Efforts to boost foreign investment in Nigeria gained momentum this week as a high-level delegation from the State of California met with business, legal, and government leaders in Lagos. The event, part of the broader California-Africa Climate and Economic Partnership initiative, explored collaboration in key sectors including renewable energy, technology, and the creative industries.
At a networking dinner hosted in Lagos, delegates from both regions exchanged views on deepening economic ties. Attendees included Secretary of Transportation for California, Mr. Toks Omishakin, and Nigeria-based legal and corporate figures such as Olufemi Fadahunsi, Managing Partner at George Etomi and Partners (GEP), and representatives from PwC, Newswire Law & Events Magazine, and several leading Nigerian law firms and companies.
Speaking at the event, Mr. Omishakin emphasized California’s interest in Africa as an emerging economic partner. “California, the fourth-largest economy globally, recognizes Nigeria’s immense potential. There are strong opportunities for partnership in climate action, technology, and creative sectors,” he noted, adding that California’s entertainment industry has long drawn from African cultural influences.
He further stressed the importance of building relationships with Nigeria as part of a broader engagement strategy across the continent, following similar visits to Ethiopia and Kenya.
Highlighting Nigeria’s evolving investment climate, PwC’s Kolawale Odunlami pointed to economic indicators showing recovery and resilience. “Nigeria’s exchange market capitalization has surged past N90 trillion. Oil production stands at 1.55 million barrels per day, and foreign reserves are above $40 billion. Inflation is at 21.88%, but robust monetary policies have kept it in check,” he said.
Legal practitioners at the dinner also spotlighted recent regulatory reforms aimed at improving the ease of doing business. GEP Partner Aderiike Aderemi cited several transformative laws, including the Electricity Act, Companies and Allied Matters Act 2020 (CAMA), Arbitration and Mediation Act 2023, and the Nigerian Tax Act 2025.
“These reforms allow full foreign ownership in many sectors, encourage decentralization in the energy market, and promote investor confidence through streamlined dispute resolution mechanisms,” Aderemi explained. “The Business Facilitation Act and the revised tax code now offer incentives such as VAT exemptions and tax holidays for up to five years.”
In his welcome address, Mr. Femi Fadahunsi of GEP described the delegation’s visit as a “milestone in fostering cross-continental partnerships” and underscored the firm’s commitment to supporting such engagements.
Also present was Mr. Emmanuel Ikazoboh, President of the Metropolitan Club and Chairman of Dangote Cement, who urged sustained foreign investment inflows. “The California delegation has visited Abuja, Kenya, and Ethiopia. Hosting them in Lagos demonstrates our commitment to opening the Nigerian economy to global investors,” he said.
Founder of George Etomi & Partners, Mr. George Etomi, echoed this sentiment, assuring the delegation of Nigeria’s openness to foreign participation. “Foreigners can now own up to 100% of their businesses in most sectors. Nigeria is better prepared than ever to welcome international investors, especially in renewable energy and infrastructure,” he added.
California’s Secretary for Energy, Ms. Noemi Gallardo, reinforced her state’s interest in climate collaboration, noting, “Nigeria holds significant promise in balancing energy development with sustainability. We are particularly interested in models for managing fossil fuel reliance while advancing green solutions.”
Other attendees included Fola Famuyiwa, Orsomie Momoh, Diana Abasi Okop, Faith Aderibigbe, Ochuwa Dirisu, Gloria Ireka (CEO, Newswire Law Events Magazine), and Eniolorunda Twitchell.
The event marked a major step in strengthening transcontinental cooperation between Nigeria and California, with further dialogues expected to follow in the coming months.
