Onoh to Rubio: Nigeria is sovereign, open for business

By Dennis Agbo Former South-East spokesman to President Bola Tinubu, Denge Josef Onoh, has faulted recent remarks by US Senator Marco Rubio on Nigeria’s investment climate and regulatory environment, insisting that the country remains open to foreign investment. Onoh, in a statement made available to journalists in Abuja, said Rubio’s remarks relied on isolated regulatory incidents to create what he described as an inaccurate picture of Nigeria’s business environment. He argued that foreign investment figures and bilateral trade volumes demonstrated continued international confidence in the Nigerian economy.

“As a sovereign nation, Nigeria will not be defined by mischaracterisations that ignore the robust financial commitments global corporations continue to make in our economy,” Onoh said. He also disputed the claim that Nigeria’s regulatory framework discouraged international businesses, citing figures which, according to him, showed continued economic engagement between Nigeria and the United States. Onoh said US foreign direct investment in Nigeria reached $7.9 billion by the end of 2024, representing a 25 per cent year-on-year increase.

He also put bilateral trade between both countries at $14.8 billion in 2025, arguing that the figures reflected continued commercial ties and opportunities for businesses in both countries. The former presidential spokesman maintained that Nigeria’s investment laws permitted 100 per cent foreign ownership in most major sectors, adding that the country remained open to investors willing to operate within its legal and regulatory framework. Onoh defends Nigeria’s regulatory enforcement Onoh also challenged Rubio’s characterisation of Nigeria’s handling of regulatory cases involving cryptocurrency platform executives, insisting that law enforcement should not be equated with arbitrary detention.

He said the legal proceedings in 2024 involved allegations of money laundering and tax evasion, which were handled by the Economic and Financial Crimes Commission (EFCC) and other relevant authorities. According to him, no sovereign country should permit foreign companies to operate outside its financial compliance and tax obligations. Onoh said Nigeria had a responsibility to ensure that foreign businesses, regardless of their nationality, complied with domestic laws, particularly those relating to anti-money laundering and taxati…