Nigeria’s listed technology companies are entering a new investment phase as stronger cash positions and improving economic conditions give them greater capacity to fund expansion, although high financing costs and expensive technology equipment are forcing companies to deploy capital selectively.
A BusinessDay analysis of six listed technology companies — Chams Holding Company, CWG, E-Tranzact International, Legend Internet, NCR Nigeria and Omatek Ventures — shows that combined capital expenditure (CAPEX) rose to N3.23 billion in the first half of 2026, from about N1.85 billion in H1 2025, representing an increase of roughly 75 percent.
At the same time, combined cash and cash equivalents nearly doubled to N37.8 billion, from about N19 billion a year earlier, pointing to a significant strengthening of the sector’s financial capacity to invest.
Despite the higher investment in fixed assets, the aggregate CAPEX-to-cash ratio fell to 8.56 percent in H1 2026 from 9.75 percent in H1 2025.
This suggests that the companies entered the period with substantially greater liquidity than the amount they committed to capital expenditure. In other words, cash accumulation grew much faster than investment in physical assets.
