Patient Capital: The Companies Defying Nigeria's Investment Narrative

Nigeria's story on foreign investment is not as one-dimensional as it seems. While high-profile exits like Uber, Shoprite, and Procter & Gamble get attention, a lesser-known group of companies has continued to invest heavily in the country.

This group includes Unilever, Nigerian Breweries, Lafarge Africa, and MTN Nigeria, all of which have made significant financial commitments in recent years despite challenges like currency crises and infrastructure gaps. For example, Unilever's revenue rose 43% to N214.3 billion in 2025, with over 60% of its raw materials sourced locally.

Nigerian Breweries invested about N78 billion in sorghum and cassava cultivation between 2016 and 2021, buying directly from smallholder farmers rather than importing barley. Lafarge Africa's revenue increased by 53% to N1.07 trillion in 2025, with the company clearing its loans and borrowings entirely.

MTN Nigeria crossed 100 million subscribers in July 2026, holding 51.76% of a market that has grown to 195 million active lines. The company's capital expenditure more than doubled to N1 trillion in 2025, with profit after tax rebounding to N1.1 trillion and free cash flow reaching N1.2 trillion.