ABC, NIPC partner to attract fresh investments in Nigeria

Memorandum of Understanding ( MoU) have been signed between the Nigerian Government and the American Business Council (ABC) of Nigeria for the foraging into Nigeria for investment purposes of American- based Companies in strategic sectors of the economy.

The Executive Secretary of Nigerian Investment Promotion Council (NIPC), an agency of the Federal Ministry of Industry, Trade and Investment, Ms. Yewande Sadiku revealed this at the end of the recently concluded Nigerian-US Bi-National Commission in Abuja.

Yewande listed the areas of investment interest as key to the success of Nigeria’s Economic Recovery and Growth Plan.According to her, the collaboration with the USA will allow the federal government to leverage particular areas as identified in the ERGP.

She revealed further that an MoU was signed earlier, representing a commercial and investment dialogue between Nigeria and the USA, and it was designed to bring government and the private sector together to rub minds on the challenges, identify them and address them.

Similarly, Ms. Margaret Olele, the Chief Executive Officer of the American Business Council of Nigeria declared that the Council was committed to working with partners -government and stakeholders to drive sustainable socio – economic reforms and improve the ease of doing business in Nigeria, pointing out that the partnership with the Nigerian Investment Promotion Council was a demonstration to that effect.

Olele declared that following the MoU, the Council, in the coming weeks, will release the results of the first comprehensive business survey of US firms operating in Nigeria which will demonstrate the significant impact that US trade and investment has on the Nigerian economy.

It would be recalled that The Nigerian Investment Promotion Commission (NIPC) and the Federal Ministry of Industry Trade and Investment (MITI), in partnership with the US Department of Commerce and the American Business Council organized the “US-Nigeria Business Dinner” at Transcorp Hilton Hotel on November, 20 2017.

The dinner was part of the events organized in the wake of the Nigeria-US Bi-National Commission (BNC) meeting with the mission is “to build partnerships for tangible and measurable progress on issues critical to United States’ and Nigeria’s shared future” and the US Nigeria commercial and investment dialogue – a government to private sector initiative that was launched this week.

At the Dinner, Dr. Enelamah observed that the outcomes of Nigeria’s recession experience include learnings to improve and have a more sustainable approach to resolving and translating this experience into opportunities.

He welcomed the collaboration between the US and Nigeria under the BNC and said this will further foster trade and investment relations between the two countries.

The President of the America Business Council and Managing Director of GE, Lazarus Angbazo in his goodwill message stressed the business opportunities that Nigeria presents and is convinced that “in Nigeria there’s a genuine openness and optimism to collaborate with the United States and this I have witnessed across different administrations.” He added that US is a national partner for Nigeria and one with long standing commitment to the country.