Nigeria, Canada push data-driven investment for trade growth

Nigeria and Canada are seeking to strengthen bilateral trade and investment by improving data systems, with the Deputy High Commissioner of Canada in Nigeria, Carlos Rojas-Arbulú, saying Canadian investors need predictable policies, clear legislation and reliable data before committing capital.

Speaking at the Lagos Business School Fireside Chat in Lagos on Thursday, Rojas-Arbulú said Nigeria could attract significantly more Canadian investment, particularly in the mining and oil and gas sectors, if it addressed information gaps and created a more predictable investment environment.

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

Rojas-Arbulú noted that Canadian firms are weighing opportunities in Nigeria against competing destinations across Africa and other regions.

“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,” the diplomat explained.

He stressed that reliable data remains central to investment decisions, noting that resource endowments alone no longer guarantee capital inflows.

“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 said.

The diplomat observed that although Nigeria possesses vast mineral resources comparable to several African countries attracting significant Canadian mining investments, inadequate data and investment certainty have limited inflows.

He added that Canada had intensified engagement with Nigeria through multiple trade missions covering mining, renewable energy and agriculture.

According to him, Canada hosted one of its biggest business engagements in Nigeria last week, 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.

Rojas-Arbulú said trust and ethical leadership would remain essential to converting business engagements into lasting commercial relationships.

“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.

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The Deputy High Commissioner also identified perception gaps as a major obstacle to stronger Nigeria-Canada economic relations, saying many Canadians have a limited understanding of Nigeria beyond international media reports.

“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 added that Canada wanted to see more efforts to showcase Nigeria’s investment opportunities and entrepreneurial success stories.

“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 said.

Rojas-Arbulú said Canada was committed to expanding cooperation with Nigeria beyond trade by strengthening partnerships 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.

He reaffirmed Canada’s commitment to closer ties with Nigeria. “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,” he said.

Also speaking, LBS Professor of Economics, Bongo Adi, said shifting global economic dynamics had created new opportunities for stronger Canada-Nigeria relations.

He explained that the global economy is moving away from traditional power structures, making partnerships with middle powers such as Canada increasingly important.

“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 noted that changes in global value chains were compelling countries to reposition themselves economically: “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.”

Adi added that Canada had demonstrated its readiness to forge stronger partnerships with countries like Nigeria.

“We see Canada taking the charge… Canada is willing and ready to forge its own future, forging new relationships with the rest of the world. That’s one of the things we are seeing today,” he remarked.