At a dinner held in the city, stakeholders spotlighted the stabilising effects of recent economic reforms and outlined key areas where Foreign Direct Investment (FDI) could accelerate growth.
Economic Outlook and Growth Signals
Kolawale Odunlami of PwC presented a positive snapshot of Nigeria’s economy, noting that market capitalisation on the Nigerian Exchange has risen to over ₦90 trillion, oil output has recovered to 1.55 million barrels per day, and foreign reserves now exceed $40 billion.
“The economy is bouncing back. Inflation may be 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.
Reform-Driven Confidence
Legal experts stressed that regulatory reforms have significantly improved Nigeria’s investment climate. Aderiike Aderemi, partner at George Etomi & Partners, highlighted landmark legislation such as the Electricity Act, Companies and Allied Matters Act (CAMA) 2020, and the Arbitration and Mediation Act 2023.
“These reforms have eased entry for foreign investors. The decentralised energy market has reduced bottlenecks, while renewable energy provisions are clear. CAMA now allows foreigners to fully participate in Nigerian businesses, and the Investment Promotion Act guarantees capital transfer and dispute resolution through ADR. Businesses now operate with greater confidence and less government intrusion,” she explained.
She added that newer laws — including the Business Facilitation Act 2023 and Nigerian Tax Act 2025 — introduced VAT exemptions, tax incentives, and five-year tax holidays for investors, underscoring government’s pro-investment posture.
R-L Twitchell Eniolorunda, Orsomie Momoh, Fola Famuyiwa, Aderiike Aderemi, Olufemi Fadahunsi (Managing Partner, George Etomi and Partners), Sec Toks Omishakin (Secretary of Transportation for the State of California)Diana Abasi Okop, Ochuwa Dirisu, Faith Aderibigbe, and Gloria Ireka( CEO Newswire Law Events Magazine), during the California -Africa climate and economic delegation networking dinner recently. Photo credit: George Etomi law firm
Bridging California and Nigeria
The Secretary of Transport for California, Mr. Toks Omisakin, underscored the strategic rationale for collaboration, describing Nigeria and California as natural partners.
“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 also stressed California’s role as the hub of America’s entertainment industry, acknowledging the influence of African culture on U.S. creative arts. Omisakin, who has Nigerian roots, said it was only fitting to bring investment interest to Lagos after similar visits to Kenya and Ethiopia.
California’s Energy Secretary, Ms. Noemi Gallardo, reinforced the climate dimension of the partnership, stating: “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.”
Nigerian Voices on FDI
Nigerian business leaders echoed the urgency of attracting fresh capital. The President of the Metropolitan Club and Chairman of Dangote Cement, Emmanuel Ikazabor, emphasised that Nigeria’s growth path depends heavily on sustained foreign investment inflows.
George Etomi, founder of GEP, assured the visitors that Nigeria has become more investor-friendly:
“Foreigners can own up to 100 per cent of their businesses except in specific sectors. It is now easier to bring in your capital and repatriate profits. Renewable energy and infrastructure are wide open for investment. The new tax regime is friendlier. More than ever before, Nigeria is ready to attract FDI,” he said.
Looking Ahead
The Lagos engagement reflects Nigeria’s efforts to present itself as a reformed and investment-ready economy, leveraging global partnerships to unlock growth in strategic sectors. With California’s delegation signalling interest in creative industries and climate cooperation, the discussions mark an important step in expanding U.S.-Africa investment ties beyond traditional trade lines.