Foreign investment in Nigeria is increasingly being converted into physical infrastructure, jobs, and local procurement, supporting economic activities in various sectors. Multinational companies have committed significant capital to telecommunications, manufacturing, construction, and other sectors. This investment has resulted in the development of fixed assets that remain in the country, contributing to economic activities long after the initial investment is made.
A notable example of such investment is MTN Nigeria, which deployed approximately N1.62 trillion in network infrastructure across about 66,000 sites between January 2025 and June 2026. During the same period, the company reportedly paid N622.6 billion in taxes, duties, and regulatory levies, while spending about N1.5 trillion on Nigerian suppliers and service providers. This expenditure has supported activities across the telecommunications value chain, including tower construction and maintenance, fibre deployment, technical services, logistics, and other ancillary businesses.
The impact of long-term investment is also visible outside the telecommunications sector. Dangote Cement invested N729.8 billion in its Nigerian operations in 2025, expanding production capacity and strengthening manufacturing infrastructure in the country. Similarly, the Coca-Cola system generated an estimated US$1 billion in value-added economic activity in Nigeria in 2024, supporting more than 160,000 livelihoods across its value chain.
The conversion of private capital into physical infrastructure is particularly evident in major road projects undertaken through the Federal Government’s Road Infrastructure Tax Credit Scheme. MTN committed N202.8 billion to the reconstruction of 110 kilometres of the Enugu-Onitsha Expressway under the scheme, which was reported to be more than 75 per cent complete. Dangote Industries also used the scheme to finance the reconstruction of the 36-kilometre Apapa-Oworonshoki-Ojota Expressway in Lagos at a reported cost of N73 billion.
Such projects have implications beyond the companies that finance them, as the resulting infrastructure is used by commuters, traders, transport operators, and businesses across different parts of the country. The Federal Government continues to attract both domestic and foreign capital into productive sectors of the economy. Businessman Aliko Dangote has called on wealthy Nigerians to increase investments in the domestic economy, stating that significant investments are necessary for national development.
Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, has described Nigeria’s recent economic reforms as providing “important foundations for investment and growth”. He noted that macro-economic stability should ultimately translate into increased productivity and economic expansion. As Nigeria continues to debate the role and ownership of foreign capital, the physical assets created through such investments remain part of the country’s economic landscape.
The debate over the origin of capital therefore increasingly intersects with another question: what that capital has built, where those assets are located, and how they contribute to economic activity and livelihoods in Nigeria. With investments in telecommunications towers, fibre networks, factories, cement plants, and roads, the impact of foreign capital on Nigeria's economy is becoming increasingly evident. The wider telecommunications ecosystem is estimated to support about two million jobs in Nigeria through direct employment, agency networks, trade partners, and businesses that depend on connectivity.
Key points
- Foreign investment in Nigeria is driving infrastructure growth and job creation.
- Multinational companies are committing significant capital to various sectors in Nigeria.
- The impact of long-term investment is visible in the country's economic landscape.
