Nigeria is actively seeking to create investment opportunities for U.S. businesses, with President Bola Ahmed Tinubu extending a warm invitation to potential US investors during a US-Nigeria Executive Business Roundtable held in New York. President Tinubu emphasised Nigeria’s capacity to produce a talented workforce and the importance of homegrown development tailored to the country’s specific needs.
“We can produce sufficient human capacity we have them but without the opportunity to have a homegrown development that is germane to our people.” President Tinubu stated.
He highlighted Nigeria’s attractiveness as an investment destination, noting that the nation offers one of the highest returns on investment. President Tinubu identified key challenges that have hindered Nigeria’s growth in the past, including inconsistent policies, double taxation, an unfavorable exchange rate environment, and corrupt subsidies. He expressed a strong commitment to addressing these issues to unlock the nation’s full potential.
“Remove the impediments what is oil subsidy, Smugglers, corruption, manipulation etc I don’t want to be part of it, get rid of it. What is the multiple exchange rate window, multiple steps let it be gone. “What are we lacking the courage and the leadership in the right direction, we are not lacking in capacity. we can produce sufficient human capacity, we have them but without the opportunity to have a homegrown development that is germane to our people,” President Tinubu asserted.
He underscored the importance of addressing challenges such as a lack of affordable housing solutions, which can lead to family and identity issues. President Tinubu emphasised that Nigeria is actively planning and saving for healthcare and education.
Nigeria Woos US Investors with Promises of Profitable Ventures
Dr. Doris Uzoka-Anite, the Minister of Trade and Investment, addressed the business community in the United States, highlighting Nigeria’s commitment to leveraging technology across various sectors, including agro-business, solid minerals, and the oil and gas industry.
Dr. Anite identified substantial investment opportunities within Nigeria’s oil sector and expressed the nation’s readiness to collaborate with investors in developing essential value chains, from extraction to processing, manufacturing, and market access.
She revealed that Nigeria is working on creating a pipeline of investible assets and projects designed to accommodate investors. Additionally, Nigeria is in the process of building a robust consumer credit system based on digital identity, with the government ready to make significant investments to minimise risks for financiers.
“We are building consumer credit system that will ride on digital identity and will require a huge investment on the part of His Excellency and the govt to ensure that your risk are minimised because if you can identify those that are asking for credits and we can lend to SMEs and to individuals to consume then we have the incentive to produce.” Dr. Anite explained.
The Minister assured investors that Nigeria is open for business, providing the right environment, infrastructure, and a skilled workforce. She emphasised that Nigeria’s commitment to facilitating investment would attract funds to areas of need.
Present at the meeting were members of the Nigerian Governors Forum, renowned economist and Founder of the Tony Elumelu Foundation, members of the American Business Council, U.S. Deputy Secretary of the Treasury, and Flutterwave Fintech company, among others. Nigeria’s leadership and business community are committed to fostering an inviting environment for U.S. investment and economic growth.
