In this episode of Drinks & Mics, we look into the reasons why foreign investors have pulled out of Nigeria and explore what changes could potentially bring them back. Our expert guests, Rolake Akinkugbe-Filani, Global Energy Finance leader and CEO of EnergyInc Advisors, and Ahmad Zuaiter, Founder of Jadara Capital Partners, share their insights on the challenges Nigeria faces, including foreign exchange policies, capital gains tax, interest rates, and stock market dynamics.
The conversation opens with Rolake expressing concern about how Nigerian corporates communicate with investors. She notes that many companies have remained largely quiet about their progress, even when reforms are taking place. According to her, investor relations in the financial services sector are often transaction-driven, which are active only during bond issuances, recapitalizations, or liquidity events. This, she explains, weakens investor confidence.
She goes on to emphasize that effective investor relations must go beyond deal-making. Rolake stresses the importance of financial storytelling, consistent communication, and non-deal roadshows, regardless of whether capital is being raised.
Building on this, Ahmed highlights the depth of the investor pullback. He points out that foreign portfolio investment into Nigerian debt, credit, and equities fell to zero in 2022 and 2023, leaving the market what he describes as “an empty room.”
Looking ahead, Rolake explains that with the stability phase of reforms largely complete, Nigeria must now shift decisively toward growth and advised for a more creative approach to mobilizing capital, particularly by unlocking domestic funding sources.
Moreover, she cautions that deeper structural issues such as transmission constraints, metering as a social contract, and gas supply dependencies must be resolved for new financing solutions to succeed.
From an investor’s perspective, Ahmed points to several positive signals. He strongly supports ongoing tax reforms and improvements to the rule of law, noting that investors place a high value on stability, transparency, and predictability when making long-term investment decisions.
Don’t miss out on this conversation about Nigeria’s investment prospects and what can make the country more attractive to global capital.