In an apparent boost for the economic reforms of the Tinubu administration, the United States Government, through the US Agency for International Development (USAID) Mission in Nigeria and US Prosper Africa and Power Africa initiative, is hosting a roadshow from October 9 to 13, to expose U. investors to opportunities and the investment ecosystem in Nigeria.
A statement on Friday by the United States Diplomatic Mission to Nigeria, Public Affairs Section, said 12 executives from leading US pension funds and financial service providers, managing over $1 trillion in assets, will meet with Nigerian companies and fund managers during the investor trip.
Some of the American Executives expected in Nigeria are Daniel Miller, Deputy Executive Director, New York City Board of Education Retirement System; Kola Aina, Senior Vice President, Strategy and Operations North America, MasterCard; Elizabeth Guzman- General Counsel/NYCERS Trustee; Mohamed Balla, Chief Financial Officer, City of Atlanta Department of Finance; Donna Sims Wilson, Chief Operating Officers of Kah Capital Management and Mark Feasal, Executive Vice President/Chief Commercial Officer, FuelCell Energy.
The roadshow is expected to raise awareness around investment opportunities in Nigeria, particularly in infrastructure, and build relationships among U.S. and African investors and fund managers.
The statement said, “With a strategic geographic location, a diverse population, and a commitment to economic transformation, Nigeria presents a compelling investment destination. Nigeria has the largest economy in Africa, with a gross domestic product (GDP) of USD $477 billion as at 2022, and a diverse range of industries, including oil and gas, agriculture, and telecommunications. A research report published by Goldman Sachs highlighted that Nigeria has the potential to be one of the top five global economies by 2075.
“The roadshow comes at an opportune time, given the significant reforms instituted by the Nigerian government under a new administration. A key objective of the trip is to break down information gaps on the country’s business environment and real and perceived risks, so that investors can accurately assess business and project opportunities.”
The U.S. Consul General to Lagos, Will Stevens, noted: “Beyond advancing specific investment opportunities, this trip is about building enduring trade and investment relationships between America and our Nigerian partners. I would like to thank the U.S. Agency for International Development for supporting this inaugural delegation of U.S. investors, in partnership with Chapel Hill Denham and International Investor Network.”
According to the statement by the U.S. Embassy, throughout the week, the investors are scheduled to participate in site visits, events, and investor pitch sessions in Abuja and Lagos, Africa’s commercial capital and the sub-Saharan Africa region’s fourth largest economy. They will also engage with U.S. Government representatives to understand U.S. trade and investment priorities in the region and learn more about U.S. Government resources available to support investors.
“This roadshow advances USAID’s efforts to mobilise greater private sector investment into infrastructure projects in priority sectors, including agriculture; water, sanitation, and hygiene; and renewable energy. In addition, it advances Prosper Africa’s mandate as a presidential initiative to transform the economic relationship between Africa and the United States and drive large scale investment to the continent.
“The visit follows the “Investing in Development” conference, held earlier this year in Nigeria, which highlighted that greater private sector investment in infrastructure is a key pathway to achieving Nigeria’s development objectives. The trip is part of a series of U.S. institutional investor trips to Africa in 2023, organised under the Prosper Africa initiative, to South Africa, Morocco, Egypt, and Botswana,” the statement said.
