Nigeria is ramping up efforts to position itself as a premier destination for international investment, signaling a renewed commitment to economic reforms targeted at unlocking new opportunities for both locals and foreign investors. Speaking at the Global South Legislators’ Summit in Urumqi, China, Mr. Wole Oke, Chairman of the House of Representatives Committee on Foreign Affairs, laid out how new policies and legislative actions are aiming to fuel growth and raise Nigeria’s profile on the world stage.
Driving Economic Reforms Through Policy
According to Mr. Oke, the National Assembly is prioritizing the passage of laws that bolster President Tinubu’s reform agenda—particularly those designed to simplify business operations, modernise taxes, and introduce incentives for foreign companies. “Our parliament has been supportive of reforms that ease business operations,” Oke stated during his address to lawmakers from across the Global South. He emphasized that these reforms are part of a broader strategy to create a more conducive business environment and attract crucial foreign direct investment (FDI) into Nigeria.
Unlocking Nigeria’s Market Potential
With a growing population exceeding 250 million, Nigeria is one of Africa’s largest consumer markets, spanning diverse sectors such as energy, agriculture, technology, and transportation. Oke highlighted this immense potential, noting that Nigeria offers entrepreneurs and investors untapped opportunities that extend far beyond oil and gas. “Nigeria stands as a vast market full of promise. We are actively developing frameworks to support investors across a variety of industries,” he explained. For international investors, this shift signals the emergence of a new, more business-friendly Nigeria willing to take bold steps to attract and retain investment.
Bidding for International Leadership
A key highlight of Mr. Oke’s speech was Nigeria’s campaign for a non-permanent seat on the United Nations Security Council. He urged legislators at the summit to support Nigeria’s candidacy, arguing that but for Nigeria’s strategic position within Africa—both in terms of geopolitics and economic leadership—it’s uniquely qualified to represent African interests on the global stage. “With our place in Africa, Nigeria is well poised to contribute meaningfully at the Security Council and advance the collective interests of the Global South,” he emphasized.
Spotlight on Strategic Partnerships: The China Connection
Speaking directly to Chinese delegates and investors, Oke called on more Chinese business people to explore opportunities in Nigeria’s booming sectors. He cited areas such as aviation, agriculture, infrastructure, and renewable energy as prime targets for partnership. “China already has one of the highest numbers of companies operating in Nigeria, both at national and sub-national levels, but we want to see more investments in critical sectors,” Oke observed.
He was keen to point out the diversity of Nigeria’s energy resources—from solar and hydro to wind and coal—positioning Nigeria as a regional hub for technological innovation and sustainable investments. For Chinese businesses, this provides an entry point into West Africa’s rapidly modernizing economies. The lawmaker’s overture is timely: China has been deepening its economic ties with Africa over the past decade, and stronger partnerships have the potential to boost Nigeria’s development goals while offering Chinese companies attractive returns.
Championing Economic Collaboration Within the Global South
Oke called for a model of South-South cooperation grounded in mutual respect, shared prosperity, and the free movement of goods, services, and people. “We must see the Global South not only as a political alliance but as a platform to deepen economic ties, transfer technology, promote climate-friendly policies, and ensure prosperity for our people,” he charged. Nigeria’s commitment to integration is underscored by existing policies such as regional visa-free agreements—one of which allows Chinese diplomats entry without prior visas—a demonstration of goodwill and openness.
These efforts reflect a deliberate shift away from traditional aid-based relationships toward partnerships that drive inclusive growth and tangible value for all parties involved. Oke stressed that the Global South Assembly’s focus should expand from politics to concrete issues like economic growth, trade facilitation, and clean technology.
Nigeria’s Reform Agenda: Local Impacts and Challenges
While these reforms present substantial opportunities, industry watchers in Nigeria and across West Africa highlight the practical challenges involved. Issues such as bureaucratic bottlenecks, infrastructure deficits, and regulatory unpredictability remain on the radar. According to Ms. Folashade Ajayi, a Lagos-based economic analyst, “The government’s reform ambitions are clear, but practical and consistent implementation is the next crucial step. For investors, the ease of doing business depends as much on actual experience as on policy announcements.”
Nonetheless, recent government initiatives such as digitalising business registration, automating key regulatory processes, and introducing one-stop investment centers have begun to address historical hurdles. Entrepreneurs in key sectors like fintech, agribusiness, and renewable energy have reported faster approvals and more accessible support, even as implementation remains a work in progress.
Broader Regional and Global Implications
Nigeria’s approach to economic transformation is resonating across West Africa, with regional partners in Ghana, Côte d’Ivoire, and Senegal also initiating pro-business reforms. As the continent’s largest economy, Nigeria’s success or failure will likely set benchmarks and influence policy direction in neighboring states. The country’s growing clout within both the African Union and the wider Global South is providing the political capital necessary to drive South-South cooperation beyond mere rhetoric.
From a global perspective, closer collaboration among developing countries—particularly in areas like trade, technology transfer, and climate innovation—could be instrumental in addressing common challenges. Oke’s advocacy for deeper cross-border ties underscores Africa’s ambition to chart its own development path, rather than relying solely on traditional Western power centers.
The Road Ahead: Opportunities for Foreign and Local Stakeholders
While Nigeria continues to enact reform-minded policies, investors—both local and international—stand to benefit from the renewed emphasis on business facilitation. Opportunities in agriculture, renewable energy, digital services, and infrastructure development are expanding daily.
- Foreign investors: Can leverage Nigeria’s youthful market, abundant resources, and central location in the ECOWAS region for accelerated growth.
- Nigerian entrepreneurs: Have greater opportunities for export, innovation, and technology partnership.
- Government and policymakers: Are under new pressure to follow through on reforms by making sure policy translates into visible, real-world results for citizens and investors alike.
Your Voice Matters: What Next for Nigeria?
As Nigeria steps onto the global stage with renewed confidence, the real impact of these reforms will be measured by how they improve lives, create jobs, and foster sustainable prosperity for Nigerians and their West African neighbors. Citizens, businesses, and community organizations are encouraged to remain active participants—sharing experiences, proposing solutions, and holding leaders accountable for promised changes.
What opportunities—and potential pitfalls—do you see for Nigeria and the greater West African region as economic reforms accelerate? How can local businesses and foreign investors work together to ensure inclusive growth and shared prosperity?
We’d love to hear your views! Drop a comment below and join the conversation—how do you see these reforms affecting your business, your job prospects, or your community?
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