The first half of 2025 has been a period of resilience and recalibration for Nigeria’s private capital industry. Against a backdrop of currency volatility, evolving market sentiment, and far-reaching regulatory reforms, our ecosystem continues to navigate new complexities while uncovering areas of opportunity.

This mid-year bulletin, produced by the PEVCA Legal & Regulatory Committee (LRC) with expert contributions from leading legal, tax, and regulatory practitioners, provides timely insight into the market, policy, and structural shifts shaping private equity and venture capital in Nigeria.

Inside, you will find:

· CEO Perspectives from Rachel More-Oshodi (ARM-Harith), Dr. Dotun Olowoporoku (Ventures Platform), and Lexi Novitske (Norrsken22) on resilience, capital deployment, and scaling globally.

· In-depth analysis of ISA 2025, Nigeria’s consolidated Tax Reform Acts, and other key policy changes with direct implications for fund structuring, deal-making, and exits.

· Practical guidance on navigating capital gains tax, FX policy shifts, fund vehicle options, and due diligence pitfalls.

· Topical commentary on investor rights, founder control, antitrust considerations, and regulatory developments at the SEC.

We extend our sincere appreciation to the contributing firms and professionals whose insight and expertise enrich this report, including Aelex, Deloitte, Detail Commercial Solicitors, DLA Piper Africa (Nigeria), Duale, Ovia & Alex-Adedipe, G. Elias & Co., KPMG, Norrsken22, Trium, Udo Udoma & Belo-Osagie, and Verod Capital Management.

The report captures both the challenges and emerging prospects that will define the second half of the year and beyond. It is an essential resource for GPs, LPs, advisors, and policymakers committed to shaping a transparent, predictable, and enabling environment for private capital in Nigeria.

Download the full bulletin to explore the insights, strategies, and recommendations driving industry alignment in 2025.