Investor confidence in Nigeria is rising as government reforms restore economic stability, reopening access to international capital markets and earning a 2024 credit rating upgrade. With vast natural resources, a growing population, and a young workforce, Nigeria offers strong potential—especially in its digital and financial sectors. The telecom market remains largely untapped, though challenged by naira devaluation and infrastructure costs, while the fintech industry led a $520 million VC rebound in 2024. The banking sector remains profitable and resilient amid recapitalisation and regulatory improvements. Finnfund’s investments reflect optimism in Nigeria’s private sector, though continued progress depends on tackling power, security, and financing challenges. (p.14-15).

In this month’s issue we spoke with Femke Bos, Head of Impact Private Debt & Equity at Triodos Investment Management, about how Hivos-Triodos Fonds is driving sustainable development across the African continent ( Read on p.13). Recently FMO, and OeEB have invested €30m in the Hivos-Triodos Fonds that will be used to accelerate sustainable social and economic development in developing countries, mainly by investing in local SMEs (See also News section).

In addition, Gerald Gondo, Chief Investment Officer at ICEA LION Group, speaks about the company’s forward-thinking approach to investment in East Africa. Highlighting the importance of anticipating market and structural changes, Gondo explains how ICEA LION is blending innovation with disciplined risk management to drive sustainable returns and support Africa’s long-term economic development. He also discusses key trends shaping the region’s financial landscape and the opportunities they present for investors. Read on pp.16-17.

In addition, Citi Economist David Cowan sees renewed momentum in Africa after years of fiscal strain, debt defaults, and currency crises. Speaking at AFSIC 2025, he said massive devaluations in Nigeria and Egypt, though painful, are spurring economic adjustments and recovery, with Ghana, Zambia, and others showing strong growth. Improved terms of trade and rising regional banks are reshaping the financial landscape as global lenders retreat..  (Read on p.22).