Nigeria is rapidly becoming a major turning point for investors as Ralph Mupita, Group CEO of MTN described the West African nation as a “true African success story”.
Mupita, who spoke on the sidelines of the G20 Investment Breakfast Dialogue in Johannesburg, said Nigeria accounts for 35 to 40 percent of MTN’s business and serves 85 million customers.
He said MTN continues to support a strengthened Nigeria–South Africa business partnership through the bi-national commission, while encouraging South African investors to leverage Nigeria’s reform momentum.
Africa’s top oil producer has since May 2023 embarked on bold reforms that have begun to stabilise markets, improve investor sentiment and lay the groundwork for stronger growth.
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In his remarks, Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy urged South African corporates and fund managers to deepen their commitments into Africa’s most populous economy, stressing that the ongoing reforms are embarked upon to build a competitive, private-sector-led economy with a stable macroeconomic environment.
The minister said early indicators show the reforms are gaining traction. GDP grew 4.23 percent in the second quarter of 2025, up from 3.1 percent a year earlier, marking the fastest growth in at least four years.
Inflation has slowed for seven straight months to 16.05 percent in October, while foreign reserves have risen to $46.3 billion. Growth is becoming more broad-based, driven by telecoms, trade, construction, rail expansion, electricity improvements and increased refining capacity.
“These indicators carry a simple message: Nigeria is more stable, more predictable and more investable than it has been in many years,” he said.
Edun noted that Nigeria had “laid the foundation for a modern, resilient economy,” targeting medium-term growth of at least 7 percent powered by private investment.
