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U.S companies to invest billions of dollars in Nigeria

31 May 2013, 11:02

Lagos-  Funso Abiri, the President of Nigeria-USA Export and Investment Group,  has said that two U.S companies, Marriot and Walmat,  would  invest billions of dollars in the hospitality and retail businesses in Nigeria.

Abiri disclosed this to journalists in Lagos on Thursday while speaking on the forthcoming 3rd West African Investment Forum to be held in Nigeria.

He said that the two firms had had discussions with Nigerian government on ways to unlock economic potential of Nigeria in 2013.

He said the companies had also sent delegations to Nigeria in March to ascertain the economic potential vis-a-vis investment security in Nigeria.

Abiri said that delegation, comprising government officials and private sector operators, would go to New York in June to consummate the relationship.

He said that discussions with the U.S. government would  further pave way for the coming of the two companies  to Nigeria.

“I’m well convinced that the two companies are coming to Nigeria with billions of dollars this year.

“They are investing in the hospitality and retail businesses through which they would impact positively on the direct invest portfolios and further boost the economy,”

According to him, Walmat prefer to invest in Nigeria and the forthcoming ECOWAS forum will bring more businesses to West African sub-region and Nigeria in particular.

Abiri said that Ghana was one of the countries that had benefited from investment flows to the region, particularly in oil and gas sector.

Stephen Amase, the President of the Association of Investment Promotion Agencies of West African States (IPAWAS), said that the association would be part of the forum to support the acceleration of ECOWAS regional integration process.

Amase said that the forum with theme, “The African Opportunity : Spotlight on West Africa”, would also afford Investment promotion agencies to showcase investment opportunities in member states.

He said that ECOWAS countries had achieved 70 per cent economic integration framework for the sub-region through policies and bilateral agreements.

Enitan Obasanjo-Adeleye,  the Chief Executive officer, Legacy Investment and Management Ltd., said that the major objective of the forum was to attract investable capital to West African  sub-region.

She said that this would be the first time ECOWAS was partnering private companies on the forum.

Obasanjo-Adeleye  said that the involvement of private companies would be an avenue to move the economy forward.

She said that the forum would help in achieving economic integration in the sub-region as various development institutions like ECOWAS, Infrastructure Bank and Legacy Investment and Management would be  part of it.

Taiwo Dauda, the Executive Director (Finance) in Infrastructure Bank, said that the bank would be one of the sponsors of the forum in conjuction with ECOWAS Commission through IPAWAS. 

The News Agency of Nigeria (NAN) reports that the two previous editions of the forum took place in Brussels, Belgium in 2009 and Lagos in 2011, respectively.

The third edition of the forum is scheduled for Oriental Hotel in  Lagos from June 6 to June 8.



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