Nigeria’s push to attract more foreign direct investment (FDI) gained momentum as the California-Africa Climate and Economic Partnership delegation met with legal, business, and industry leaders in Lagos to explore opportunities in film, technology, renewable energy, and climate cooperation.

At a dinner hosted in Lagos, experts highlighted the stabilising impact of recent economic reforms and the sectors where Nigeria urgently requires foreign capital.

Reforms Boost Investor Confidence

Mr. Kolawale Odunlami of PwC noted that Nigeria’s economy is showing signs of recovery, citing a ₦90 trillion market capitalisation at the Nigerian Exchange, crude oil production rising to 1.55 million barrels per day, and foreign reserves surpassing $40 billion.

“The economy is bouncing back. Inflation is at 21.88 per cent, but it would have gone haywire if the monetary policy rate hadn’t been well managed. Financial services, ICT, construction, and real estate were the top-performing sectors in Q1 2025,” Odunlami said.

Legal experts also pointed to reforms reshaping Nigeria’s business climate. Ms. Aderiike Aderemi of George Etomi & Partners explained that the Electricity Act, CAMA 2020, and the Arbitration and Mediation Act 2023 have cleared long-standing bottlenecks, decentralised energy markets, and provided dispute resolution mechanisms to protect investors.

“The Business Facilitation Act 2023 and the Nigerian Tax Act 2025 now provide tax incentives, VAT exemptions, and a five-year tax holiday for investors. These reforms give businesses confidence with minimal government interference,” she said.

California Calls for Deeper Ties

Delivering the keynote, Mr. Toks Omisakin, California’s Secretary of Transport, urged closer cooperation between California and Nigeria.

“California is the fourth strongest 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,” Omisakin said.

He added that California, the hub of America’s entertainment economy, has long been influenced by African culture and that stronger links with Nigeria would benefit both economies.

California’s Energy Secretary, Ms. Noemi Gallardo, stressed her state’s interest in climate cooperation, noting: “We are keen on exploring how to balance fossil fuel reliance with addressing climate change. Nigeria has much to offer in this regard.”

Nigeria Seeks Renewed Investor Interest

Business leaders echoed the need for stronger FDI flows. Mr. Emmanuel Ikazabor, Chairman of Dangote Cement, said California’s engagement reflects global recognition of Nigeria’s economic potential.

GEP founder, Mr. George Etomi, assured the delegation that the business climate is now far more investor-friendly.

“Foreigners can now own up to 100 per cent of their businesses except in specific sectors. It is easier to bring in capital and repatriate it. More than ever before, Nigeria is ready to attract FDI,” he said, urging investors to look at renewable energy, infrastructure, and ICT.