A delegation of American investors has voiced their optimism about the investment prospects in Nigeria. These investors, who are part of the USAID-sponsored American Institutional Investor Reverse Roadshow, shared their views during a reception hosted by the Consul General of the United States of America in Nigeria, Will Stevens, at his residence.
The American Institutional Investor Reverse Roadshow, organized by USAID in collaboration with the U.S. government’s Prosper Africa and Power Africa initiatives, aimed to familiarize American investors with investment opportunities and the investment landscape in Nigeria.
The delegation included 12 executives representing prominent U.S. pension funds and financial service providers, collectively managing over $1 trillion in assets. While they primarily focus on infrastructure, they are also exploring opportunities in various sectors of the Nigerian economy.
Consul General Will Stevens explained, “This trip is one of the four pillars of Prosper Africa, a concept that promotes bilateral trade and investment. We are focused on promoting Nigerian trade to the United States and promoting U.S. investment into Nigeria, which includes our companies and institutional investors.”
Stevens expressed his confidence that the delegation’s visit would lead to increased investment, fostering economic growth and employment in a broad-based manner.
Capital importation from the U.S. in the second quarter of 2023, as reported by the National Bureau of Statistics, reached $271.92 million, accounting for 26.39 percent of total capital importation. Singapore and the Republic of South Africa followed with $177.44 million (17.22 percent) and $136.95 million (13.29 percent), respectively.
Daniel Miller, Deputy Executive Director for the New York City Board of Education Retirement System, shared his hope that the delegation would bring fresh perspectives on African investment back to the U.S., highlighting the transformative impact of their previous trips and the allocation of millions of dollars to Africa, with a significant portion invested in Nigeria.
One of the investors, Mark Feasel, Chief Commercial Officer of Fuelcell Energy, praised the entrepreneurial spirit in Nigeria and expressed his desire to partner with local expertise. He aims to bring U.S. technology to Nigeria, create job opportunities, and strengthen collaboration in various sectors.
These sentiments reflect a positive outlook on Nigeria’s investment potential and the mutual benefits that can be harnessed from such partnerships.