Nigeria’s investment reforms attract California delegation exploring FDI in tech, film, and renewable energy as regulatory changes boost investor confidence

Nigeria’s investment reforms are gaining international traction as a delegation from the California-Africa Climate and Economic Partnership met with top business leaders in Lagos to explore opportunities in technology, film, renewable energy, and climate cooperation.

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The visit, highlighted by a private dinner, brought attention to Nigeria’s economic turnaround and key regulatory changes that are reshaping the country’s investment landscape.

“The economy is bouncing back,” said Mr Kolawale Odunlami of PwC, citing a market capitalisation of over ₦90 trillion, rising oil production at 1.55 mbpd, and foreign reserves exceeding $40 billion.

Although inflation stands at 21.88%, Odunlami noted that effective monetary policy had prevented worse outcomes.

He named financial services, ICT, construction, and real estate as top-performing sectors in Q1 2025.

Legal expert Aderiike Aderemi of George Etomi & Partners underscored the impact of reforms like the Electricity Act, Companies and Allied Matters Act (CAMA) 2020, and Arbitration and Mediation Act 2023 in improving the ease of doing business.

“CAMA now allows 100% foreign ownership in Nigerian businesses, while the Investment Promotion Act guarantees capital repatriation and dispute resolution,” she said.

Aderemi also pointed to tax incentives in the Business Facilitation Act 2023 and the new Nigerian Tax Act 2025, which offers VAT exemptions and up to five years of tax-free operations for qualified investors.

In his keynote, Mr Toks Omisakin, California’s Secretary of Transport, urged deeper ties between California and Nigeria.

“California is the fourth-largest economy in the world. Nigeria has enormous untapped potential, especially in tech, film, and climate ecosystems,” he said, praising the influence of African culture on U.S. creative industries.

Emmanuel Ikazabor, President of the Metropolitan Club and Chairman of Dangote Cement, emphasized the urgent need for Foreign Direct Investment (FDI) in Nigeria, adding that California’s interest in Lagos mirrors previous visits to Kenya, Ethiopia, and Abuja.

Mr George Etomi, founder of GEP, assured the delegation that Nigeria is now more investor-friendly than ever.

“You can now own 100% of your business in most sectors. Bringing in and taking out capital is easier. The energy and climate sectors are ripe for partnerships,” he said.

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California’s Energy Secretary, Ms Noemi Gallardo, reaffirmed her state’s commitment to climate cooperation, noting that Nigeria offers strong potential in balancing fossil fuel reliance with clean energy transition.