Business leaders, policymakers and investors call for stronger infrastructure, better regulation and credible project structures to unlock funding for Nigeria’s development…..
Nigeria may not be suffering from a lack of investment capital, but experts say the country is struggling to develop enough credible and properly structured projects capable of attracting and deploying available funds.
The issue took centre stage in Lagos at the 2026 Chief Executive Officer Forum of the UN Global Compact Network Nigeria, where business leaders, government officials, financial institutions and development partners examined how capital and policy could be better aligned with private-sector action to support economic growth.
Held under the theme, “Financing a Dignified Future: Aligning Capital, Policy and Business Action,” the forum focused on some of the barriers limiting investment, including infrastructure gaps, regulatory uncertainty, insecurity and difficulties faced by businesses seeking access to finance.
Opening the forum, the CEO and Executive Director of the UN Global Compact Network Nigeria, Naomi Nwokolo, urged corporate leaders to look beyond the challenges confronting the economy and concentrate on solutions capable of improving business competitiveness, raising living standards and delivering sustainable growth.
For state governments, the Director-General of the Northwest Governors Forum, Maryam Musa Yahaya, stressed the need for closer engagement with investors.
She identified inadequate electricity, regulatory challenges and security concerns as some of the major obstacles that must be addressed if states are to attract more private investment.
Zamfara State Governor, Dauda Lawal, used the forum to highlight his administration’s 10-year development strategy, which he said is intended to provide greater policy predictability, improve the availability of geophysical data and significantly expand the state’s internally generated revenue.
According to the governor, the plan targets an increase in monthly internally generated revenue from about 90 million naira to approximately 45 billion naira.
While governments seek to create a more favourable investment environment, access to finance remains a major hurdle for many businesses, particularly small and medium-sized enterprises.
The Deputy Managing Director of First Bank of Nigeria, Ini Ebong, argued that financial inclusion should be treated as critical infrastructure rather than simply as part of corporate social responsibility.
Ebong said many small businesses are unable to access funding because they lack reliable financial records and the corporate governance systems required to demonstrate that they are capable of managing investment.
The problem, however, extends beyond small businesses.
The Group Chief Operating Officer of Custodian Investment, Adeniyi Falade, disclosed that less than three per cent of the pension industry’s 32-trillion-naira asset pool is currently invested in infrastructure.
He attributed the low level of infrastructure investment, in part, to the shortage of projects that are sufficiently structured and bankable to meet investors’ requirements.
The power sector was also identified as an area requiring significant capital intervention.
The Managing Director of Sahara Power Group, Anthony Youdeowei, said addressing Nigeria’s electricity challenges would require substantial investment in distribution infrastructure.
He also stressed the importance of clear tariff structures that would give investors the confidence of earning reasonable returns on their capital.
Beyond domestic investment, participants also examined Nigeria’s international trade and its implications for attracting foreign capital.
Canada’s Deputy High Commissioner to Nigeria, Carlos Rojas-Arbulú, disclosed that merchandise trade between Nigeria and Canada has crossed the three-billion-dollar mark.
He noted, however, that international investors are becoming increasingly cautious in evaluating opportunities, with transparent data and credible feasibility studies playing a growing role in investment decisions.
The discussions ultimately pointed to a central challenge for Nigeria: unlocking existing pools of capital will depend not only on the availability of funds, but also on the quality, transparency and bankability of the projects seeking them.
