The United States has revealed that it is reconsidering its investment approach in Africa and Nigeria in particular, since it is based on the strength of its investments, changing to involve Nigeria as a help receiver but capable commercial partners.
In the Fireside Chat of the Lagos Business School on Thursday, with the subject: “Towards a solid commercial association and Nigerian investment in the United States, the United States ambassador to the Federal Republic of Nigeria,” Richard Mills said by promoting trade and bidirectional investment, the United States government would boost mutual growth of both nations.
Citing the Chief of African Affairs, he said: “In the future, we will continue to invest in development, but we will do it through expanded trade and private investment, because it is the private sector, not assistance, which drives economic growth.”
He explained that, as an ambassador of the United States in Nigeria, his mandate is prioritized in the increase in trade, investment and commercial links between Nigeria and the United States, noting that to achieve this goal, last year, the United States Department of Commerce and the Ministry of Industry, Commerce, Commerce and Investment of Nigeria signed a Commercial and Investment Association Agreement, a five -year memorandum of five years of understanding that they would prioritize three cars to prioritize three years of age. Agriculture, agriculture, investment and unconnections and infringes.
“Nigeria is one of the only five African nations with which the United States has signed a CIP agreement. We are officially launching the discussions of the association at the end of this month in Abuja. The three working groups on agriculture, technology and infrastructure, which consist both in the representatives of the private sector and the Nigerian sector, and that are doubting each of the sectors of the sectors and other sectors of the sectors and other sectors of the sectors and other sectors of the sectors Regulatory and regulatory barriegos that also have a time that moves through a sector.
“Both governments will listen and learn from these private sector work groups about the concrete steps that both governments can take to address these challenges,” he said.
He said that the United States government is ready to associate with Nigeria to strengthen the regulatory institutions and frameworks that will make Nigeria an even more attractive place to do business, noting that taking advantage of opportunities requires not only natural resources and human capital, but also a regulatory climate of stable, transparent and friendly investment for business.
He explained that when companies make decisions about where to do business worldwide, they look for these markets where the business environment is based on rules and predictable, thus urging Nigerian political leaders to create conditions to stimulate investment and recognize the long -term value and excellence of US products and services.
“Success requires an association. Therefore, we are asking companies to advance to the challenge, invest their time and resources, and take advantage of the great opportunity offered by the Nigerian market,” said Mills.
Therefore, he reiterated the commitment of the United States to strengthen commercial relations and continue working with Nigeria to unlock all the potential of commercial associations for the benefit of the people of both nations.
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