If you're reading this, it means you are either really serious, somewhat keen, or a little curious about Nigeria's business world. Like a Nigerian wedding where a guest list is really just a suggestion, all are welcome. Grab a chair, order your Abula, let’s get into it!

— Adetomiwa

Private equity firms in Nigeria are beginning to pull back on new investments following the government's triple capital gains tax at the start of 2026. Members of the Nigeria Private Equity and Venture Capital Association have been talking to government officials. Many have reportedly paused new deals entirely while waiting for clarity.

What’s the problem?

Private equity firms make money when they eventually sell companies at a profit, and many investments made between 2020 and 2024 (worth about $3 billion) were structured around a 10% exit tax, not 30%. The new rate significantly changes the economics of investing in Nigeria, especially because many funds invest in dollars but are taxed based on naira valuations. With the naira having lost roughly two-thirds of its value over the past three years, firms could end up paying tax even on investments that deliver little or no real profit in dollar terms.

Does this apply to everyone?

According to tax reform committee chair Taiwo Oyedele, gains from certified startups held for at least two years may be exempt, alongside smaller transactions below ₦150 million or investments reinvested locally. However, investors argue that these carve-outs primarily apply to smaller or early-stage deals and do little to protect the larger transactions that drive private equity activity. The broader fear is that higher exit taxes discourage risk-taking and make Nigeria less competitive compared to peer African markets competing for the same pool of long-term capital.

🇪🇸Nigeria, Spain team up on food security: Nigeria and Spain are deepening cooperation on food security and livestock development, in talks aimed at unlocking investment, strengthening agribusiness value chains, and improving regional food reserves. The partnership, led by Spain’s development agency and Nigerian officials, focuses on boosting livestock productivity, climate-resilient farming, and nutrition systems as food insecurity pressures rise. Officials say Nigeria’s role in the Economic Community of West African States regional food reserve could also attract new investment in storage and supply infrastructure across West Africa.

📈Profit comeback for Nestlé, Transcorp: After two brutal FX-hit years, Nestlé Nigeria is back in the black, posting a ₦104.97 billion profit in 2025 as naira stability eased finance costs and pushed revenue past the ₦1 trillion mark. The company says dividend payments, which have been paused since 2022, could return soon if profits hold. Meanwhile, Transnational Corporation of Nigeria kept its growth streak going, with profit jumping 44% and total assets crossing ₦1 trillion, helped by stronger performance across its power and energy businesses. Shareholders are set for a ₦2.00 per share dividend.

🌰 Shea nut break: President Bola Tinubu has approved a one-year extension of Nigeria’s ban on exporting raw shea nuts, pushing it from February 2026 to February 2027. The government says the move is meant to boost local processing, increase value addition, and strengthen incomes in shea-producing communities rather than exporting unprocessed commodities. Under the renewed policy, all export waivers for raw shea nuts have been withdrawn, while any surplus exports must now go through the Nigerian Commodity Exchange framework. The administration also plans to introduce financing support to expand production and processing capacity. However, officials say the policy could still be reviewed following concerns about its impact on exporters and foreign exchange earnings.

West Africa’s long-planned Abidjan–Lagos Highway is now in its post-discussion, pre-execution stage: creating committees. The Economic Community of West African States and the African Development Bank Group formally inducted the board that will oversee the project’s implementation. The meeting, held in Abidjan in February, marked the operational start of the Abidjan-Lagos Corridor Management Authority. Essentially, the body was created to coordinate and manage the highway across Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria.

To be clear, this isn’t a new proposal. The countries involved already agreed in 2022 to build the 1,028-kilometre coastal highway, expected to become one of West Africa’s most important trade routes. Funding talks, feasibility studies, and political approvals have been in motion ever since. What’s new is that the region is now putting an actual management structure in place. Next step: execution 🤞🏽

Why even bother?

Regional officials stressed that the highway is meant to do more than connect cities. The goal is to create an integrated economic corridor that makes it easier to move goods, reduce border delays, and support industries operating across the region. The AfDB, which is helping arrange financing for the project alongside partners such as the ECOWAS Bank for Investment and Development, said the project could unlock trade and everyday economic activity across the subregion once completed. But before building begins, everyone gathered to decide who wears the pants in this project.

The big picture:

West African countries trade heavily with one another, but getting those goods across borders is the real problem. Transport delays, customs bottlenecks, and inconsistent infrastructure mean moving products between neighbouring countries is often harder than shipping overseas. The highway aims to fix that by creating one continuous coastal route linking major economic hubs.

If it works, the highway could connect a coastal market of more than 400 million people, boosting trade, manufacturing, and logistics. It could also make the next generation’s West African road trip rite of passage a lot less bumpy.