Six sectors attracting billions in investment as Nigeria's economy shifts to long-term projects

Nigeria's investment landscape is gradually shifting from short-term opportunities to long-term projects capable of transforming the economy. Despite foreign exchange pressures, inflation and global uncertainties, investors continue to channel billions of dollars into strategic sectors ranging from oil and gas to digital infrastructure and agriculture.

Large-scale projects by multinational corporations, development finance institutions and indigenous companies are not only expanding production capacity but also creating jobs, boosting exports and supporting the government's diversification agenda. From deepwater oil developments and refinery expansion to renewable energy, lithium processing and agro-industrial hubs, these sectors are attracting some of the biggest capital commitments in recent years.

Oil and gas remain the biggest investment destination

Oil and gas remain Nigeria's biggest investment destination, supported by major upstream developments and gas infrastructure projects designed to boost production and exports. In June 2024, TotalEnergies and NNPC Limited approved a $550 million investment in the Ubeta gas field to supply feedstock to Nigeria LNG. The project is expected to strengthen gas exports while supporting Nigeria's transition towards gas-based industrialisation.

Investment has continued to gather pace. In July 2026, ExxonMobil and its partners secured regulatory approval for a $1 billion investment in the Usan deepwater oilfield, reflecting renewed confidence among international oil companies following fiscal reforms introduced by the Federal Government. Industry data also indicates that upstream investment has rebounded after years of sluggish activity. Major projects such as the $5 billion Bonga North deepwater development, the $550 million Ubeta gas project and the $100 million Iseni gas project have helped push new upstream commitments above $10 billion, signalling a strong recovery in the sector.

Manufacturing and industrial processing rank second

Manufacturing ranks second, driven largely by investments in refining, petrochemicals and industrial production. The biggest project remains the Dangote Petroleum Refinery, which cost more than $20 billion, making it the largest single-train refinery in Africa. Since commencing commercial operations, the refinery has significantly reduced Nigeria's dependence on imported fuel while opening new export opportunities.

Expansion has continued beyond the refinery's launch. In 2025, Dangote Industries began production at its $2 billion polypropylene plant, supplying raw materials for plastic packaging, textiles and consumer goods that were previously imported. The company also signed a $400 million equipment agreement with China's XCMG in early 2026 to support the expansion of the refinery complex from 650,000 barrels to 1.4 million barrels per day, alongside broader industrial development within the Lekki Free Zone.

Power and renewable energy attract growing capital

Nigeria's power sector has attracted growing investment from development finance institutions and private renewable energy companies seeking to close the country's electricity supply gap. The World Bank approved a $750 million financing package in 2024 under the Distributed Access through Renewable Energy Scale-up programme to provide electricity to more than 17 million Nigerians through mini-grids and standalone solar systems.

At the same time, the €2.3 billion Presidential Power Initiative, implemented with Siemens Energy, continues to modernise transmission infrastructure, substations and grid capacity. Additional funding exceeding $550 million has also been deployed through the Nigeria Electrification Project, supported by the World Bank, African Development Bank and other partners. Private firms, including Arnergy, Husk Power Systems and Starsight Energy, have equally expanded commercial solar solutions as businesses increasingly seek alternatives to unreliable grid power.

Digital infrastructure and telecoms grow fast

Digital infrastructure has become one of Nigeria's fastest-growing investment destinations as demand for cloud services, artificial intelligence, broadband connectivity and data storage accelerates. Following its acquisition of MainOne, Equinix invested about $140 million to develop the LG2 data centre in Lagos, expanding Nigeria's data storage capacity and strengthening the country's position as a regional technology hub.

Nigeria has also benefited from global submarine cable investments such as Google's Equiano and the 2Africa cable, backed by Meta and international telecom partners. Although Nigeria-specific investment values have not been publicly disclosed, both projects have significantly improved internet capacity and connectivity. Telecom operators, including MTN Nigeria and Airtel Nigeria, continue to invest heavily in fibre networks, 4G and 5G expansion, enterprise services and transmission infrastructure through annual capital expenditure programmes.

Mining and critical minerals gain momentum

Growing global demand for battery minerals has placed Nigeria's mining industry among the country's fastest-expanding investment destinations. Chinese company Canmax Technologies commissioned a $200 million lithium processing plant in Nasarawa State in 2024, supporting Nigeria's policy of processing minerals locally rather than exporting raw ore. Another Chinese investor, Jiuling Lithium Mining Company, committed about $100 million to a lithium processing facility in Kaduna State. The Federal Government says the pipeline of projects is even larger.

For the naira and Nigerian businesses, these sustained capital inflows signal improving investor confidence and potential for increased export earnings. More local processing of minerals and agricultural products means less pressure on foreign exchange reserves, while expanded power and digital infrastructure lowers operating costs for businesses across the economy.