The United States government, in collaboration with the U.S. Agency for International Development (USAID) Mission in Nigeria, is organising an investor roadshow from October 9 to 13, 2023.
The event aims to expose U.S. investors to potential investment opportunities and the investment landscape in Nigeria.
Twelve executives from leading U.S. pension funds and financial service providers, overseeing assets worth over $1 trillion, would participate in the investor trip which seeks to highlight investment prospects in Nigeria, particularly in infrastructure, and foster relationships among U.S. and African investors and fund managers.
Nigeria, with its strategic geographical location, diverse population, and commitment to economic transformation, offers a compelling investment destination. As of 2022, Nigeria boasts the largest economy in Africa, with a GDP of USD $477 billion and a wide array of industries, including oil and gas, agriculture and telecommunications. A research report by Goldman Sachs even suggests that Nigeria has the potential to become one of the world’s top five economies by 2075.
The timing of the roadshow is opportune, given the significant reforms initiated by the Nigerian government under a new administration. One of the primary objectives of the trip is to bridge information gaps regarding the country’s business environment and both real and perceived risks. This will enable investors to make informed assessments of business and project opportunities.
U.S. Consul General to Lagos, Will Stevens, emphasised the importance of fostering enduring trade and investment relationships between the United States and Nigeria. He expressed gratitude to the U.S. Agency for International Development for supporting this inaugural delegation of U.S. investors, in collaboration with Chapel Hill Denham and the International Investor Network.
Throughout the week, the investors will take part in site visits, events and investor pitch sessions in Abuja and Lagos, the commercial capital of Africa and the fourth-largest economy in sub-Saharan Africa. They will also engage with U.S. Government representatives to gain insights into U.S. trade and investment priorities in the region and learn about available U.S. government resources to support investors.
This roadshow aligns with USAID’s efforts to mobilise increased private sector investment in infrastructure projects, with a focus on priority sectors like agriculture, water, sanitation, hygiene and renewable energy. It also advances the mandate of Prosper Africa, a presidential initiative aimed at transforming the economic relationship between Africa and the United States and driving large-scale investment into the continent.
The visit follows the “Investing in Development” conference held earlier this year in Nigeria, which underscored the importance of greater private sector investment in infrastructure to achieve Nigeria’s development goals. This trip is part of a series of U.S. institutional investor visits to Africa in 2023, organised under the Prosper Africa initiative, including trips to South Africa, Morocco, Egypt and Botswana.