Beyond Capital: The Conversation Nigeria Must Have About Investment

by Collins Nweke

On 24 June 2026, policymakers, investors, business leaders, financiers, diplomats, and development practitioners will converge at the Belgium–Luxembourg–Nigeria Investors Roundtable hosted by Access Bank and taking place at its Headquarters in Lagos.

The theme is straightforward enough: unlocking sustainable, bankable cross-border investment along the Belgium–Luxembourg–Nigeria corridor.

Yet beneath the language of investment promotion lies a more profound question: Why does capital flow so easily to some places and hesitate before others?

After decades of working at the intersection of public policy, economic diplomacy, local governance, international trade, and diaspora engagement, I have come to believe that investment is never fundamentally about money. Money is the last thing that moves. Trust moves first. Confidence moves before money. So too are governance, ideas, and institutions. They all move and then capital merely follows.

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That is why, I am both curious and excited about a conversation that will take place with the distinguished panelists assembled for this roundtable: Bolaji Bakare of Sao Capital, John Uwajuomogu, Special Adviser to the President, and Olufemi Awoyemi, Chair of Proshare Nigeria Limited. Should the opening question be how much investment Nigeria needs or why investment still hesitates. This is because before we discuss billions of dollars, we must confront billions of doubts.

Private Capital

The first conversation should be with Bolaji Bakare. Not because investors possess all the answers, but because they often possess the clearest view of where confidence begins to break down. Left with Bolaji, I’d first want to know: “When international investors look at Nigeria today, are they responding to actual risk or perceived risk?”

The distinction matters enormously. Many countries have risk. Few countries suffer from a deficit of narrative. Nigeria is one of them.

I have spent three decades engaging European investors, chambers of commerce, development institutions, and corporate executives. I have watched boardrooms discuss Nigeria with a mixture of excitement and apprehension. The same market that attracts admiration for its scale often provokes anxiety about policy continuity. The same entrepreneurial energy that inspires investors can be overshadowed by concerns regarding regulatory uncertainty. So I would be curious to know: “At what point does perception become more damaging than reality?” And perhaps even more importantly: “What specific instruments can help de-risk investment sufficiently to move institutional capital from interest to commitment?” This is because investment attraction is no longer merely a government function. It is increasingly an exercise in risk engineering.

Government

If I have John Uwajuomogu sitting next to me, I’d be curious why as government they frequently ask investors what more they require. Investors usually respond with some version of the same answer: Predictability, not perfection. Predictability. In which case he would know what  assurances Nigeria can realistically offer investors regarding policy consistency over the next decade. The question is neither partisan nor ideological. It is practical. Investors can manage challenges. They struggle to manage uncertainty.

The reform programme of the current administration has undeniably involved difficult choices: subsidy removal, foreign exchange reforms, and fiscal restructuring. These decisions have imposed real costs on citizens while promising longer-term gains. The challenge now is no longer announcing reforms. It is institutionalising them. And so, I’d look John straight in the eyes and ask: “What evidence should investors examine today that demonstrates these reforms are creating a more durable investment environment?” And because this roundtable concerns Public-Private Partnerships, I would push further: “What lessons has government learned from past PPP successes and failures?”

The future of African infrastructure cannot be financed solely through public expenditure. Nor can it be outsourced entirely to private capital. The future belongs to intelligent partnerships. But partnerships require trust. And trust requires accountability on all sides.

Economic Governance

Olufemi Awoyemi would have earlier given a keynote intervention at this investors roundtable. Few observers have spent as much time analysing Nigeria’s economic trajectory through the lenses of governance, capital markets, and institutional performance as ‘Femi. If I was to grill him, I would therefore push him a deceptively simple question: “What is Nigeria’s investment story today?” Not its aspiration. Not its potential. Its story. This is because as he knows too well, investors do not invest in spreadsheets. They invest in narratives they believe. A nation unable to articulate its economic story struggles to attract long-term capital. And a nation unable to sustain that story struggles even more.

And so, out of curiosity, the audience should be impatient to know: “What role economic governance play relative to infrastructure, security, and market size?” And perhaps the most uncomfortable question of all: “Is Nigeria doing enough to mobilise domestic capital before seeking additional foreign capital?” This matters because sustainable investment ecosystems are rarely built from outside. They are usually built from within. Foreign investors often gain confidence when they see local investors demonstrating confidence first. It’s not different from a diaspora trying to convince a foreign business person to invest in Nigeria. One of the first questions they ask is if you are already investing in Nigeria.

The Belgium–Luxembourg–Nigeria Opportunity

The roundtable itself represents something larger than a business event. It reflects an emerging strategic corridor. Belgium offers world-class logistics, industrial expertise, and global connectivity through institutions such as the Port of Antwerp-Bruges. Luxembourg brings deep strengths in finance, investment structuring, and international capital mobilisation. Nigeria contributes scale, entrepreneurship, demographics, and market opportunity.

The question is whether these strengths can be combined into something greater than the sum of their parts. That is why the audience would be keen to know from all three panelists: “What sectors offer the most realistic opportunities for transformative collaboration between Belgium, Luxembourg, Nigeria, and the wider West African region?”

Not theoretical opportunities. We are talking of bankable opportunities. The kind capable of moving from conference halls to factory floors. From memoranda to investments. From announcements to outcomes.

The Diaspora Question Nobody Should Ignore

There is, however, one final question I would insist on introducing into the conversation. It is a question that has occupied much of my recent work, including my book Economic Diplomacy of the Diaspora.

I would ask:

“What role can diaspora professionals, entrepreneurs, and investors play in reducing information asymmetry and de-risking cross-border investment?”

Because diaspora engagement remains one of the most underutilised instruments of economic diplomacy. The diaspora understands both sides of the investment equation. The source market. And the destination market. It understands culture, institutions, expectations, language, risk, and opportunity. In many respects, diaspora communities are natural translators of trust. And trust remains the most valuable investment currency of all.

The Conversation We Must Have

If I have learned anything from years spent moving between Europe and Africa, between governance and business, between public institutions and private enterprise, it is this: The investment challenge facing Nigeria is not fundamentally a shortage of capital. The world is awash with capital. The challenge is creating environments where capital feels safe enough to stay. This requires honest conversations. Conversations between government and investors. Between policymakers and markets. Between ambition and execution. Between promise and performance.

That is why the most important outcome of the Belgium–Luxembourg–Nigeria Investors Roundtable will not be the speeches delivered or the business cards exchanged. It will be whether we are willing to confront difficult questions with the seriousness they deserve. Because sustainable investment is ultimately not built on optimism alone. It is built on credibility. And credibility begins with the courage to ask the right questions.

As stakeholders gather in Lagos on 24 June, that is the conversation I hope they will have. And if they have it honestly enough, perhaps the capital will follow.