US companies invest $3.8bn in Nigeria in 5yrs – Survey

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*Uwaegbute

A survey by the American Business Council (ABC) has revealed that US companies operating in Nigeria invested a total of $3.75 billion to expand their operations in the country in the last five years and planned to invest another $2.75 billion in the next three years.

A partner with PWC Nigeria, Mr. Chijioke Uwaegbute who disclosed this in a virtual conference said the survey also showed that US companies operating in Nigeria generated $1 trillion 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.

Uwaegbute said the US companies in Nigeria created about 30,000 indirect jobs as a result of the investments.

He added 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.

“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.”

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