At the PwC + BusinessDay 2026 Executive Roundtable, Kunle Amida, Partner at PwC Deals Advisory, highlighted key trends expected to shape Nigeria’s investment landscape this year. He noted improving macroeconomic stability and a gradual return of institutional investors to the market.
Shifting Investment Focus
Amida explained that investment activity in 2026 will balance asset valuation and execution risks, especially under the revised capital gains tax (CGT) regime. “Transactions are no longer just about price,” he said. “Investors are now focusing on whether deals can actually close in the current regulatory and tax environment.”
Improved Access to Local Capital
Lower interest rates and ongoing banking sector recapitalisation are expected to ease financing constraints. Stronger bank balance sheets should boost domestic deal activity and reduce dependence on offshore capital.
Rise of Business Diligence
Investors are increasingly looking beyond financial numbers. They are now assessing business models, value chains, governance, and operational resilience to understand how value is created and sustained. Amida calls this approach “transacting to transform”, moving away from opportunistic acquisitions toward strategic, value-driven deals.
Sector Outlook
Energy: Opportunities from international oil company (IOC) divestments and marginal field bids.
Financial services: Banks approaching recapitalisation may pursue mergers, equity raises, or asset sales, opening opportunities for investors.
Impact-focused investments remain attractive.
Amida also observed a renewed interest from global private equity firms, marking a return of institutional investors to Nigeria after years of limited engagement. He attributed this confidence to a more stable macroeconomic environment, improved foreign exchange conditions, and clearer policy direction.
Preparing for 2026
Buyers and sellers must adapt to these dynamics. Buyers should strengthen internal processes and identify the right targets, while sellers need to clean up balance sheets and improve disclosures to attract quality capital.
“If 2026 delivers on its macroeconomic promise,” Amida concluded, “Nigeria’s investment market could move from cautious recovery to sustained, value-driven growth.”
