity and foreign investor interest, aided by relative exchange rate stability.
African Infrastructure Investment Managers (AIIM) revealed a $3.2 billion infrastructure investment portfolio, affirming its long-term commitment to Nigeria despite lingering economic challenges. Indicating confidence in essential sectors, the firm highlighted energy, telecommunications, logistics, and public infrastructure as key areas of focus for sustained returns.
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British International Investment (BII) disclosed its $700 million investment across Nigeria’s financial services, agribusiness, and infrastructure sectors, while affirming its future investment outlook remained bullish.
The investment case for Nigeria was further strengthened by the strategic merger between AVCA and the Private Equity and Venture Capital Association of Nigeria (PEVCA), a move expected to unlock more capital and strengthen the country’s private equity ecosystem through global-local collaboration.
With domestic and foreign investors aligning on priority sectors such as technology, consumer goods, artificial intelligence, and renewable energy, industry leaders now believe Nigeria is poised to attract even more private capital, provided stakeholders act swiftly to harness the momentum.
