An Investor’s Guide to Nigeria

Once synonymous with volatility, Nigeria is quietly rewriting its economic story. The reforms of 2023–2025, including the removal of fuel subsidies, exchange-rate unification, and aggressive tax expansion, have reshaped Africa’s most populous economy into an investable proposition for long-term capital.

The country’s tax-to-GDP ratio rose to 13.5 percent, foreign reserves stabilised above $42 billion, and the balance of payments recorded a $6.8 billion surplus in 2024 the first in nearly a decade. Fitch Ratings revised Niger

Once synonymous with volatility, Nigeria is quietly rewriting its economic story. The reforms of 2023–2025, including the removal of fuel subsidies, exchange-rate unification, and aggressive tax expansion, have reshaped Africa’s most populous economy into an investable proposition for long-term capital.

The country’s tax-to-GDP ratio rose to 13.5 percent, foreign reserves stabilised above $42 billion, and the balance of payments recorded a $6.8 billion surplus in 2024 the first in nearly a decade. Fitch Ratings revised Niger