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NACC hosts American entrepreneurs seeking investment opportunities in Nigeria

Amb. Geoffery Teneilabe, Nigeria Consul-General in Atlanta, U.S., on Wednesday led a delegation of American entrepreneurs from Houston in search of viable investment opportunities in Nigeria.

The News Agency of Nigeria (NAN) reports that the delegates were hosted by the Nigerian-American Chamber of Commerce (NACC) in Lagos.

According to Teneilabe, the visit is organised in support of the Federal Government’s efforts at promoting a diversified economy and to attract Foreign Direct Investments (FDI) to the country.

He said that both countries had policies that would strengthen bilateral trade relations between them.

“The U.S. has a policy of economic diplomacy and has been a trade partner with Nigeria for decades.

“The American government is currently working towards reviving its declining exports to Africa.

“The Nigerian government is putting strategies in place to attract foreign investors to help grow the economy through their investments.

“It has made business registration easy and faster for investors,” he said

Mr Brian Mcleary,  the U.S. Commercial Counsellor in  Nigeria, said that Nigeria was fast becoming an economic giant that could not be underrated.

He said that there were huge opportunities for investment in the nation’s non-oil sector.

Chief Olabintan Famutimi, Deputy President, NACC, said that the chamber would collaborate with the delegates by exposing them to available opportunities and arming them with information about the nation’s business terrain.

He advised the delegates to ignore propaganda labeling Nigeria as insecure, adding that they should invest in the nation’s power sector.

“The big players in the telecoms industry in Europe and America were invited to bid for Nigeria Telecommunications some years back, but they rejected the offer.

“The 40,000 fixed lines we had back then have been replaced by over 120 million mobile lines.

“The seemingly second rated companies that took advantage of that opportunity have reaped bountiful profits.

“There are mind-boggling opportunities for investment in our power sector because it is currently undergoing the same revolution.

“Our nation generates 4,000 megawatts, a far cry from over 50,000 megawatts that we need,” he said.

Famutimi also appealed to them to established businesses in various free trade zones across the country, like the Chinese.

“The Chinese are taking advantage of the available market and investment opportunities in Nigeria.

“Their products have flooded our market, yet their technology is not as advanced as yours.

“If you don’t utilise the opportunities now, the Chinese will take it all,” he said.

Mr Cornell Johnson, President, CandCNET Associates Inc and a member of the delegation,  said that they were committed towards long-term mutually beneficial business relationship with Nigeria in the non-oil sector.

Babatunde Akinsola

Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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