Nigeria Set To
Explore U.S Investments
Nigeria
says it is determined to explore investment opportunities under
the U.S. - Nigeria Trade and Investments Framework Agreement (TIFA).
The Minister of Commerce and Industry, Chief Achike Udenwa, said
in Abuja, while speaking on the 1st U.S.A-Nigeria Business Forum
coming up in April, that the economic framework and the
provision of more investment opportunities between Nigeria and
the U.S. would be improved.
Udenwa said the two countries decided to organise an investment
forum in the U.S. at the end of the 6th TIFA meeting held by
their officials in March 2009.
He said the objective of the meeting was to create a platform
for U.S. and Nigerian business people to connect and form
relationships necessary for prudent and profitable business
engagements.
’’The overall objective is to facilitate business and
investment relations between prospective American investors and
their Nigerian counterparts,’’ he said.
The business forum is expected to attract more than 50 corporate
executives and senior policy makers from Nigeria as well as
chief executive officers of major U.S. corporations and
international investment banks.
Both countries will explore business opportunities for bilateral
investments in areas such as tourism and hospitality.
Udenwa listed other areas as including power and energy, ICT and
telecommunications, banking and finance, SME development,
infrastructure and construction, agriculture and agribusiness.
Mr. Joseph Idiong, Director-General, Association of Nigerian
Exporters, said TIFA provides an opportunity for Nigeria to
access the U.S. markets, particularly the African Growth and
Opportunity Act (AGOA).
In his words, ’’The private sector will interface with their
American counterparts to promote non-oil sector products and
invest in the more than 6,000 products that can be derived from
our crude oil with U.S. expertise.’’
The 1st U.S.A-Nigeria Business Forum will be held in Atlanta,
Georgia, Houston Texas and Chicago Illinois from April 12 to
April 20.
Issues to be discussed include cooperation in the WTO,
implementation of AGOA, market access, Intellectual Property
Rights and improving investment climate of both countries.
NAN/Yinka
