Nigeria’s bid to deepen foreign investment received a boost as the California-Africa Climate and Economic Partnership delegation met with business leaders in Lagos to explore opportunities in the film industry, technology, renewable energy and climate cooperation.
At a dinner in Lagos, the stabilising effects of key reforms in recent years and different sectors of the economy where Foreign Direct Investments were required were highlighted.
According to Mr Kolawale Odunlami of PwC, Nigerian Exchange market capitalisation has surged to over N90tn, oil production has risen to 1.55 mbpd, and foreign reserves now stand at over $40bn.
Odunlami said, “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.
At the dinner, legal and business leaders said Nigeria’s regulatory reforms are reshaping its investment outlook.
A partner at George Etomi & Partners, Ms Aderiike Aderemi, told the visiting delegation that recent laws such as the Electricity Act, the Companies and Allied Matters Act 2020, and the Arbitration and Mediation Act 2023 have improved the ease of doing business.
“The decentralised energy market has cleared bottlenecks, and the Act also provides for renewable energy. CAMA now allows foreigners to fully participate in Nigerian businesses, while the Investment Promotion Act guarantees capital transfer and dispute resolution through ADR. These reforms give businesses confidence with minimal government intervention,” she explained.
Aderemi also pointed to the Business Facilitation Act 2023 and the Nigerian Tax Act 2025, which she said introduced VAT exemptions, tax incentives, and a five-year tax-free period for investors.
In his welcome address, GEP Managing Partner Mr Femi Fadahunsi hailed the visit as a significant step in cross-continental economic collaboration.
In his keynote address, the Secretary of Transport for the State of California, Mr Toks Omisakin, called for deeper ties 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,” he said.
He explained that California is the capital of America’s entertainment economy, and African culture has long influenced American creative arts.
He stated that creative economies, the film industry, technology and climate ecosystems present great opportunities for investment for the people of California who are interested in African investment.
Omisakin, who was born in the USA, said he’s forever proud of his Nigerian roots, adding that it was reasonable to visit Nigeria to leverage investment opportunities, having visited Kenya and Ethiopia for the same purpose.
In his remarks, the President of the Metropolitan Club and Chairman of Dangote Cement, Emmanuel Ikazabor, said Nigeria needs Foreign Direct Investment.
“There have been a lot of things happening in the last two years. The state of California is eager to invest in Africa. They have been to Kenya, Ethiopia, and Abuja, and we thought it would also be good for them to come to Lagos. We believe that having this kind of event will help. The firm of GEP believes this kind of event is helpful,” he said.
The founder of GEP, Mr George Etomi, assured the visitors that Nigeria is now a more investor-friendly environment.
He said, “Foreigners can own up to 100 per cent of their businesses except in specific sectors.
“When it comes to ease of doing business, we are happy to tell you that it is now easy for you to bring in your money and take it back. It makes the investment climate a lot friendlier than before. The renewable energy sector is crying for investment. We have energy infrastructure, too. There are opportunities to link up with potential partners in those sectors. The new tax regime is friendlier. More than ever before, Nigeria is ready to attract FDI.”
California’s Energy Secretary, Ms Noemi Gallardo, said her state is keen to explore climate cooperation.
“Nigeria is one of the African countries that has much to offer. We are interested in how to balance fossil fuel reliance with addressing climate change,” she said.
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