Financial planner Kalu Aja has described MTN Nigeria‘s continued presence and investment in the country as one of the most important signals of corporate confidence in the Nigerian economy, noting that the company has remained committed even as others have exited.

“The key word is that they are staying. MTN, Dangote, GTCO – they are staying. People have left Nigeria. These guys are staying. That’s a key thing,” Aja said during an X Space he hosted on Sunday with financial analyst and Money Africa co-founder Tosin Olaseinde.

The remarks came during a discussion on what corporate Nigeria has contributed to the country’s economy, with MTN, Dangote Cement, and GTCO used as representative examples across telecommunications, manufacturing, and financial services.

Olaseinde drew a distinction between two types of foreign capital flowing into Nigeria, arguing that the kind of long-term investment represented by companies like MTN is far more valuable than short-term portfolio flows.

“FPI is like a one-night stand. FDI is like a marriage,” she said, contrasting foreign portfolio investment with foreign direct investment. You cannot cut off a marriage immediately. There might be children involved. It creates jobs, it has a long-term approach. And that’s what we want.”

She said Nigeria has experienced a surge in portfolio investment in recent periods, but cautioned that such flows are inherently unstable. “FPI is hot money. The way it came is the same way it can go. But we want something that will stay, something long-term. And that’s where you see companies like MTN. They’re bringing in FDI, and we want more of that.”

Aja said MTN’s decision to remain and continue investing carries particular weight given the broader pattern of corporate departures from the Nigerian market in recent years.

He pointed to the company’s ₦1.62 trillion in cumulative infrastructure spending and ₦429 billion in taxes paid as evidence of a sustained commitment that extends beyond profit extraction.

He also referenced other foreign investors who chose to stay and build in Nigeria, including Singapore-based Tolaram Group, which entered the Nigerian market after a holiday visit and has since built a multi-billion-dollar business that now includes ownership of Guinness Nigeria. Aja cited Tolaram’s involvement in the Lekki Deep Sea Port as further evidence that long-term investors can build transformative businesses in the country.

Olaseinde confirmed the account. “He came to Nigeria on a holiday. After the holiday, he invested. That company is worth billions of dollars today. A global company, from Nigeria,” she said.

Aja argued that the Dangote Refinery IPO, currently underway, could incentivise more companies to list on the Nigerian Stock Exchange and deepen their roots in the country. He noted that Dangote is selling less than five per cent of his holdings in the refinery and could have raised the capital privately from investors in the Gulf states.

“There’s a reason he’s listing. Listing the company, staying in the country, saying with that listing that you are going to stay in Nigeria and grow the nation – it gives you a lot of brownie points,” Aja said.

He concluded that any company still creating jobs and investing in Nigeria deserves recognition. “That’s basically why we’re doing this space. To put the spotlight on corporate Nigeria, give them their flowers. We see you. We want prices to come down, but we see you and we see what you’re doing.”