President Bola Tinubu has secured a powerful endorsement from Nigerian-American billionaire and global infrastructure titan, Adebayo Ogunlesi, a development that could mark a major turning point for Nigeria’s investment story.
Ogunlesi, who is renowned for overseeing the acquisition and management of landmark assets including London’s Gatwick and City airports, is the founder and chairman of Global Infrastructure Partners, now a unit of BlackRock, the world’s largest asset manager.
His backing signals a growing conviction among heavyweight investors that Tinubu’s sweeping economic reforms are not only restoring confidence but actively repositioning Africa’s largest economy as an emerging magnet for private capital.
Following a meeting with President Tinubu on Tuesday, the $2.5 billion-rated Ogunlesi revealed plans to channel billions of dollars into Nigeria’s key sectors. Ogunlesi said the country is now at a crucial point where it needs to encourage international investors, adding that there are “lots of investment opportunities in Nigeria.”
He elaborated on his firm’s plans, stating: “We’re making investments in Nigeria. We’re exploring additional opportunities. Nigeria is now a place that’s exciting to invest in.”
Ogunlesi specified the sectors of interest, confirming: “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 undergone a series of reforms, including phasing out fuel subsidies, liberalizing the foreign exchange market, and overhauling its tax laws.
According to Ogunlesi, these moves have resulted in a “fundamental transformation” of the economy.
The Nigerian economy is rapidly becoming a magnet for foreign investments as macroeconomic stability continues to grow, giving investors the necessary confidence to commit scarce capital.
Hakeem Bello-Osagie, who serves as the chair of Metis Capital Partners and FSDH Group, supported this view, stating that President Tinubu’s policies have made Nigeria “investable” and urged all Nigerians, both home and abroad, to invest in the country.
Bello-Osagie said: “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.”
The economy expanded at its quickest pace since 2021 in the second quarter of this year, growing at 4.23 per cent. Furthermore, the naira, which was once prone to volatility, has become more stable and predictable than at any time in the past two years. Prices are also showing signs of moderation, easing for the fifth consecutive month to 20.12 per cent.
This progress has given monetary authorities the flexibility to cut interest rates by half a point to 27 percent to boost economic growth amid a record tightening in borrowing costs.
