Private Capital, Policy Consistency, Others Crucial to Nigeria’s Next Growth Phase—Anchoria

By Aduragbemi Omiyale

Foremost financial market conglomerate Anchoria Capital Group has posited that private capital, deeper capital markets, stronger institutions and policy consistency will play crucial roles in determining Nigeria’s next growth phase.

At the Anchoria Investor Forum 2026, tagged The Quorum, it was disclosed that the nation was entering the early stage of a new investment cycle and transitioning from macroeconomic adjustment to a more selective, fundamentals-driven growth phase.

For the past three years, President Bola Tinubu’s administration has introduced economic reforms that have negatively affected citizens. The economy has had to battle with weak household purchasing power, elevated interest rates, fiscal pressures, infrastructure deficits, and low industrial productivity.

The current government has, since its inception in May 2023, removed the petrol subsidy, liberalised the exchange rate and tightened monetary policy.

These actions have helped to moderate inflation, boost FX liquidity, improve investor confidence, stabilise the economy, and strengthen the financial markets, with the National Bureau of Statistics (NBS) revealing this week that the Gross Domestic Product (GDP) rose by 4.43 per cent in the second quarter of 2026.

The Nigerian Exchange (NGX) Limited has been one of the clearest beneficiaries of these reforms, with the All-Share Index (ASI) up by 47.43 per cent in the first half of 2026, placing it among the strongest-performing frontier markets during the period.

The rally was driven primarily by strong corporate earnings, robust domestic liquidity, improving macroeconomic conditions, and sustained participation from institutional investors.

For Anchoria Capital, things could get better in the new investment cycle if the private sector sees incentives to assist the government in financing infrastructure, housing, manufacturing, healthcare, technology, logistics, and industrial development.

According to an economist at The Quorum, Dr Doyin Salami, the government must increasingly focus on creating an environment that encourages investment while allowing private capital to finance productive sectors of the economy.

For Anchoria Capital, it expects attractive opportunities across infrastructure, financial services, healthcare, manufacturing, technology and housing where structural demand aligns with improving investment conditions.

“Our constructive outlook is contingent upon continued policy consistency, moderating inflation, relative exchange-rate stability and stronger corporate earnings. A reversal in reforms, weakening institutional credibility or renewed macroeconomic instability would materially weaken this investment thesis,” it submitted.