Nigeria, Canada push data-driven investment for trade growth

Nigeria and Canada are intensifying efforts to strengthen their bilateral trade and investment ties, with a key focus on improving data systems. Carlos Rojas-Arbulú, the Deputy High Commissioner of Canada in Nigeria, emphasized that Canadian investors need predictable policies, clear legislation, and reliable data before committing capital.

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Canadian companies are looking at Ghana, they’re looking at Mexico, they’re looking at Guatemala, South Africa and beyond. And they’re looking for environments where there’s predictability, there’s stability, there’s an investment framework that allows for clarity, legislation in place, and of course, the data.

Rojas-Arbulú stated that Nigeria could attract substantially more Canadian investment, especially in the mining and oil and gas sectors, if it addresses information gaps and fosters a more predictable investment environment. He made these remarks at the Lagos Business School Fireside Chat, themed 'Leading Africa’s Future: Business, Purpose and the Canada-Nigeria Partnership,' which convened business leaders, academics, and policymakers.

Canadian firms are actively evaluating investment opportunities in Nigeria against those in other African countries like Ghana, as well as destinations such as Mexico and Guatemala. "They’re looking for environments where there’s predictability, there’s stability, there’s an investment framework that allows for clarity, legislation in place, and of course, the data," Rojas-Arbulú explained.

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And I always come back to the data. Because you can say, and we say that in Canada as well, and I’ve seen it across the world, we have all of these resources, all of these proven resources and all of these projects. But when it comes to investing, it’s all about the data.

He underscored the critical role of reliable data in investment decisions, noting that abundant natural resources alone are no longer sufficient to guarantee capital inflows. "When it comes to investing, it’s all about the data," he asserted. Despite Nigeria possessing vast mineral resources comparable to other African nations attracting significant Canadian mining investments, inadequate data and investment certainty have hindered capital flow.

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That gives you a sense of how important this relationship is from Canada. But the real measure of success is what happens next. Whether conversations become contracts, whether introductions become investments, and relationships become lasting partnerships.

Canada has increased its engagement with Nigeria through multiple trade missions focused on mining, renewable energy, and agriculture. A recent large-scale business event in Nigeria hosted by Canada attracted approximately 220 participants and 31 Canadian companies. Rojas-Arbulú stressed that the true measure of success lies in converting these conversations into contracts and relationships into lasting partnerships, emphasizing that trust and ethical leadership are essential for this transition.

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Trade does not happen only through policy. It happens through trust, through relationships, and through people deciding to take the next step together.