Nigeria’s ongoing economic reforms, combined with the opportunities created by the African Continental Free Trade Area (AfCFTA), are expected to accelerate economic growth, attract new investments, and strengthen the country’s position as one of Africa’s most attractive business destinations. Industry leaders, policymakers, and investors highlighted this outlook during the sixth Chief Financial Officers (CFOs) Luncheon organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI) in partnership with Forvis Mazars in Nigeria.
Speaking at the event, the Special Adviser to the President on Industry, Trade and Investment, John Uwajumogu, stressed that Nigeria must focus on creating a stable and predictable business environment capable of attracting long-term capital. He noted that while global economic uncertainty, shifting trade patterns, and geopolitical tensions continue to challenge economies worldwide, Nigeria has the opportunity to transform these challenges into sustainable growth through stronger institutions, improved infrastructure, and deeper collaboration between the public and private sectors.
Uwajumogu pointed to key government reforms, including foreign exchange liberalisation, fiscal discipline measures, tax reforms, the Electricity Act, business environment improvements, and the National Single Window initiative. According to him, these policies are aimed at reducing uncertainty for investors and unlocking greater private sector participation. He emphasized that Nigeria’s large consumer market and access to AfCFTA provide a unique advantage for industries seeking expansion across the continent.
The importance of strategic leadership in navigating Africa’s evolving trade landscape was also highlighted by France’s Consul General in Lagos, Laurent Favier. He said the rapidly changing global economy requires business executives and chief financial officers to embrace innovation, transparency, and long-term planning. Favier described AfCFTA as a game-changing opportunity that can help businesses boost competitiveness, expand market reach, and build resilience while strengthening economic ties between African nations and international partners.
Experts at the event agreed that while policy reforms are laying a solid foundation for growth, consistent implementation and regulatory certainty will ultimately determine Nigeria’s success. Tax Partner at Forvis Mazars, Peter Iwofia, noted that businesses must rethink their regional operating models to fully benefit from AfCFTA while managing varying tax regulations across African markets. With access to a continental market of over 1.3 billion people, analysts believe Nigeria is well-positioned to become a major manufacturing, technology, and export hub, provided ongoing reforms continue to improve the ease of doing business and support private sector growth.
source: The guardian
