By Henry Ojelu
LAGOS—Nigeria’s legal and business leaders have assured a visiting California trade delegation that the country’s new legal, regulatory and economic reforms have created one of the friendliest investment climates in Africa.
They spoke at a dinner in Lagos on Sunday organised by George Etomi & Partners, GEP, to host officials of the California-Africa Climate and Economic Partnership, CACEP, led by California’s Secretary of Transport, Toks Omisakin.
Presenting Nigeria’s investment outlook, Ms. Aderiike Aderemi, Partner at GEP, said reforms in the energy, tax and corporate governance sectors have significantly removed barriers that once discouraged foreign direct investment.
She pointed to the amended Electricity Act, which now allows decentralised energy markets and provides incentives for renewable energy.
According to her, the Nigerian Investment Promotion Act also protects businesses by easing capital transfers and offering alternative dispute resolution.
On the corporate front, she noted that the Companies and Allied Matters Act, 2020, had modernised Nigeria’s business environment, allowing virtual meetings and aligning filing timelines with global best practices.
Aderemi added that the Central Bank of Nigeria had cleared forex backlogs, stabilised the naira and restored investor confidence through market liberalisation.
She further highlighted the Arbitration and Mediation Act 2023, which provides for emergency arbitration, third-party funding and consolidated dispute resolution processes.
“The Business Facilitation Act 2023 promotes transparency, while the Tax Act 2025 gives investors VAT exemptions and a five-year tax-free window,” she explained.
She said the government is also reforming solid mineral laws to encourage full foreign participation, offering tax holidays in the sector.
In his welcome remarks, Managing Partner of GEP, Mr. Femi Fadahunsi, praised the California team for choosing Lagos as a destination after stops in Kenya, Ethiopia and Abuja.
He described the mission as timely, given Nigeria’s expanding opportunities in fintech, technology, clean energy, transportation, and entertainment.
Delivering the keynote, Omisakin said the partnership was long overdue.
He stressed that California, the world’s fourth-largest economy, shares strong cultural and economic links with Africa, particularly through entertainment and technology.
“African culture has long influenced American creative arts. We now need to turn that connection into structured economic cooperation,” he said, noting that sub-Saharan Africa hosts ten of the world’s fastest growing economies.
Omisakin, who has Nigerian heritage, said his visit was aimed at unlocking new investments for Californians eager to diversify into Africa’s creative and climate sectors.
Chairman of Dangote Cement and President of the Metropolitan Club, Emmanuel Ikazabor, said Nigeria needs to seize such opportunities to attract FDI.
“California is eager to invest. With engagements like this, Lagos is well-positioned to benefit,” he said.
Founder of GEP, Mr. George Etomi, reassured investors that Nigeria has removed many bureaucratic barriers to doing business.
“Foreigners can now own 100 percent of their businesses in most sectors. You can bring in your money and take it out with minimal restrictions. The renewable energy space is particularly hungry for investment,” he said.
Economic experts also reinforced Nigeria’s improving fundamentals.
Mr. Kolawale Odunlami of PwC said market capitalisation had reached nearly N90 trillion, oil output was at 1.55 million barrels per day, and reserves had risen to $37.9 billion.
Inflation, he admitted, remains high at 21.88 per cent, but monetary policy has helped check volatility.
From the private sector, Dr. Sunny Omeiza of the Lagos Chamber of Commerce and Industry said GDP grew by 3.1 per cent in the first quarter, adding that Nigeria’s ICT, real estate, and construction sectors were now dominant growth drivers.
California’s Energy Secretary, Ms. Noemi Gallardo, said her state is looking for sustainable partnerships with countries like Nigeria.
“We want to understand how to balance fossil fuel reliance with climate change priorities while ensuring inclusive growth,” she noted.
Investment manager, Mr. Mobolaji Adeoye, said exchange rate stability and regulatory reforms had made Nigeria a pacesetter in Africa.
He expressed optimism that collaboration with California will yield long-term results.
Other stakeholders, including former PwC partner, Uyi Akpata, and Channels Media Group Chairman, Dr. John Momoh, also endorsed the initiative.
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