By John Ikani
Nigeria has claimed the top spot for private equity deals in Africa during the first quarter of 2024, surpassing countries that previously held this position, according to a new report by DealMakers Africa.
DealMakers Africa, a South African firm specializing in tracking mergers and acquisitions (M&A) and corporate finance activity across the continent, revealed that the value of M&A deals in Nigeria, Africa’s most populous nation, reached an estimated $2.6 billion in Q1 2024.
The report further highlights West Africa’s continued dominance in terms of total deal value, recording $2.6 billion with Nigeria as the central hub for activity, boasting 20 deals during the quarter.
Among the top 10 deals announced in Q1, the most significant transaction involved the sale of Shell’s onshore oil and gas subsidiary to Renaissance Africa Energy for a staggering $2.4 billion.
Despite the various challenges faced by Africa, both internally and externally, DealMakers Africa’s report emphasizes the abundance of opportunities present on the continent. Africa boasts the world’s largest mineral reserves and holds immense potential for generating renewable energy sources.
While East Africa recorded a total deal value of $44 million, Kenya stood out as the most active nation in the region, contributing 19 out of the 28 deals documented.
