Reflections from the Association of Asset Custodians of Nigeria Annual Investor Conference 2026 in London
By Mazi Godson Azu
A London conversation about Nigeria’s economic future, investment confidence and the road to a US$1 trillion economy
LONDON — I had the privilege this morning of attending the Association of Asset Custodians of Nigeria (AACN) Annual Investor Conference 2026 in London, an important gathering of institutional investors, global custodians, banks, asset managers, financial-sector professionals and other stakeholders interested in the future of Nigeria’s economy and capital markets.
Held under the compelling theme, “The Next Chapter: From Reform to Returns,” the conference provided a timely platform for examining Nigeria’s ongoing economic reforms, the changing investment environment and the country’s ambition to transform reform efforts into measurable economic returns.
The conference brought together major players from Nigeria, the United Kingdom and the wider international financial community, including representatives and stakeholders associated with institutions such as UBA Nigeria and UK, FirstBank UK, Standard Chartered, Stanbic, Ecobank, HSBC and other financial institutions.
There was also international interest from across Africa, including participants connected to Angola, reflecting the wider regional significance of Nigeria’s economic trajectory.
A major highlight was the keynote address by Taiwo Oyedele, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, whose presentation focused on the government’s reform programme, the changing fundamentals of the Nigerian economy and the opportunities available to investors. The conference organisers described the gathering as an opportunity to examine the reforms reshaping Nigeria, investment opportunities and the pathway towards the country’s ambition of becoming a US$1 trillion economy. (LinkedIn)
“Investors Are Paid to Assess Risk, Not Optimism”
Although I arrived midway through the Minister’s presentation, I was able to capture several of the key messages that, in my view, went to the heart of Nigeria’s present economic challenge.
One statement particularly stood out:
Investors are paid to assess risk, not optimism.
That is a powerful observation.
International investors cannot be expected to invest simply because government officials say that Nigeria is changing. They have a responsibility to assess risk, evaluate returns and determine whether the investment environment justifies the deployment of capital.
But there is another side to the equation.
Investors must also consider the risk of waiting too long.
Nigeria does not have to become a risk-free economy before investment can take place. No serious market is completely risk-free.
The more important question is whether the risk-reward equation is changing.
That is arguably the central question behind this year’s conference.
From Announcements to Measurable Outcomes
The Minister’s presentation also reinforced an issue that has become increasingly important in Nigeria’s economic debate: reforms must ultimately be judged by their outcomes.
It is not enough to announce reforms.
They must translate into:
- private-sector investment;
- productive capital formation;
- increased productivity;
- stronger government revenues;
- improved fiscal management;
- sustainable debt-service indicators;
- stronger external balances;
- increased foreign reserves;
- industrial expansion;
- higher exports;
- job creation; and
- improved living standards.
In other words, Nigeria needs to move from reform as policy announcement to reform as economic performance.
That is where the phrase “From Reform to Returns” becomes particularly meaningful.
The returns should not only be measured on balance sheets and investment portfolios. They should also be visible in factories, infrastructure, businesses, exports, jobs, household incomes and opportunities for young Nigerians.
The Importance of Data
Another significant message from the Minister was the importance of reliable data.
Having followed Nigeria’s fiscal and economic policy debates for many years, I found this particularly compelling.
Economic arguments without credible data can easily become political narratives rather than evidence-based assessments.
The Minister pointed to the importance of data in understanding the actual scale of the Nigerian economy and referenced purchasing-power-parity (PPP) GDP as one of the indicators that demonstrates Nigeria’s enormous underlying economic potential.
The wider point is important.
Nigeria’s economic opportunity cannot be assessed solely through a single indicator or yesterday’s headlines.
Its market size, demographics, entrepreneurial capacity, natural resources, human capital and strategic position within Africa all matter.
But potential is only potential until it is converted into productive capacity.
Nigeria’s Economic Scale and the African Opportunity
Nigeria remains one of the world’s most significant emerging markets and one of Africa’s largest economies.
Its population, consumer market and strategic position give it a natural advantage as a potential production and investment hub for the African continent.
The opportunity becomes even more significant when considered alongside the African Continental Free Trade Area (AfCFTA).
Nigeria therefore has an opportunity to move beyond being predominantly a large consumer market and strengthen its position as a major production, manufacturing, services and export hub for Africa.
That will require investment in energy, infrastructure, logistics, agriculture, manufacturing, technology, financial services and human capital.
It will also require a regulatory and institutional environment capable of giving investors confidence that capital can remain productive over the long term.
The Road to 2030
Looking towards 2030, the government’s ambition of building a US$1 trillion Nigerian economy represents a major national economic objective.
But achieving such an ambition will require much more than a target.
It will require sustained implementation.
The Minister’s presentation broadly framed the pathway around four major areas:
- Macroeconomic Stability
Nigeria must continue working towards lower and more stable inflation, stronger external balances and a more resilient economy.
- Financial-Sector Development
The country needs deeper capital markets, more efficient financial intermediation and better pricing of risk.
