Nigeria’s mergers and acquisitions (M&A) market recorded its weakest first-half deal value in nearly a decade, with transaction value plunging 88.9% year-on-year to $105.8 million between January 1 and June 30, 2026.
According to DealMakers Africa, Nigeria’s M&A value fell to its lowest level since 2018, despite the country recording the highest number of transactions on the continent during the period.
Nigeria completed 39 M&A transactions between January 1 and June 30, 2026, up from 31 deals recorded between January 1 and June 30, 2025.
The sharp contrast between transaction volume and value shows that investors remained active in the Nigerian market but completed fewer large-value deals. Nigeria ranked ninth among African markets by M&A value during the first half of 2026, after ranking first in the same period of 2025.
DealMakers Africa said M&A activity across Africa, excluding South Africa, also weakened during the period. Total deal value fell 10% year-on-year to $5.58 billion, while transaction volume declined by about 13% to 166 deals.
Nigeria’s decline came as investors faced global risk aversion, foreign-exchange uncertainty, valuation gaps between buyers and sellers and concerns over the impact of the country’s new tax regime.
Abiodun Keripe, Managing Director of Afrinvest Consulting, said global risk-off sentiment had made investors more selective, while uncertainty surrounding the repatriation of returns and dividends was also affecting investment decisions.
The data suggests that Nigeria continues to attract corporate deal activity, but the market is struggling to generate the large transactions needed to lift overall M&A value.
