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U.S. government initiatives drive investor interest in Nigeria’s thriving economy

The initiative by USAID aims to connect U.S. investors with the vast potential that Nigeria offers

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The United States government, in collaboration with the U.S. Agency for International Development (USAID), is spearheading an investor roadshow from October 9–13 to showcase investment opportunities and the burgeoning investment ecosystem in Nigeria. This initiative, under the USAID Mission in Nigeria and U.S. government Prosper Africa and Power Africa initiatives, aims to connect U.S. investors with the vast potential that Nigeria offers.

A delegation of twelve executives from leading U.S. pension funds and financial service providers, managing over $1 trillion in assets, is currently engaging with Nigerian companies and fund managers during the week-long investor trip. The focus is on raising awareness about investment prospects, particularly in infrastructure, and fostering relationships between U.S. and African investors and fund managers.

Nigeria, with its strategic geographic location, diverse population, and commitment to economic transformation, stands as a compelling investment destination. As the largest economy in Africa, boasting a GDP of USD $477 billion as of 2022, Nigeria spans a variety of industries, including oil and gas, agriculture, and telecommunications. A Goldman Sachs research report even posits that Nigeria has the potential to become one of the top five global economies by 2075.

The timing of the roadshow aligns with significant reforms implemented by the Nigerian government under a new administration. The trip aims to bridge information gaps about the country’s business environment and address real and perceived risks, empowering investors to make informed assessments of business and project opportunities.

U.S. Consul General to Lagos, Will Stevens, emphasized the broader goals of the trip, stating, “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 the International Investor Network.”

Throughout the week, the investors are participating 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. Engagements with U.S. government representatives aim to provide insights into U.S. trade and investment priorities in the region and introduce available U.S. government resources to support investors.

This roadshow aligns with USAID’s mission to mobilize greater private sector investment in priority sectors, including agriculture, water, sanitation, hygiene, and renewable energy. Furthermore, it advances Prosper Africa’s mandate to transform the economic relationship between Africa and the United States, driving large-scale investment in the continent.

The visit follows the “Investing in Development” conference held earlier this year in Nigeria, which underscored that increased private sector investment in infrastructure is pivotal to achieving Nigeria’s development objectives. This trip is part of a series of U.S. institutional investor trips to Africa in 2023, organized under the Prosper Africa initiative, covering South Africa, Morocco, Egypt, and Botswana.

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