Dbnc 2026: Capital, collaboration, and the future of

Nigeria's private sector stands at an inflection point. The Doing Business in Nigeria Conference (DBNC) 2026, held recently in Lagos, underscored a critical reality: sustainable enterprise growth now depends on three interconnected drivers—accessible capital, strategic collaboration between public and private actors, and renewed focus on operational competitiveness in a volatile macroeconomic environment.

Convened by Linda Uneze, Chief Executive Officer of Maurice Xandra Solutions, the conference assembled Nigeria's most influential stakeholders: central bank officials, Securities and Exchange Commission (SEC) regulators, institutional investors, commercial banks, and mid-market business leaders. The consensus emerging from discussions reveals both urgency and opportunity as Nigeria seeks to diversify its economy beyond energy dependence.

## What is constraining Nigeria's enterprise growth right now?

Access to affordable capital remains the primary bottleneck. While Nigeria's Central Bank has maintained a restrictive monetary policy to combat inflation—holding the benchmark rate at 27.25% as of late 2025—the spillover effect has been devastating for SMEs and mid-cap manufacturers. Bank lending rates hover between 30-35%, making expansion projects prohibitively expensive. Conference participants highlighted that non-bank financial institutions (NBFIs) and development finance initiatives must fill this gap, but regulatory frameworks remain fragmented. The absence of a cohesive credit guarantee scheme comparable to those in Kenya or South Africa has left thousands of viable businesses unable to access growth capital.

Collaboration between government agencies and the private sector emerged as equally critical. Nigeria's business environment ranks 133rd globally (World Bank's Ease of Doing Business), yet many constraints stem from bureaucratic silos rather than policy intent. Tax uncertainty, inconsistent port operations, and duplicative licensing requirements create friction that drains resources from productive activity. Conference speakers advocated for a single digital window for business registration and renewal, similar to Singapore's model, but implementation remains stalled.

## How are investors responding to Nigeria's 2026 outlook?

Foreign direct investment inflows to Nigeria declined 28% year-over-year through mid-2025, according to the National Bureau of Statistics, signaling investor caution. However, select sectors—fintech, agritech, renewable energy, and light manufacturing—continue attracting capital from impact investors and diaspora-backed funds. The conference revealed growing interest in sector-specific investment vehicles, particularly those focused on value-chain integration in agriculture and export-grade manufacturing. Institutional investors from the Nigerian Stock Exchange's listed companies signaled confidence in long-term growth narratives, though near-term earnings pressure persists due to naira volatility.

Enterprise competitiveness was reframed during discussions as an ecosystems problem, not an individual firm problem. Participants acknowledged that improving operational efficiency at the company level requires simultaneous improvements in input costs (energy, logistics), workforce quality, and access to technology. Several conference sessions focused on how clustering—encouraging businesses in allied sectors to co-locate and share infrastructure—could reduce individual company costs while building resilience.

The DBNC 2026 takeaway is straightforward: Nigeria's private sector can grow robustly, but only if capital flows are unlocked, public-private coordination improves measurably, and enterprises embrace collaborative rather than siloed strategies.

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