It’s a ‘great time’ to be an American company in Nigeria

Darrell Mcgraw, a board member of the American Business Council (ABC) and senior partner at PriceWaterhouse Coopers (PWC), says the environment in Nigeria is good for American businesses.

Mcgraw said this at a press conference in Ikoyi, Lagos, on Tuesday.

“It’s a great time to be an American company in Nigeria,” he said.

“There’s clearly an optimism… of going into 2018 with our heads held high and ready to really take on the opportunities the economy will certainly present.”

ABC also announced the launch of its first annual business survey of US firms operating in Nigeria.

The organisation said the survey brought to light the value of US trade and investment on the Nigerian economy.

It said the report of the survey revealed that American companies generated an estimated N1 trillion as revenue in 2016.

“Within the oil and gas sector, revenue generated by US companies represented about 18% of Nigeria’s real GDP in 2016,” the council said.

Commenting on an aspect of the survey, Lazarus Angbazo, president of the ABC and chief executive officer, General Electric Nigeria, commended government’s growth and development plans.

“The oil and gas sector remains the bedrock of the Nigerian economy,” he said.

“We are very supportive of the diversification plan of the sector as part of the Economic Recovery and Growth Plan (ERGP).”

Speaking to Nigeria’s investment potential and African Growth and Opportunity Act (AGOA), Brent Omdahl, commercial leader at the US Consulate in Nigeria, said huge investment opportunities abound in Nigeria.

“I’m happy to say that the center for West African Trade Hub is being moved to Nigeria where they really will have a big impact so you will see more investment in that,” he said.

“In food and food products, there’s huge demand in the US, and Nigeria has a lot to offer in that regard.”