Nigerian companies will become acquisition targets by the end of 2015 as foreign investors seek to take advantage of a slump in equity valuations caused by the falling oil price, according to law firm Baker & McKenzie.

Investors from China to South Africa are interested in Nigerian industries including agriculture and mining because prices are favorable in Africa's largest crude producer and the government will probably seek to diversify away from oil, say Baker & McKenzie analysts led by Chris Hogan in Lagos.

"As valuations of companies fall they become targets for investments, acquisition or takeover by foreign players and large local companies," says Hogan, who is a partner at the London-based firm.