Nigeria, California Strengthen Investment Ties in Film, Technology, and Renewable Energy
Nigeria has taken another step toward boosting foreign direct investment (FDI) as a California-Africa Climate and Economic Partnership delegation engaged with business leaders in Lagos to explore opportunities across film, technology, renewable energy, and climate cooperation. At a high-level dinner, Nigerian officials and investors showcased the country’s economic progress, emphasizing the impact of recent reforms on improving the investment landscape.
Economic experts highlighted Nigeria’s recovery, noting that the Nigerian Exchange market capitalization has crossed N90 trillion, oil output has increased to 1.55 million barrels per day, and foreign reserves now exceed $40 billion. Despite inflation at 21.88 percent, PwC’s Kolawale Odunlami stressed that proactive monetary policy has prevented further escalation. Key growth sectors in Q1 2025 included financial services, ICT, construction, and real estate.
Legal and regulatory professionals also reassured the visiting California delegation about Nigeria’s reform-driven investment climate. Ms. Aderiike Aderemi of George Etomi & Partners outlined recent legal frameworks such as the Electricity Act, CAMA 2020, the Arbitration and Mediation Act 2023, and the Business Facilitation Act 2023. These laws, alongside tax incentives in the Nigerian Tax Act 2025, were described as catalysts for easing business operations, encouraging renewable energy investment, and guaranteeing foreign capital repatriation.
California officials, led by Secretary of Transport Toks Omisakin, emphasized the potential for collaboration between the world’s fourth-largest economy and Africa’s biggest market. Omisakin pointed to shared opportunities in creative industries, film, climate ecosystems, and technology. He underscored California’s global leadership in entertainment and acknowledged Nigeria’s cultural influence on American creative arts, describing the partnership as both strategic and cultural.
Industry leaders, including Dangote Cement Chairman Emmanuel Ikazabor and GEP founder George Etomi, reiterated Nigeria’s readiness for international investment, highlighting friendlier tax regimes and full ownership rights for foreign businesses. California’s Energy Secretary, Noemi Gallardo, further stressed climate cooperation, expressing her state’s interest in balancing fossil fuel reliance with sustainable energy initiatives in Nigeria. The event concluded with both parties reaffirming commitment to strengthening Nigeria–California investment ties.
Source: Punch