US Consul General urges American investors to explore opportunities in Nigeria’s infrastructure sector, others
Maureen Aguta
As United States of America (USA) institutional investors and asset managers round off their USAID-sponsored American Institutional Investor Reverse Roadshow in Lagos the US Consul General Consul General Will Stevens, said it is commendable that some of them have made significant allocation towards investment in Africa
He said beyond advancing specific investment opportunities, the trip to Nigeria by the representatives of the US investor and asset managers is about building enduring trade and investment relationships between the United States of America and Nigerian partners.
“On that note, I encourage you to engage your Nigerian counterparts, including many distinguished firms and financial institutions represented in the room today. Seek inroads to invest in opportunities in the Nigerian infrastructure and other sectors,” he charged the investors.
He noted that 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. According to him, this new investment will spur economic growth and enhance the economic security of Nigerian and American retirees.
His words: “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. Modernised 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.
“For this reason, one of the U.S. Embassy’s top priorities is to deepen the U.S. – Nigeria bilateral economic and commercial relationship by expanding trade and investment ties between our two countries. While still in the nascent stages, I want to recognize the important–and difficult–steps the new government has taken to strengthen the Nigerian investment ecosystem. 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,” Stevens said.
He commended the U.S. Agency for International Development (USAID) for supporting this inaugural delegation, in partnership with Chapel Hill Denham and the International Investor Network. Saying the visit is part of a broader programme through which USAID and its partners are also assisting Nigerian and U.S. institutional investors to: 1) develop new transaction pipelines, 2) support due diligence and project structuring, and 3) bring transactions to completion.
He further said that the 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.
The delegation of U.S. institutional investors and asset managers with representation from across the United States, manage over $1 trillion in U.S. assets, including the retirement savings of millions of Americans, including business owners and teachers.