Nigeria’s push to deepen foreign investment received a significant boost as the California-Africa Climate and Economic Partnership delegation met with business leaders in Lagos to explore collaborative opportunities across the film industry, technology, renewable energy, and climate cooperation.
The high-profile meeting, which included a formal dinner in Lagos, highlighted the stabilising effects of recent economic and regulatory reforms and identified sectors where Foreign Direct Investments (FDI) are most needed.
According to Kolawale Odunlami of PwC, Nigeria’s economic fundamentals are showing steady improvement.
He noted that the Nigerian Exchange market capitalisation has surged to over N90 trillion, oil production has risen to 1.55 million barrels per day (mbpd), and foreign reserves now exceed $40 billion.
“The economy is bouncing back. Inflation stands at 21.88 per cent, but it would have been far higher without prudent monetary policy management.
Key sectors such as financial services, ICT, construction, and real estate were the top performers in Q1 2025,” Odunlami explained.
Legal and business leaders emphasised Nigeria’s improved regulatory framework as a key driver for investment.
Ms Aderiike Aderemi, Partner at George Etomi & Partners, noted that recent laws—including the Electricity Act, Companies and Allied Matters Act (CAMA) 2020, and the Arbitration and Mediation Act 2023—have enhanced the ease of doing business.
“CAMA now allows foreigners to fully own Nigerian businesses, while the Investment Promotion Act guarantees capital transfer and dispute resolution through alternative dispute resolution (ADR).
The decentralised energy market also opens opportunities in renewable energy. Combined, these reforms provide investors confidence with minimal government intervention,” she said.
Additional reforms such as the Business Facilitation Act 2023 and the Nigerian Tax Act 2025 introduced VAT exemptions, tax incentives, and a five-year tax-free period for investors, further strengthening Nigeria’s attractiveness as a destination for FDI.
During the event, Toks Omisakin, Secretary of Transport for the State of California, urged stronger ties between California and Nigeria.
“California is the fourth largest economy in the world, while Nigeria, as Africa’s most populous country, has enormous potential.
Creative industries, film, technology, and climate ecosystems present great partnership opportunities,” he said.
Omisakin emphasised California’s leadership in the global entertainment sector and highlighted the longstanding influence of African culture on American creative arts.
He also shared his personal connection to Nigeria, saying that leveraging investment opportunities in Lagos was a strategic step following visits to Kenya and Ethiopia.
Emmanuel Ikazabor, President of the Metropolitan Club and Chairman of Dangote Cement, stressed Nigeria’s urgent need for FDI, highlighting California’s eagerness to invest across Africa.
George Etomi, founder of GEP, assured delegates that Nigeria now offers a more investor-friendly environment, noting that foreign investors can own up to 100 per cent of businesses in most sectors.
He also pointed to opportunities in renewable energy and infrastructure as key areas for collaboration.
California’s Energy Secretary, Noemi Gallardo, expressed interest in climate cooperation, citing Nigeria’s potential to balance fossil fuel reliance with climate action initiatives.
The Lagos meeting underscores growing interest from international investors and sets the stage for enhanced trade, technology transfer, and creative industry growth between Nigeria and California.
Stakeholders believe that sustained collaboration could position Nigeria as a key hub for investment in Africa, particularly in technology, renewable energy, and climate-focused ventures.
With the right policies and continued cross-continental engagement, Nigeria is poised to attract significant investment that will boost economic growth, job creation, and regional development.