Source: Prof. Tom Ojienda and Associates
Kenya has overtaken Nigeria as Africa’s leading Mergers and Acquisitions market by value after deal value in the East African economy jumped 670.5 percent year-on-year to $1.44 billion in the first half of 2026, a new report by DealMakers Africa shows.
The surge lifted the country five places from sixth position in H1 last year and marked a reversal of fortunes for Nigeria, which had ranked as Africa’s top M&A market by value four times in the past six years.
The M&A value in Africa’s most populous nation plunged by 88.9 percent to $105.8 million in H1, its lowest level in nearly a decade, even as it recorded the continent’s highest number of transactions.
The contrasting performances highlight a widening gap between deal activity and the amount of capital investors are willing to commit. Kenya recorded 25 deals, compared with Nigeria’s 39, but attracted almost eight times Nigeria’s deal value.
