…secures $2.6bn in Q1

Nigeria has recorded the highest private equity deals in Africa in the first quarter of 2024, overtaking smaller countries that used to receive the highest deals.

According to a new report by DealMakers Africa, a South African-based firm that tracks mergers and acquisitions (M&A) and corporate finance activity across the continent, the value of M&A in Africa’s most populous nation was estimated to be $2.6 billion.

“In terms of total deals, West Africa continued to dominate (recording $2.6 billion in value) with Nigeria the centre of activity (20 deals),” the report said.

It said out of the top 10 deals announced in Q1, the largest was the disposal by Shell of its onshore oil and gas subsidiary to Renaissance Africa Energy for $2.4 billion.

“While Africa faces many challenges – both internal and external – opportunities abound, with the world’s largest mineral reserves and huge potential to produce energy from renewable sources,” the report added.

East Africa recorded deal values in aggregate of $44 million with Kenya being the most active of the East African countries, recording 19 deals of the 28 for the region