Lawmakers Back Business-friendly Reforms, Woos Global South Investors

Nigeria’s federal lawmakers have reaffirmed their commitment to opening up the nation’s economy under the ‘Renewed Hope’ agenda of President Bola Tinubu with laws aimed at improving the ease of doing business, tax reforms and incentives to attract foreign investors.

Chairman of the House of Representatives Committee on Foreign Affairs, Hon. Wole Oke, stated this while addressing lawmakers from different countries at the ongoing Global South Legislators’ Summit in Urumqi, China.

Oke said the Nigerian legislature has been enacting legislation in support of President Tinubu’s reforms, particularly those targeted at improving the business climate and attracting foreign direct investments (FDIs).

The lawmaker, representing Obokun/Oriade federal constituency of Osun State under the umbrella of the All Progressives Congress (APC), noted that Nigeria with its population of over 250 million, offers a vast market and opportunities across multiple sectors.

He called for support to Nigeria’s bid for a non-permanent seat in the United Nations Security Council, stressing that the country’s leadership in Africa makes it a strong candidate.

Oke also urged Chinese businessmen and women to take advantage of Nigeria’s expanding opportunities in key areas such as aviation, energy, and agriculture.

According to him, Nigeria’s diverse energy sources—including solar, hydro, wind, and coal—make it a hub for technological advancement and investment.

“Our parliament has been supportive of reforms that ease business operations. 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,” he said.

Oke advocated a model of cooperation among Global South nations built on mutual respect, equal partnership, and shared benefits, with a deliberate push for free movement of goods, services, and people.

He recalled that Nigeria has already signed agreements to promote such integration within Africa, including visa-free arrangements for Chinese diplomats.

The lawmaker urged that the Global South Assembly should go beyond political discussions to focus on economic growth, trade, technology transfer, clean climate initiatives, and shared prosperity.