Boost for Tinubu’s Reforms As 12 U.S. Executives Managing Over $1trn in Assets Storm Nigeria for Investment Talks

*‘With commitment to economic transformation, Nigeria presents compelling investment destination’

Michael Olugbode in Abuja

In an apparent boost for the economic reforms of the Tinubu administration, the United States Government, through the U.S. Agency for International Development (USAID) Mission in Nigeria and U.S. Prosper Africa and Power Africa initiative, is hosting a roadshow from October 9 to 13, to expose U.S. investors to opportunities and the investment ecosystem in Nigeria.

A statement yesterday by the United States Diplomatic Mission to Nigeria, Public Affairs Section, said 12 executives from leading U.S. pension funds and financial service providers, managing over $1 trillion in assets, will meet with Nigerian companies and fund managers during the investor trip.

Some of the American Executives expected in Nigeria are Daniel Miller, Deputy Executive Director, New York City Board of Education Retirement System; Kola Aina, Senior Vice President, Strategy and Operations North America, MasterCard; Elizabeth Guzman- General Counsel/NYCERS Trustee; Mohamed Balla, Chief Financial Officer, City of Atlanta Department of Finance; Donna Sims Wilson, Chief Operating Officers of Kah Capital Management and Mark Feasal, Executive Vice President/Chief Commercial Officer, FuelCell Energy.

The roadshow is expected to raise awareness around investment opportunities in Nigeria, particularly in infrastructure, and build relationships among U.S. and African investors and fund managers.
The statement said, “With a strategic geographic location, a diverse population, and a commitment to economic transformation, Nigeria presents a compelling investment destination. Nigeria has the largest economy in Africa, with a gross domestic product (GDP) of USD $477 billion as at 2022, and a diverse range of industries, including oil and gas, agriculture, and telecommunications. A research report published by Goldman Sachs highlighted that Nigeria has the potential to be one of the top five global economies by 2075.

“The roadshow comes at an opportune time, given the significant reforms instituted by the Nigerian government under a new administration. A key objective of the trip is to break down information gaps on the country’s business environment and real and perceived risks, so that investors can accurately assess business and project opportunities.”

The U.S. Consul General to Lagos, Will Stevens, noted: “Beyond advancing specific investment opportunities, this trip is about building enduring trade and investment relationships between America and our Nigerian partners. I would like to thank the U.S. Agency for International Development for supporting this inaugural delegation of U.S. investors, in partnership with Chapel Hill Denham and International Investor Network.”

According to the statement by the U.S. Embassy, throughout the week, the investors are scheduled to participate in site visits, events, and investor pitch sessions in Abuja and Lagos, Africa’s commercial capital and the sub-Saharan Africa region’s fourth largest economy. They will also engage with U.S. Government representatives to understand U.S. trade and investment priorities in the region and learn more about U.S. Government resources available to support investors.
“This roadshow advances USAID’s efforts to mobilise greater private sector investment into infrastructure projects in priority sectors, including agriculture; water, sanitation, and hygiene; and renewable energy. In addition, it advances Prosper Africa’s mandate as a presidential initiative to transform the economic relationship between Africa and the United States and drive large scale investment to the continent.

“The visit follows the “Investing in Development” conference, held earlier this year in Nigeria, which highlighted that greater private sector investment in infrastructure is a key pathway to achieving Nigeria’s development objectives. The trip is part of a series of U.S. institutional investor trips to Africa in 2023, organised under the Prosper Africa initiative, to South Africa, Morocco, Egypt, and Botswana,” the statement said.

EU Reiterates Support for President’s Policies

The European Union (EU) has reiterated its support for the development policies and programmes of President Bola Tinubu, saying it will continue to identify more areas of collaboration.
The assurance was given yesterday by the Managing Director of European Union’s External Action Service, Rita Laranjinha when she briefed Vice President Kashim Shettima on the forthcoming Ministerial Dialogue to be held on October 19, 2023.

Laranjinha who led the EU delegation, said she was in the country ahead of the Ministerial Dialogue with Nigerian officials billed to take place on October 19.
She said: “This Ministerial Dialogue will be chaired by the Vice President of the EU Mission. He will be here to hold meetings with members of the Nigerian government to take stock of the relations between the EU and Nigeria in different areas and to prepare the way forward in this relationship.

“Today, it was very clear that there is a lot of common interest in the relationship but there is still a lot that we can still do. Nigeria matters in the region, continent and the world, and the EU wants to make sure that we will be a partner of choice for Nigeria.”
She thanked the Vice President for his support, saying the EU delegation is committed to working closely with Nigeria in the different areas of trade, investments, energy, digitalization, peace and security matters.

The Vice President, while welcoming the team, reiterated Nigeria’s resolve to remain open to interventions that work, adding that mutual and beneficial partnerships remained the utmost in President Tinubu’s foreign policy directive.
He maintained that the Tinubu administration remains a breath of fresh air, observing that despite its current share of challenges, “the nation, like a phoenix, will rise from the ashes of despair and soar.

“Support us and we will, in turn, support not just West Africa but the entire African continent as a result of our Domino effect. We are really out to reposition this country. God has blessed this nation. We have not utilised half of our arable and fertile land, much more our bountiful human resources. We are ready to partner with the EU in the execution of mutually beneficial projects and programmes to the benefit of Nigerians,” the Vice President stated.
Shettima who expressed concerns about migration issues called on the EU to join hands with the Tinubu administration in creating jobs in the digital world, more so that the EU agenda perfectly blends with the eight-point agenda of the Tinubu administration.