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The American Business Council (ABC) on Wednesday, said US companies operating in Nigeria generated N1.4 trillion as revenue in 2018.
Mr Andrei Ugarov, Board Member, ABC and Partner, Pricewatercoopers, made the disclosure during the media launch of the 2019 ABC’s Economic Survey on the impact of US companies in Nigeria in Lagos.
Ugarov said that over 66 per cent of US companies had identified Nigeria as a regional hub for their operation in West Africa and are planning for expansion of their businesses, as against 52.4 per cent in 2017.
“Over 63.2 per cent of US companies have local content target, this is reflected in areas such as products, people and supply chain,” he said
According to him, the respondent US companies also spent over N2.8 billion investment to expand operation in the next five years and over N2.8 billion planned on investment in the next three years.
Ugarov noted that the Foreign Direct Investment (FDI) inflow contributed by the US companies rose from $1.3 billion in 2017 to $1.19 billion in 2018.
