Nigeria, Canada Push Data-Driven Investment for Trade Growth

Nigeria and Canada are exploring stronger bilateral trade and investment opportunities by improving data systems, with Canadian officials stressing that predictable policies and reliable information are essential to attracting foreign capital.

Speaking at the Lagos Business School Fireside Chat on Thursday, Canada’s Deputy High Commissioner to Nigeria, Carlos Rojas-Arbulú, said Canadian investors require policy consistency, legal clarity and credible data before making long-term investment decisions.

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

According to Rojas-Arbulú, Nigeria has the potential to attract significantly more Canadian investments, particularly in the mining, oil and gas sectors, if it addresses information gaps and creates a more predictable investment climate.

He noted that Canadian companies are evaluating investment opportunities in several countries, including Ghana, Mexico, Guatemala and South Africa, making competition for capital increasingly intense.

“Canadian companies are looking at environments where there is predictability, stability, an investment framework that provides clarity, legislation in place and, of course, reliable data,” he said.

The diplomat emphasised that abundant natural resources alone are no longer enough to attract investors without accurate and transparent data.

He disclosed that Canada recently organised one of its largest business missions to Nigeria, attracting about 220 participants and 31 Canadian companies across sectors including mining, renewable energy and agriculture.

Rojas-Arbulú added that the success of such engagements would ultimately depend on whether business discussions translate into lasting investments and commercial partnerships.

He also identified negative international perceptions of Nigeria as a challenge, urging greater efforts to promote the country’s investment opportunities and entrepreneurial successes.

According to him, Canada is committed to expanding cooperation with Nigeria beyond trade by supporting education, innovation, entrepreneurship and responsible investment.

Also speaking, Lagos Business School Professor of Economics, Bongo Adi, said changing global economic realities present fresh opportunities for deeper Nigeria-Canada collaboration.

Adi noted that the rise of middle powers and the restructuring of global value chains have created favourable conditions for stronger partnerships, adding that Canada has demonstrated a willingness to build a mutually beneficial economic relationship with Nigeria.