LAGOS — For global investors eyeing Nigeria, “potential” is no longer the primary currency. The new gold standard is predictability.
At the recently concluded European Business Chamber Nigeria (Eurocham) Annual Conference and Expo, a recurring theme echoed through the halls: while Nigeria’s recent economic reforms have sparked a flicker of optimism, only the steady hand of consistent policy will turn that spark into a sustainable flame of long-term capital.
Beyond the Announcement
Frederik Klinke, CEO of APM Terminals Nigeria, cut through the diplomatic chatter during a roundtable on European business perspectives. Addressing the gap between policy and practice, Klinke emphasized that investors are looking for more than just promising headlines.
“Potential alone is not enough,” Klinke remarked, noting that the “decisive factor” for committing heavy capital is the reliability of implementation. For massive infrastructure and logistics players, the ability to forecast costs—specifically through a stable foreign exchange market—is the bedrock of any investment decision.
“Having an exchange rate that you can rely on is crucial,” he added, identifying currency reliability as the primary hinge upon which future expansion swings.
A Banner Year for Equities
While the private sector called for stability, the legislative arm highlighted the explosive growth already occurring within the nation’s financial borders. Senator Osita Izunaso, Chairman of the Senate Committee on Capital Markets, presented a staggering scorecard for 2025.
Nigeria’s equities market didn’t just grow; it surged, delivering returns exceeding 50% over the past year. This rally served as a massive engine for the financial sector, successfully raising over ₦3 trillion to recapitalize the banking and insurance industries.
Senator Izunaso teased a potential “defining moment” on the horizon: the anticipated listing of the Dangote Refinery. Such a move, he suggested, would fundamentally alter the market’s depth and invite a new wave of global participation.
Stats at a Glance: The 2025 Market Surge
Strength in Alliances
The conference also touched on the shifting tectonic plates of global geopolitics. Yann Gilbert, President of Eurocham Nigeria, reminded attendees that in an era of global volatility, isolation is a liability.
“Resilience does not come from standing alone,” Gilbert noted. He argued that Nigeria’s path to economic fortitude lies in “staying with close, trusted partners” and maintaining the agility to pivot as international pressures reshape the business landscape.
The message from the Eurocham Expo was clear: Nigeria has proven it can generate massive returns. Now, the challenge for policymakers is to prove they can provide the “regulatory boredom”—the stability and consistency—that long-term institutional investors crave.
