Prince George’s County Economic Development Corporation of the United States has announced its willingness to support over 400 Nigerian businesses in a win-win trade agreement that is expected to benefit both the United States and Nigeria. The agency’s Director of International Business, Martin Ezemma confirmed this.
To this effect, the United States of American agency has appointed BHS International Limited, the concessionaires of Tafawa Balewa Square (TBS) in Lagos, as its partner in the trade mission to Nigeria.
Confirming the agency’s commitment to empowering Nigerian businesses, Ezenwa said the agency’s team had been to Nigeria to affirm BHS’ claims which had it that there are tremendous investment opportunities in Nigeria.
The Chief Executive Officer of BHS, Olu Adenodi said the US agency’s visit was an outcome of a meeting he had with them in the aftermath of its investment roadshow. Adenodi expressed that he’s hopeful that within a short time, the construction of a N10 billion world-class City Centre at the TBS would take off.
Lack of access to capital has been a major killer of business ideas and innovative in Nigeria. According to the International Finance Corporation (IFC), “the lack of access to finance is a key constraint on the growth of small and medium enterprises, and thus a limitation on employment, economic growth and shared prosperity.”
Nigeria is a high-interest rate environment, which implies higher financing costs and lower profits for businesses who borrow from banks. Most banks in Nigeria continually lend to the already existing big players, thus, shrinking the hopes of SMEs due to lack of credible information on their loan repayment capability.
Prince George’s County Economic Development Corporation provides business services that help attract, retain/expand businesses, and create high-quality jobs.
BHS International Limited was incorporated in 1996 as a tourism infrastructural and industrial development specialist. The company, being the concessionaires of Tafawa Balewa Square (TBS) is saddled with the responsibility of providing socio-economic development and turning the national monument into a world-class City Centre and destination of choice.