A recent Economic Impact Survey of United States companies in Nigeria has shown that such business interests have contributed over N34.4 billion to the nation’s tax revenue in 2016, even as the firms have expressed commitments towards deepening their investments in the country.
According to the business interests under the aegis of American Business Council, ABC, efforts are underway to raise stakes in key sectors of the economy under a favourable regulatory environment.
Giving insights into the first comprehensive business survey of US firms operating in Nigeria, in Lagos, the President of the Council, Lazarus Angbazo explained that the companies impacted the Nigerian economy in 2016 through value added to the energy future, economic output, investment, jobs and social responsibility programmes to several communities.
With interests in the oil and gas sector, the information and communication sector as well as other industries, Angbazo added that the investments seek to deepen ties between Nigeria and the US and also drive policy and regulatory reforms.
American companies are willing to invest and take advantage of the opportunities in Nigeria’s consumer markets. The Centre for trade hub has moved to Nigeria. This reaffirms the fact that Nigeria is treated as the regional hub for American companies’ operations in West Africa.