The National Assembly has reaffirmed its commitment to creating a business-friendly environment for small and medium enterprises (SMEs) while also wooing foreign investors to Nigeria.
Chairman of the House of Representatives Committee on Foreign Affairs, Hon. Wole Oke, disclosed this at the ongoing Global South Legislators’ Summit in Urumqi, China. He said the legislature has been working in tandem with President Bola Tinubu’s Renewed Hope Agenda by passing laws to ease doing business, reform taxation, and provide incentives that support both local entrepreneurs and international investors.
Oke, who represents Obokun/Oriade Federal Constituency of Osun State, noted that with Nigeria’s population of over 250 million people, the country offers a vast market for trade, investment, and enterprise growth. He added that the National Assembly has consistently backed policies designed to improve access to finance, streamline regulations, and expand opportunities for SMEs, which he described as “the backbone of Nigeria’s economy.”
“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,” Oke told delegates.
He also used the platform to invite Chinese investors to explore opportunities in agriculture, aviation, and energy, stressing that Nigeria’s diverse energy sources solar, hydro, wind, and coal position the country as a hub for technological innovation and investment.
Beyond attracting foreign investors, Oke called for greater cooperation among Global South nations, rooted in mutual respect and shared benefits. He said such collaboration should go beyond political ties to embrace economic integration, free movement of goods and services, technology transfer, and climate-friendly policies.
“Nigeria has already signed agreements to promote such integration within Africa, including visa-free arrangements for Chinese diplomats. What we want is a stronger partnership that creates jobs, empowers SMEs, and ensures prosperity for our people,” he added.
The summit, which brought together lawmakers from across developing nations, focused on advancing economic growth, strengthening trade, and building partnerships that benefit member states of the Global South.
