ARM-HARITH RAISES $76M CLIMATE FUND — NIGERIA'S LISTED FIRMS SURPASS PRE-DEVALUATION DOLLAR PROFITS

Infrastructure fund targets green industrialisation in Sub-Saharan Africa; corporate Nigeria's dollar earnings fully recovered three years after 2023 shock

Nigeria's corporate sector has crossed a significant financial milestone, with listed companies collectively surpassing their pre-devaluation dollar earnings peak, three years after the 2023 naira shock erased billions from reported corporate profits, as a new $76 million climate infrastructure fund opens fresh capital channels for green industrial investment across the country.

New analysis shows that Nigeria's largest listed companies have not only recovered the dollar value of earnings lost during the 2023 historic naira devaluation, but have collectively surpassed their pre-devaluation earnings peak in dollar terms, reflecting the combination of naira partial recovery, business resilience, and price adjustment strategies over the intervening three years.

ARM-Harith Infrastructure Investment, one of Nigeria's leading infrastructure asset managers, secured a $76 million first close for its new climate transition fund, mobilising institutional capital from pension funds, development finance institutions, and international investors for infrastructure projects across Sub-Saharan Africa. The fund focuses on clean energy generation, green industrialisation, and climate-resilient infrastructure, sectors the firm identifies as the most underinvested across the continent despite growing demand.

The two data points together tell a coherent story about Nigerian corporate finance in June 2026: the earnings shock of 2023 is fully absorbed in dollar terms, capital markets confidence is high, and the next phase of investment is being directed toward the infrastructure and climate sectors that determine long-term competitiveness.

For Nigerian SMEs, the implications run through supply chains, energy access, and financing costs. Infrastructure investment in clean energy and green industrialisation reduces the energy costs that have dominated SME operating expenses throughout 2025 and 2026.