Nigerian Parliament Champions Economic Reforms, Courts Global South Investors

The Nigerian Parliament has restated its commitment to liberalizing the nation’s economy under President Bola Ahmed Tinubu’s Renewed Hope Agenda, with legislative measures focused on enhancing the ease of doing business, tax reforms, and investment incentives to attract foreign capital.

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

Oke, who represents Obokun/Oriade Federal Constituency of Osun State on the platform of the All Progressives Congress (APC), explained that the legislature has been enacting laws to strengthen President Tinubu’s reform agenda, especially those designed to improve Nigeria’s business environment and boost foreign direct investment. He emphasized that with a population exceeding 250 million, Nigeria presents a vast market with opportunities in multiple sectors.

He also used the platform to rally support for Nigeria’s quest for a non-permanent seat on the United Nations Security Council, underscoring the country’s leadership role in Africa as a key reason for consideration.

The Osun lawmaker further encouraged Chinese investors to explore Nigeria’s growing opportunities in sectors such as aviation, agriculture, and energy. He pointed out that Nigeria’s wide range of energy resources—including solar, hydro, wind, and coal—positions it as an attractive hub for innovation and investment.

“Our parliament has consistently supported reforms that make business easier. China already has one of the largest numbers of companies operating in Nigeria at both national and sub-national levels, but we seek more investments in strategic sectors,” Oke stated.

He advocated a new model of cooperation among Global South countries founded on mutual respect, equality, and shared benefits, while calling for greater free movement of goods, services, and people. He recalled that Nigeria has signed integration agreements within Africa, including visa-free access for Chinese diplomats.

Hon. Oke stressed that the Global South Assembly should go beyond politics to prioritize economic development, trade, technology transfer, climate-friendly initiatives, and collective prosperity.

“I encourage us to see the Global South not only as a political bloc but as a platform to deepen economic linkages, drive technology exchange, promote climate-conscious policies, and secure prosperity for our people,” he added.

The Urumqi summit gathered legislators from across the developing world to deliberate on strengthening collaboration and advancing shared goals among member states.