Nigeria’s reforms win coveted praise from BlackRock’s Bayo Ogunlesi
President Bola Tinubu has secured a powerful endorsement from Adebayo Ogunlesi, a Nigerian-American billionaire and global infrastructure titan, marking a turning point for the nation’s investment story.
Renowned for overseeing the acquisition and management of landmark assets such as London’s Gatwick and City airports, Ogunlesi – the founder and chairman of Global Infrastructure Partners (GIP), now part of BlackRock, the world’s largest asset manager – has revealed plans to invest 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 investor confidence but repositioning Africa’s most populous nation as an emerging magnet for private capital.
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Ogunlesi said the country is at a point where it needs to encourage international investors, noting 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 a meeting with President Tinubu on 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.”
Nigeria has implemented a wave of reforms – from phasing out fuel subsidies and liberalising the foreign exchange market tp overhauling tax laws – changes 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.
Foreign Direct Investments (FDIs) into Nigeria surged to its highest level in three years, buoyed by the reforms of the government that have made investors more bullish on Africa’s top crude producer’s long-term prospects.
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FDIs rose marginally by 5.97 percent year-on-year to $126.29 million in the first three months of 2025, up from $119.2 million last year. However, on a quarter-on-quarter basis, investment declined by approximately 70 percent, according to the National Bureau of Statistics (NBS).
Though analysts consider the direct inflows ‘materially low,’ the steady rise indicates a renewed appetite in an economy that’s chronically dollar-starved and marked by unpredictability.
“Foreign direct investors require an attractive market, a stable macroeconomic environment and predictable government policies,” according to Samuel Sule, chief executive officer of Renaissance Capital Africa.
“While there are still other requirements, policies are becoming increasingly predictable and the macroeconomic environment is poised for continued growth.”
Hakeem Bello-Osagie, who doubles as chairman of Metis Capital Partners and FSDH Group, said President Tinubu’s policies have made Nigeria ‘investable,’ urging Nigerians both at home and abroad to invest in the country.
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“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, once prone to volatility, has become more stable and predictable than at any time in the past two years.
Prices are moderating, easing for the fifth consecutive month to 20.12 percent, giving monetary authorities a leeway to cut interest rates by half a point to 27 percent to boost economic growth.