- Investment, Productivity and Diversification
Nigeria must expand productive investment, strengthen manufacturing and diversify the economy beyond dependence on a narrow range of sectors.
- Jobs, Incomes and Living Standards
Ultimately, economic policy must improve the lives of citizens.
Growth that does not create jobs, raise incomes and improve living standards cannot be regarded as a complete economic success.
Manufacturing Must Become More Central
One of the most interesting areas discussed was the ambition to significantly increase the contribution of manufacturing to Nigeria’s GDP, alongside stronger export performance.
This is critical.
Nigeria cannot sustainably import its way into prosperity.
The country must increasingly produce what it consumes, add value to its raw materials and export competitively to the rest of Africa and the world.
Agriculture, manufacturing, energy, technology and services can become important pillars of this transformation if the right capital, infrastructure, skills and policy environment are provided.
The real test will be whether the reforms can generate the conditions under which private capital is willing to make long-term commitments to productive sectors.
Policy Can Change — But Credibility Must Remain
Another important point from the Minister’s remarks concerned policy consistency.
There is sometimes a misconception that policy consistency means a government must never change course.
That is not necessarily correct.
When facts change, policy may need to change.
When data reveals unintended consequences, government should have the courage to make adjustments.
But policy changes must be properly communicated.
Investors and businesses need clarity about what is changing, why it is changing, when it will take effect and what transitional arrangements will apply.
That is how governments build credibility.
Consistency does not mean rigidity. It means creating confidence that policymaking is evidence-based, transparent and predictable.
The Cost of Waiting
The Minister’s challenge to international investors was, in my view, one of the most important messages from the conference.
Nigeria does not expect investors to invest merely because government asks them to believe in the country.
Rather, investors should examine the evidence and determine whether Nigeria increasingly deserves a place within their portfolios.
That is a more mature investment proposition.
It also recognises that capital is competitive.
Countries across Africa and the developing world are competing for the same international investment capital.
Nigeria therefore has to demonstrate not only that it has opportunities, but that it can provide the institutions, infrastructure, regulatory certainty and economic conditions necessary for investors to convert opportunities into returns.
From Reform to Returns — and Then to Reinvestment
My greatest takeaway from the conference is that Nigeria’s economic conversation is entering an important new phase.
The reform conversation was necessary.
But reforms cannot become an end in themselves.
The next question must be:
What are the returns?
And after returns comes another question:
Will investors reinvest?
That, perhaps, is the real test.
A successful economy is not one that attracts capital once.
It is one that attracts capital, produces returns, builds confidence and encourages investors to return with even greater long-term commitments.
That is how an investment ecosystem becomes sustainable.
My Reflections from London
As an International Relations, Global Affairs and Development practitioner, and as someone involved in facilitating investment, leadership and institutional development conversations between the United Kingdom, Nigeria and Africa, I left the conference with a strong sense that Nigeria’s next economic chapter will depend heavily on the quality of implementation.
Nigeria has the market.
Nigeria has the people.
Nigeria has the entrepreneurial talent.
Nigeria has strategic access to the wider African market.
Nigeria has significant natural and human resources.
What remains critical is the ability to translate these advantages into productivity, competitiveness, investment and shared prosperity.
The international investment community will continue to watch.
The Nigerian private sector will continue to demand clarity.
Citizens will continue to demand results.
And government will ultimately be judged by whether reforms improve the productive capacity of the economy and the quality of life of Nigerians.
Recent international commentary also reflects growing attention to Nigeria’s reform and investment outlook. For example, the International Energy Agency has expressed optimism about the potential for substantially higher investment in Nigeria’s energy sector, while emphasising the importance of trust, infrastructure and reliable data. (Reuters)
At the same time, the reform story must not ignore the short-term pressures experienced by ordinary Nigerians. Recent reporting has noted that reforms have helped strengthen public finances and attract investment while also imposing significant short-term cost-of-living pressures. (Reuters)
That balance is crucial.
Economic reform must ultimately be about people.
The Next Chapter
As the conference demonstrated, Nigeria’s economic story is not finished.
Indeed, the next chapter may prove to be the most important.
The first chapter was about reform.
The next chapter must be about returns.
But the chapter after that should be about reinvestment, productivity and shared prosperity.
By the time stakeholders gather again for the next AACN Annual Investor Conference, the hope should be that the conversation has moved even further:
From Reform → to Returns → to Reinvestment.
The evidence of success should be visible not merely in economic statistics, but in factories built, infrastructure delivered, businesses expanded, exports increased, jobs created, incomes improved and millions of Nigerians participating in a more productive economy.
That is the Nigeria investors want to see.
That is the Nigeria Nigerians deserve.
And that is the Nigeria that the next chapter must seek to build.
By. Mazi Godson Azu
International Relations & Global Affairs Analyst | International Development & Investment Facilitator | Leadership & Good Governance Consultant | CEO, CaterandMerger Consult UK
