Nigeria and Canada Promote Data-Backed Investments to Boost Trade Expansion

Nigeria and Canada are working to boost bilateral trade and investment by enhancing data systems, with Deputy High Commissioner of Canada in Nigeria, Carlos Rojas-Arbulú, emphasizing that Canadian investors require predictable policies, clear legislation, and reliable data to commit capital.

n

Rojas-Arbulú made this statement at the Lagos Business School Fireside Chat in Lagos on Thursday, highlighting that Nigeria could attract more Canadian investment, particularly in the mining and oil and gas sectors, by addressing information gaps and creating a more predictable investment environment.

n

The event, themed ‘Leading Africa’s Future: Business, Purpose and the Canada-Nigeria Partnership’, brought together business leaders, academics, and policymakers to discuss ways of deepening economic ties between both countries.

n

According to Rojas-Arbulú, Canadian firms are evaluating opportunities in Nigeria against competing destinations across Africa and other regions, with the diplomat noting that these companies are looking for environments with predictability, stability, and a clear investment framework.

n

Rojas-Arbulú explained that Canadian companies are considering countries such as Ghana, Mexico, Guatemala, and South Africa, and are seeking environments with predictable policies, clear legislation, and reliable data.

n

He stressed that reliable data is crucial for investment decisions, noting that having natural resources is no longer enough to guarantee capital inflows, and that data plays a central role in investment decisions.

n

Rojas-Arbulú observed that despite Nigeria's vast mineral resources, inadequate data and investment certainty have limited Canadian investment in the country's mining sector.

n

Canada has intensified engagement with Nigeria through multiple trade missions covering mining, renewable energy, and agriculture, with the country hosting one of its biggest business engagements in Nigeria last week, attracting 220 participants and 31 Canadian companies.

n

The success of these engagements will be measured by whether conversations become contracts, introductions become investments, and relationships become lasting partnerships, according to Rojas-Arbulú.

n

Rojas-Arbulú emphasized that trust and ethical leadership are essential for converting business engagements into lasting commercial relationships, saying that trade is built on trust, relationships, and people deciding to take the next step together.

n

The Deputy High Commissioner identified perception gaps as a major obstacle to stronger Nigeria-Canada economic relations, noting that many Canadians have a limited understanding of Nigeria beyond international media reports.

n

Rojas-Arbulú suggested that Nigeria needs to showcase its investment opportunities and entrepreneurial success stories to Canadians, and that Canada wants to see more efforts to tell these stories and attract investment.

n

He added that Canada is committed to expanding cooperation with Nigeria beyond trade by strengthening partnerships in education, innovation, entrepreneurship, and responsible investment.

n

Rojas-Arbulú reaffirmed Canada's commitment to closer ties with Nigeria, saying that Canada wants to learn from Nigeria, innovate with Nigeria, invest with Nigeria, and build with Nigeria.

n

LBS Professor of Economics, Bongo Adi, noted that shifting global economic dynamics have created new opportunities for stronger Canada-Nigeria relations, with the global economy moving away from traditional power structures.

n

Adi explained that changes in global value chains are compelling countries to reposition themselves economically, with the rise of middle powers such as Canada, and the disintegration of traditional economic relationships built over the colonial era.

n

According to Adi, Canada has demonstrated its readiness to forge stronger partnerships with countries like Nigeria, with Canada taking the charge and willing to forge its own future and new relationships with the rest of the world.