…Tasks American investors on opportunities in roads, pensions
By Bimbola Oyesola
The United States of America is set to deepen bilateral economic and commercial relations with Nigeria by expanding trade and investment ties between the two countries.
Speaking at the INVEST Roadshow reception in Lagos, Consul General Will Stevens said this was part of the U.S. Embassy’s top priorities in the country.
Welcoming the delegation of U.S. institutional investors and asset managers with representation from across the United States to Nigeria, the Consul General charged them to look at the opportunities beyond the traditional stocks and bonds.
“Beyond advancing specific investment opportunities, this trip is about building enduring trade and investment relationships between the United States of America and our Nigerian partners,” he said.
Stevens noted that it was impressive that the institutions represented managed over $1 trillion in U.S. assets, including the retirement savings of millions of Americans, such as business owners and teachers.
He also said that some of them have already made significant allocations towards investment in Africa.
He charged the investors to recognize the important–and difficult–steps the new government in Nigeria has taken to strengthen the Nigerian investment ecosystem.
He said, “Establishing a unified exchange rate and strengthening public finances by reducing unsustainable subsidies are all positive steps towards long-term economic growth.
“These policy shifts send an important signal to investors–that Nigeria is open for business and seeking partners who can create shared value and spur economic growth and job creation in Nigeria.”
He stated that it was on that premise that he encouraged the investors to engage their Nigerian counterparts, including many distinguished firms and financial institutions at the meeting. “Seek inroads to invest in opportunities in the Nigerian infrastructure and other sectors.
By moving from traditional investments in stocks and bonds to new opportunities to invest in Nigerian roads, power plants, and enterprises, Nigerian and U.S. pension funds can strengthen commercial ties between both countries and impact the real economy in Nigeria,” he emphasised.
According to the Consul General, the new investment will spur economic growth and enhance the economic security of Nigerian and American retirees.
He stated, “Of course, infrastructure is a vital pathway to achieving development across every sector, especially in Nigeria which needs to finance an estimated $3 trillion in projects over the next 30 years. “Modernized infrastructure, including schools, hospitals, utilities, transportation, power, logistics, and telecommunications are critical to accelerating sustainable and inclusive growth. And we can only achieve this through substantial, long-term investments, which when properly structured, can offer low-risk, predictable returns.”
He added that the investors’ visit is underpinned by an important U.S. government initiative, Prosper Africa, which aims to substantially increase two-way trade and investment between the U.S. and Africa, and has brought $4 trillion in U.S. assets under management to the continent over the last few years.
“I look forward to working with you to strengthen collaboration between U.S.
and Nigerian investors and advance private investment in Nigeria’s infrastructure, including the power sector, roads to bring agricultural goods to market, and water and sanitation projects that improve service delivery to Nigerians, all of which will help us achieve our mutual goal of shared growth and prosperity for the Nigerian and American people,” he said.