Nigeria Emerges Second-Largest Investment Banking Hub in Sub-Saharan Africa
Abuja, Nigeria — Nigeria has been ranked the second-largest investment banking hub in Sub-Saharan Africa for 2025, generating an estimated $97.9 million in fees, representing an 8 percent increase from the previous year.
The ranking, based on industry data compiled by financial market analysts, places Nigeria behind South Africa, which maintained its position as the region’s leading investment banking market. Nigeria’s performance highlights the country’s growing influence in Africa’s financial services landscape despite broader market headwinds.
Across Sub-Saharan Africa, total investment banking fees rose during the period, reflecting sustained activity in debt capital markets and corporate financing transactions. Nigeria accounted for a significant share of the regional fee pool, underlining the depth of its financial markets and the continued demand for advisory and capital-raising services.
Market participants attribute Nigeria’s improved standing primarily to strong debt market transactions, as corporations and institutions increasingly turned to fixed-income instruments to raise capital. Analysts note that while equity capital market and mergers-and-acquisitions activity experienced moderation, debt financing continued to support revenue growth for investment banks operating in the country.
Financial experts say Nigeria’s position as a leading investment banking centre is critical for mobilising capital into key sectors of the economy, including infrastructure, energy, and industrial development. They add that a vibrant investment banking environment can enhance liquidity, facilitate large-scale projects, and improve investor confidence.
Despite the positive growth, industry observers caution that challenges remain, including market volatility, regulatory shifts, and global financing conditions that continue to shape deal flow across the region.
Nigeria’s latest ranking reinforces its status as one of Africa’s most active financial markets, with stakeholders expressing optimism that ongoing reforms and economic adjustments could further strengthen the country’s investment banking sector in the coming years.
