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US restrategies, targets private investments in Nigeria - NIGERIAN TRIBUNE
The United States has revealed that it is reconsidering its approach to investment in Africa and Nigeria in particular as it builds on the strength of its investments, shifting from engaging Nigeria as an aid recipient but capable commercial partners.
At the Lagos Business School Fireside Chat on Thursday, with the theme: “Toward a Robust US-Nigeria Commercial and Investment Partnership, the Ambassador of the United States of America to the Federal Republic of Nigeria”, Richard Mills noted by promoting two-way trade and investment, the US government would drive mutual growth for both nations.
Quoting the Chief for African Affairs, he said, “Going forward, we will continue to invest in development – but we will do so through expanded trade and private investment, because it is the private sector – not assistance – that drives economic growth.”
He explained that as a US Ambassador to Nigeria, his mandate is prioritised in increased trade, investment, and business linkages between Nigeria and the US, noting that to achieve this goal, last year, the US Department of Commerce and Nigeria’s Ministry of Industry, Trade, and Investment signed a Commercial and Investment Partnership agreement, a five-year memorandum of understanding that prioritises three key pillars: agriculture, the digital economy, and infrastructure.
“Nigeria is one of only five African nations that the US has signed a CIP agreement with. We are officially launching the Partnership discussions later this month in Abuja. The three working groups on agriculture, tech, and infrastructure, consisting of both US and Nigerian private sector representatives, will be taking a hard look at each sector’s non-tariff barriers to trade and other regulatory challenges which, for too long, have dampened two-way trade and investment.
“Both governments will listen and learn from these private sector working groups on what concrete steps both governments can take to address these challenges,” he said.
He said the US government is ready to partner with Nigeria to strengthen the institutions and regulatory frameworks that will make Nigeria an even more attractive place to do business, noting that taking advantage of opportunities requires not only natural resources and human capital, but also a stable, transparent, and business-friendly regulatory and investment climate.
He explained that when companies make decisions on where to do business around the world, they seek out those markets where the business environment is rules-based and predictable, thus urging Nigerian policymakers to create the conditions to stimulate investment and recognise the long-term value and excellence of US products and services.
“Success requires partnership. So, we’re asking US businesses to step up to the challenge, invest their time and resources, and seize the great opportunity the Nigerian market offers,” Mills said.
He, therefore, reiterated the United States’ commitment to strengthening trade relationships and continuing to work with Nigeria to unlock the full potential of commercial partnerships for the benefit of the people of both nations.
