The Chargé d’Affaires for the U.S. Embassy in Nigeria, David Greene, has said that American investors and companies are eager to engage Nigeria, which is believed to have vast economic potential.
In a statement published on the embassy’s website, Greene stressed that Nigeria can be a top foreign direct investment destination with certain conditions in place.
He said:
- “Nigeria’s economic potential is vast, and with the right macroeconomic framework, a sound fiscal strategy, and a strong commitment to rooting out corruption, it can become a preferred destination for foreign direct investment.
- “American investors and companies are eager to engage with Nigeria, and the United States government is doing its utmost to build our bilateral trade and investment ties.”
Over $1.2 billion to Nigeria in 2022
The US diplomat further noted that the US provided over $1.2 billion in support funds to Nigeria in the fiscal year of 2022.
He said that this support cut across different sectors, such as tech, agriculture, and health.
Greene said:
- “Those investments are just part of our overall development assistance to Nigeria. In fiscal year 2022 alone, the U.S. government allocated over 1.2 billion dollars in such support.
- “These funds provide humanitarian assistance, and improve health, economic development, education, social services, democracy, human rights and governance, and peace and security.”
The Nigeria Potential
According to Greene, Nigeria, which is the largest African economy, is on track to be the world’s fourth-most populous country by 2050.
He noted that strategic partnerships can help the country harness its potential, “and the United States is playing a leading role.”
Greene concluded:
- “Ultimately, realizing Nigeria’s potential hinges upon enhancing its fiscal and economic health – and capitalizing on its strategic partnerships to build on that foundation. The opportunity has never been greater. Nigeria, with its youth, energy, and entrepreneurial spirit, is poised to seize this moment.
- “We commend the government for its bold actions thus far to try to move the economy to a more solid footing. The United States is your partner in that effort – through investment, better security, a stronger workforce, and resilient institutions – that benefits all Nigerians and expands prosperity for both our peoples. Our journey ahead has its obstacles, of course. But together we will find a path toward a shared prosperity.”