President Bola Tinubu has secured a powerful endorsement from Nigerian-American billionaire and global infrastructure titan, Adebayo Ogunlesi, a development that could mark a turning point for Nigeria’s investment story.
Renowned for overseeing the acquisition and management of landmark assets including London’s Gatwick and City airports, Ogunlesi— the founder and chairman of Global Infrastructure Partners (GIP), now a unit of BlackRock, the world’s largest asset manager— has revealed plans to channel billions of dollars into Nigeria’s energy, aviation, and port sectors.
His backing signals a growing conviction among heavyweight investors that Tinubu’s sweeping economic reforms are not only restoring confidence, but repositioning Africa’s largest economy as an emerging magnet for private capital.
Ogunlesi said the country is at a point where it needs to encourage international investors, adding that there are “lots of investment opportunities in Nigeria.”
“We’re making investments in Nigeria. We’re exploring additional opportunities. Nigeria is now a place that’s exciting to invest in,” Ogunlesi, who’s worth $2.5 billion said after meeting with President Bola Tinubu Tuesday.
“We will invest in energy, renewables. The aviation sector is also an area of interest to us. We’re also looking at bringing ports to Nigeria.”
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Nigeria has undergone a series of reforms including phasing out fuel subsidies, liberalising the foreign exchange market and overhauling its tax laws, moves that resulted in “fundamental transformation” of the economy, according to Ogunlesi.
The Nigerian economy is fast becoming a magnet for foreign investments as macroeconomic stability continues to grow, giving investors the needed confidence to pour in scarce capital.
Hakeem Bello-Osagie who doubles as chair, Metis Capital Partners and FSDH Group said President Tinubu’s policies have made Nigeria “investable”, urging Nigerians both home and abroad to invest in the country.
“I think when Nigerians in Nigeria and Nigerians in the diaspora invest in Nigeria, it can only be a great signal for the international community to invest in us and make our country greater,” Bello-Osagie said.
The economy expanded at its quickest pace since 2021 in the second quarter of this year at 4.23 percent. The naira which is prone to volatility has become more stable and predictable than at any time in the past two years.
Prices are equally moderating, easing for the fifth consecutive month to 20.12 percent in what’s given monetary authorities a leeway to cut interest rates by half point to 27 percent to boost economic growth amid record tightening in borrowing costs.
