Nigeria is emerging as a significant opportunity for global investors, with Ralph Mupita, CEO of MTN Group, describing the West African nation as a “true African success story.”
Speaking on the sidelines of the G20 Investment Breakfast Dialogue in Johannesburg, Mupita highlighted the country’s strategic importance to the telecommunications giant. Nigeria accounts for a substantial 35 to 40 percent of MTN’s total business and serves a massive customer base of 85 million. Mupita affirmed the company’s commitment to strengthening the Nigeria–South Africa business partnership through the bi-national commission and actively encouraging other South African investors to take advantage of Nigeria’s current reform momentum.
Since May 2023, Africa’s top oil producer has enacted a series of bold economic reforms designed to stabilize markets, improve overall investor sentiment, and create a solid foundation for robust, long-term growth.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, was also present and used the platform to urge South African corporate entities and fund managers to deepen their financial commitments in the country. He stressed that the ongoing reforms are meticulously designed to build a competitive, private-sector-led economy characterized by a stable macroeconomic environment.
Minister Edun pointed to early indicators that demonstrate the success of these reforms. According to his remarks, the country’s GDP grew by 4.23 percent in the second quarter of 2025, which represents a significant acceleration from the 3.1 percent recorded a year earlier and marks the fastest growth rate in at least four years.
Furthermore, inflation has shown a consistent positive trend, slowing for seven consecutive months to reach 16.05 percent in October. The nation’s foreign reserves have also experienced a healthy increase, rising to $46.3 billion. This growth is becoming increasingly broad-based, driven by strong performance across various sectors including telecoms, trade, construction, rail expansion projects, electricity improvements, and increased domestic refining capacity.
“These indicators carry a simple message: Nigeria is more stable, more predictable and more investable than it has been in many years,” Edun asserted. He concluded that Nigeria has successfully “laid the foundation for a modern, resilient economy,” setting a target for medium-term growth of at least 7 percent, powered primarily by private investment.
