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No US firm exited Nigeria – American Business Council boss

by Victorious
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No US firm exited Nigeria – American Business Council boss

She, however, appealed to the state governments to formulate policies that would retain and protect investors in Nigeria.

The American Business Council (ABC) says the footprint and performance of American companies in Nigeria are impressive in spite of the country’s socio-economic challenges.

Margaret Olele, the Chief Executive Officer, ABC, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

ABC is the voice of American Businesses in Nigeria with a membership of over 80 U.S. companies.

The Council was pivotal in expanding trade and investment opportunities between Nigeria and the United States of America in the interest of its member companies and both countries.

Olele said that, in spite of the global and local economic headwinds, no US companies operating in Nigeria had exited the country nor downsized.

She noted that the companies were thriving but would require more favourable policies to deepen their growth and contribution to the economy.

On sectors that would drive investment, Olele said that the digital economy and agriculture sector remained a great opportunity for investment in Nigeria.

According to her, the manufacturing sector also has great prospects with an enabling environment to drive its activities and growth.

Olele said the healthcare, entertainment and clean energy industry had great potential to attract strategic investment and partnerships that would catalyse economic development.

She commended President Muhammadu Buhari for signing into law the constitutional amendment allowing state governments to license, generate, transmit, and distribute electricity in their states.

According to her, the move will attract huge private investment opportunities to the power sector.

She, however, appealed to the state governments to formulate policies that would retain and protect investors.

Olele also urged the Federal Government to develop an Intellectual Property (IP) policy framework that the country would build upon to establish the IP policy.

She stressed that the policy framework was crucial with the implementation of the African Continental Free Trade Agreement.

Olele said that the Council in collaboration with AmChams in Africa, would host its annual Digital Innovation Competition for African Startups before the end of the year.

“The competition will award innovators, entrepreneurs, and startups for developing solutions through digital products and services while creating a positive impact on African citizens,” she said.

She added that the Council, the Federal Ministry of Communications and Digital Economy, and other partners would hold the Cybersecurity Conference later in 2023.

Olele said the conference would boost the country’s resilience against cyber threats, drive investment in the digital space to boost Gross Domestic Product and bridge the gap in global technology advancement.

She added that the Council would continue to heighten American business interests and investments in Nigeria and support the government’s economic policies.

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