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US companies plan $2.37bn investments in Nigeria – Report




An emerging report has claimed that United States companies in Nigeria have planned to invest over $2.37bn in the country in the next three years.

The report disclosed by the Verraki, KPMG and PwC, on Thursday, March 4, stated that the plan is in accordance with 2020 Nigeria Economic Impact Survey.

The survey also unveiled the economic effect of the US companies on Nigerian economy and measured the changes in business revenue, foreign investment, job creation, gross value added and plans for expansion.

The report also noted that the effect of the survey will be based on the responses of 45 US companies operating in Nigeria who completed the survey.

According to the report, the US companies in Nigeria created over 30,000 indirect jobs in 2019, a drop from three million in 2018, and over 13,100 direct jobs, compared to 18,000 in 2018.

The report added that the companies generate N1.08tn in revenue in 2019, a decrease from N1.47tn the previous year.

Meanwhile, reported that the Lagos Chamber of Commerce and Industry (LCCI) has hinted on how Nigeria can benefit from the office of her citizen, Ngozi Okonjo-Iweala, as the new Director General (DG) of the World Trade Organisation (WTO).

The LCCI noted that Nigeria needs to build capacity for the international competitiveness of its products and services so as to benefit from the WTO.

The industry in a statement felicitated with Nigeria on the appointment of Okonjo-Iweala as the Director-General of WTO. The statement was signed and made available by the Director-General, LCCI, Muda Yusuf, on Monday, February 15.

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Yusuf said: “While the emergence of Okonjo-Iweala as the new WTO Director-General is very gratifying and calls for celebration, there is a need to manage expectations around the outcomes for the Nigerian economy, given the numerous productivity and competitiveness issues the country is grappling with.

“Ultimately, these are the factors that would determine the benefits that would accrue to the economy from global trade. Also imperative is the need to address trade facilitation issues, especially around port processes, ports infrastructures, international trade documentation, foreign exchange policies, trade policies and industrial policies.

“We need to promote local value addition and backward integration to strengthen competitiveness of our domestic industries.”




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