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American investment flow to Nigeria now $20bn, says Ambassador

By The Citizen

American investment flow to Nigeria has risen 60 per cent to 20 billion dollars in three years, Prof Ade Adefuye, Nigerian Ambassador to the United States, said.

Adefuye told reporters at the Nigerian-American Chamber of Commerce Trade Mission Forum in Washington DC on Tuesday.

'The total American foreign  investment flow to Nigeria rose to about 60 per cent in the last three years; I think it is about 15 to 20 billion dollars right now.''

He said that the mission through its investment forum focused its intervention in three key areas of power, agriculture and infrastructure.

According to him, many American businessmen are interested in investing in Nigeria.

'There has been so much in terms of Foreign Direct Investment to Nigeria; for instance, the US Export and Import Bank provided 1.5 billion dollars guarantee for any American firm that is investing in Nigeria's power sector.

'The General Electric signed an MOU with the Federal Ministry of Power to generate 10 to 20,000 watts of electricity.

'An American firm, Simeon Power, won the contract to privatise the Ughelli Power Plant and with EXIM Bank's support.''

He said that the United States Agency for International Development gave a grant of more than 100 million dollars to support the development of farms in the country.

He said that another American company had started the building of factory for the production of tractor equipment in the country.

'Procter and Gamble is building all kinds of factories in Agbara and improving what we are doing in Nigeria.''

The ambassador also said that many American companies had indicated interest in developing infrastructure in the country, adding that a particular one had indicated interest in estate development, especially the extension of the Asokoro District in the Federal Capital Territory.

Adefuye said that regardless of the security challenges in the country, investors from the United States were keen to invest in Nigeria. NAN