Kenya dethrones Nigeria as Africa’s top M&A market by value, jumps 671%

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.

According to the South African-based firm that tracks M&A and corporate finance activity across the continent, Kenya, Nigeria, Egypt and Morocco were the biggest drivers of African deal activity in the first half.

Across the continent, excluding South Africa, M&A value fell 10 percent year-on-year to $5.58 billion, while transaction volumes declined 13 percent to 166 deals.

“Strategic investors continued to pursue long-term growth opportunities despite a more measured global investment environment, but geopolitical developments have heightened uncertainty and prompted buyers and investors to adopt a more cautious approach to transactions in the region,” said Marylou Greig, editor at DealMakers Africa.

Kenya attracts the big…