Nigerian business leaders in Lagos received the California-Africa Climate and Economic Partnership delegation and explored 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.”
The report by Punch newspaper on Wednesday stated that Nigerian business leaders acknowledged that Nigeria’s regulatory reforms are reshaping its investment outlook.
The reports added that 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.
GIK/APA