Nigeria’s presidency is positioning Nigeria as a leading investment destination under the African Continental Free Trade Area (AfCFTA), saying the country’s large domestic market and access to the wider African market make it an attractive base for investors seeking regional growth.
Speaking at the sixth Chief Financial Officers (CFO) Luncheon organised by Forvis Mazars in collaboration with the Franco-Nigerian Chamber of Commerce and Industry in Lagos, John Uwajumogu, special adviser to President Tinubu on industry, trade and investment, said Nigeria’s estimated population of 244 million, combined with the market access offered by AfCFTA, presents a compelling investment proposition.
He said the energy, infrastructure and financial services sectors offer opportunities for investors, while ongoing reforms to improve policy consistency and establish co-investment platforms are expected to strengthen investor confidence.
Uwajumogu, however, acknowledged that Nigeria must address longstanding structural constraints if it is to fully benefit from AfCFTA. He identified limited access to large-scale investment, inconsistent business policies, inadequate industrial capacity and outdated trade infrastructure as major challenges that continue to constrain businesses.
According to him, building a more resilient economy will require stronger institutions, improved infrastructure and logistics, closer collaboration between the public and private sectors, and greater investment in the knowledge economy.
The event, themed “Trade Policy, AfCFTA and the C-Suite’s Growth Agenda,” brought together business leaders, policymakers and finance executives to examine how the continental trade agreement is reshaping trade, investment and business opportunities across Africa.
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Laurent Favier, Consul General of France in Lagos, said AfCFTA has the potential to deepen intra-African trade and open new markets for businesses operating across the continent.
Uhabia Ojike, country leader of Forvis Mazars in Nigeria, said businesses are operating in an increasingly uncertain environment characterised by currency pressures, fiscal reforms, regulatory changes and shifting global trade dynamics, but noted that AfCFTA offers opportunities for regional integration, cross-border expansion and sustainable growth.
