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US companies invest $3.8bn in Nigeria in 5yrs

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*Plan another $2.75bn investment

By Princewill Ekwujuru

ECONOMY

Companies of United States of America (USA) origin operating in Nigeria invested a total of $3.75billion to expand their operations in the country in the last five years and plans to invest another $2.75 billion in the next three years, a survey by American Business Council (ABC) has shown.

The survey also shows that US companies operating in Nigeria generated $1trillion in 2019.

The survey tagged: “2020 US Economic Impact Survey on Nigeria Economy” was conducted on American companies with over 45 years presence in Nigeria.

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Speaking at the virtual launch, Partner PwC, Chijioke Uwaegbute, said the US companies in Nigeria created about 30,000 indirect jobs as a result of the investments.

Uwaegbute stated that the figures may represent the minimum because it is a range, so it is expected that some of these companies might go a bit higher in their investments.

“So this is for us based on the survey, the minimum investment spent over the past five years, and what we are looking at in the next three years.

While saying that in terms of training and manpower development, the US companies have done well on the average, he added, “the companies spent about N32million on training on a yearly basis and if you look at the entire amount, the minimum amount of about N1.44 billion was spent by the US companies.”

Vanguard News Nigeria 

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