Deputy High Commissioner Carlos Rojas-Arbulú says predictable policies, reliable data and investment certainty are essential to unlocking greater Canadian investment in Nigeria

Deputy High Commissioner of Canada to Nigeria, Carlos Rojas-Arbulú, has said Nigeria can unlock significantly higher levels of Canadian investment by improving the quality of its data systems, strengthening policy certainty and providing a more predictable business environment.

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Rojas-Arbulú made the remarks on Thursday during the Lagos Business School Fireside Chat, themed Leading Africa’s Future: Business, Purpose and the Canada-Nigeria Partnership, where business leaders, academics and policymakers examined ways to deepen economic cooperation between both countries.

The diplomat said Canada Nigeria Investment relations have considerable growth potential, particularly in the mining, oil and gas sectors, but noted that investors require transparent regulations, clear legislation and dependable information before committing capital.

“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 said.

He stressed that while Nigeria possesses abundant natural resources, investment decisions are increasingly driven by the availability of credible and accessible data.

“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 added.

According to the envoy, Nigeria’s mineral deposits compare favourably with those of several African countries that have attracted substantial Canadian mining investment, but inadequate investment information and uncertainty have slowed capital inflows.

He noted that Canada has intensified commercial engagement with Nigeria through trade missions covering mining, renewable energy and agriculture.

Rojas-Arbulú disclosed that Canada recently hosted one of its largest business engagements in Nigeria, attracting about 220 participants and 31 Canadian companies.

“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,” he said.

He emphasised that trust, ethical leadership and long-term collaboration would be crucial to transforming business discussions into sustainable commercial partnerships.

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

The Deputy High Commissioner also identified perception as a major barrier to stronger bilateral economic relations, arguing that many Canadians have only limited exposure to Nigeria beyond international news coverage.

“Many Canadians get their information on Nigeria from CNN.

How do we work towards building a narrative where we tell those stories? People don’t deny that there are stories about insecurity, but they can see a story of success, a story with 100 plus international companies investing in this country, employing, building, entrepreneurship and beyond. I think that is part of the gap to close,” he said.

He urged greater efforts to showcase Nigeria’s investment opportunities, innovation and entrepreneurial achievements to prospective Canadian investors.

“How do we get the hardcore business, trade and investment, to tell that story to Canadians? And for Canadians to also invest time and effort to come and to see and discover those things,” he added.

Beyond trade, Rojas-Arbulú said Canada is committed to expanding cooperation with Nigeria in education, innovation, entrepreneurship and responsible investment.

“We can deepen our educational partnerships, strengthen responsible trade and investment, connect our universities and entrepreneurs, and support women and young entrepreneurs whose ideas will shape the next generation,” he said.

Reaffirming Canada’s long-term commitment to the relationship, he added, “Canada wants to be part of this story. We want to learn from Nigeria, innovate with Nigeria, invest with Nigeria and, above all, build with Nigeria.”

Providing broader context, Professor Bongo Adi, Professor of Economics at Lagos Business School, said changing global economic dynamics are creating fresh opportunities for middle powers such as Canada to forge stronger partnerships with countries including Nigeria.

“We no longer have a unipolar world, neither do we have a bipolar world, where America and some other countries determine the futures of other countries,” Adi said.

He observed that the restructuring of global value chains and the emergence of new economic centres were encouraging countries to diversify international partnerships.

“We are seeing the rise of middle powers, such as Canada. We are also seeing the disintegration of the old traditional economic relationship built over the colonial era.

We are seeing the rise of China and the reshaping of global value chains,” he said.

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Adi added that Canada has demonstrated a clear willingness to strengthen engagement with Nigeria as both countries seek new opportunities for trade, investment and economic cooperation.