Nigeria’s business leaders rolled out the red carpet in Lagos as they welcomed a high-powered delegation from the California–Africa Climate and Economic Partnership, signaling the start of a bold new chapter for trade and collaboration across film, technology, renewable energy, and climate innovation.
At a private dinner, executives spotlighted the stabilizing effect of ongoing reforms and pointed to priority sectors ripe for foreign direct investment. Figures shared by PwC’s Kolawale Odunlami underscored the momentum: Nigeria’s stock market capitalization has climbed beyond ₦90 trillion, oil output has improved to 1.55 million barrels per day, and reserves now top $40 billion. “The economy is bouncing back,” he noted, emphasizing that fiscal tightening has kept inflation, now at 21.88 percent, from spiraling further. ICT, financial services, construction, and real estate led growth in early 2025.
Legal experts highlighted how Nigeria’s reform wave is reshaping investor confidence. Partner at George Etomi & Partners, Aderiike Aderemi, explained that the Electricity Act, CAMA 2020, and the Arbitration and Mediation Act 2023 have smoothed bottlenecks and empowered foreign participation. New fiscal policies—including VAT exemptions, tax incentives, and five-year tax holidays—have further cemented Nigeria’s competitive edge. “These reforms give businesses the confidence to invest without excessive government interference,” Aderemi said.
Welcoming the Californian delegation, GEP’s Femi Fadahunsi praised the mission as a turning point for Nigeria’s global positioning. In his keynote, California’s Secretary of Transport, Toks Omisakin, underscored the enormous potential between both economies. “California is the world’s fourth-largest economy, and Nigeria is Africa’s most populous nation. Together, our creative industries, technology ecosystems, and climate initiatives can drive transformative partnerships,” he declared.
Omisakin, proud of his Nigerian heritage, stressed that African culture has long inspired American entertainment and that California is keen to channel investment into Africa’s booming creative economy. After similar visits to Kenya and Ethiopia, he affirmed Nigeria as a central hub for deeper ties.
With reforms clearing the path, and California’s capital and expertise aligning with Nigeria’s vast potential, the stage is set for a new era of dynamic, cross-continental economic collaboration.
