The legal and business communities have declared that legal, regulatory and economic outlooks in the country are now investment-friendly. They spoke during a dinner to host a delegation of the California-Africa Climate and Economic Partnership (CACEP) in Lagos on Sunday.

Wooing the American delegation, Partner at George Etomi and Partners (GEP), Ms Aderiike Aderemi, said the Electricity Act has been amended to attract private investment in that sector.

She stated that the decentralised energy market has cleared the bottleneck that was there before, adding that the Act also provides for renewable energy.

“The Nigerian Investment Promotion Act also creates a flow whereby businesses function easily. One of its features is capital transfer. It also provides access to ADR for dispute resolution. So, your businesses are protected to a very large extent. There is minimal government intervention.

“Also, the Company and Allied Matters Act, 2020 (CAMA) has modernised Nigeria’s business framework and allows foreigners to fully participate in Nigerian businesses. You can hold general meetings virtually, which were not there before. Returns are supposed to be filed within 15 days, in tandem with global best practices.

“Next is the central bank reforms. It has liberalised the market so that access to forex is guaranteed. The CBN manages volatility rather than setting rates. There has been clearance of forex backlogs, which has stabilised the market and boosted investment confidence,” she said.

According to her, there is also a provision for the Arbitration and Mediation Act 2023. The law, she said, provides emergency arbitration for urgent interim relief.

“It also provides for third-party funding, consolidation and joinder.

“Business Facilitation Act 2023 provides for transparency requirements, while Nigerian Tax Act 2025 reforms the tax process and protects data.

“It provides VAT exemptions and incentives and a five-year tax-free period for investors,” she said. Another law that promotes ease of doing business, she said, includes Intellectual Property (copyright and patent Act), while the Solid Mineral Act is currently in the process of being amended. She explained that in that sector, Nigeria is actively looking for FDI because it has a lot of potential.

“There are tax holidays for those interested in investing there. Businesses can participate and are wholly owned by foreign participants.
“When you are looking to invest in Nigeria, make sure you engage legal advisers who will guide you from the incorporation of your companies, so you won’t make a mistake,” she warned.

Earlier in his welcome remarks, Managing Partner, George Etomi & Partners, Mr Femi Fadahunsi, stated that GEP was glad to partner with CACEP and praised the leader of the delegation, Toks Omisakin, who is the Secretary of Transport, the State of California, for accepting the cross-continental economic collaboration in government, banking and finance, clean energy, fintech, technology, sustainable transportation, entertainment, and construction, among others.

Delivering the keynote speech, Omisakin said it is time to forge a stronger partnership between California and Nigeria. According to him, California is the fourth strongest economy in the world, while Nigeria, as the most populous country in Africa, has great potential. He explained that 10 of the largest economies are in sub-Saharan Africa.

“California is the capital of America’s entertainment economy, and African culture has long influenced American creative arts,” he said.

He stated that creative economies, the film industry, technology and climate ecosystems present great opportunities for investment for the people of California who are interested in African investment.

Omisakin, who was born in America, said he’s forever proud of his Nigerian roots, adding that it was reasonable to visit Nigeria to leverage investment opportunities, having visited Kenya and Ethiopia for the same purpose.

In his remarks, the President of the Metropolitan Club and chairman of Dangote Cement, Emmanuel Ikazabor, said Nigeria needs FDI.

“There have been a lot of things happening in the last two years. The state of California is eager to invest in Africa. They have been to Kenya, Ethiopia, Abuja, and we thought it would also be good for them to come to Lagos.

“We believe that having this kind of event will help. The firm of GEP believes this kind of event is helpful,” he said. The founder, GEP, Mr George Etomi, said the ease of doing business in Nigeria has improved. According to him, foreign investors can own up to 100 per cent of whatever they invest in except for specific sectors.

“When it comes to ease of doing business, we are happy to tell you that it is now easy for you to bring in your money and take it back.
“It makes the investment climate a lot friendlier than before. The renewable energy sector is crying for investment. We have energy infrastructure, too. There are opportunities to link up with potential partners in those sectors.

“I just want to assure you that more than ever before in the history of this country, we are working with a regime that wants to ensure that FDI is attracted. The new tax regime is geared towards making the tax regime easier and friendlier.

“We are ready as much as you are to seek out opportunities. Having this delegation is a major departure from how Africa is viewed regarding investments. Efforts like this are most welcome,” he declared.

Mr Kolawale Odunlami of PwC, who dissected the economic landscape and outlook for Nigeria, said the economy is bouncing back. He said that market capitalisation has grown to almost N90 trillion while the oil production has increased to 1.55 mbps. He said foreign reserves have also grown to $37.94billion, while the monetary policy rate stands at 27.5 per cent.

According to him, the inflation rate, which is 21.88 per cent, would go haywire if the MPR was not well managed. Odunlami declared that financial and insurance, ICT, construction and real estate were the top performing and dominant sectors in Q1 2025.

Also, Dr Sunny Omeiza of the Lagos Chamber of Commerce and Industry, who spoke on “Nigerian Business Environment”, said there was a growth of 3.1 in the first quarter with the GDP growth – average real growth of 0.9 per cent in the last five years.

The Energy Secretary, California, Ms Noemi Gallardo, said California is always looking for partners it can work with. Disclosing their interest in Nigeria, she said the country is one of those in Africa that has much to offer.

“We have learnt a lot since we came here. We are interested in how we can balance the issue of fossil fuel while addressing climate change to make sure that we take care of all our people,” she said.

Managing Partner, Consonance Investment Managers, Mobolaji Adeoye said given all the reforms embarked upon by the federal government, particularly, the exchange rate stability, it is important to guide investors when they want to make their choices.

He said Nigeria is a pacesetter in Africa while California is the fourth largest economy in the world with a large number of Nigerians. He expressed optimism that the collaboration will work.

Other commentators who commended the initiative include the former managing partner of PwC, Uyi Akpata, and the CEO of Max, Adetayo Bamidoro. Others in attendance included the Chairman, Channels Media Group, Dr John Momoh.